<SEC-DOCUMENT>0001208646-11-000217.txt : 20110513
<SEC-HEADER>0001208646-11-000217.hdr.sgml : 20110513
<ACCEPTANCE-DATETIME>20110513152925
ACCESSION NUMBER:		0001208646-11-000217
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110513
FILED AS OF DATE:		20110513
DATE AS OF CHANGE:		20110513

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		11840700

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

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>c104803.htm
<DESCRIPTION>6-K
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

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  <p><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Washington,
    D.C. 20549</font></p>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant to Rule 13a-16 or 15d-16 of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">the Securities Exchange Act of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
  the month of May, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commission File Number: 001-12102</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; 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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of registrant as specified in its charter)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Macacha G&#252;emes 515</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C1106BKK Buenos Aires, Argentina</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address of principal executive office)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant files or will file</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annual reports under cover of Form 20-F or Form 40-F:</font></div>

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<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form 20-F</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">X</font></div>
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<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form 40-F</font></div>
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<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in paper as permitted by Regulation S-T Rule 101(b)(1):</font></div>

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<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Yes</font></div>
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<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">No</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in paper as permitted by Regulation S-T Rule 101(b)(7):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Yes</font></div>
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<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">No</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">X</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -12pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether by furnishing the information</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -12pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">contained in this Form, the Registrant is also thereby furnishing the information to the Commission</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -12pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Yes</font></div>
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<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">No</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">X</font></div>
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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in connection with Rule 12g3-2(b): <font style="DISPLAY: inline; TEXT-DECORATION: underline">N/A</font></font></div>

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<div id="FTR">
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    <div style="WIDTH: 100%; TEXT-ALIGN: center">

  <p><font face="Times New Roman, Times, serif" size="2">This Form 6-K is incorporated
    by reference into the registration statements on Form F-3 filed by YPF Sociedad
    An&oacute;nima with the Securities and Exchange Commission (File Nos. 333-149313,
    333-170848 and 333-172317)</font>&#160;</p>
    <p>&nbsp;</p>
  </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: 12pt; FONT-FAMILY: Times New Roman">YPF Sociedad An&#243;nima</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

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</div>

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  <p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TABLE
    OF CONTENTS</font><br>
  </p>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div align="left">
  <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
    <tr>
      <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item</font></div>
        </div>
      </td>
      <td valign="bottom" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
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      <td valign="top" width="8%">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1</font></div>
      </td>
      <td valign="top" width="92%">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Financial
          Statements as of March 31, 2011 and Comparative Information.</div>
      </td>
    </tr>
    <tr>
      <td valign="top" width="8%">&nbsp;</td>
      <td valign="top" width="92%">&nbsp;</td>
    </tr>
  </table>
  <br>
</div>

<hr style="COLOR: black" align="left" noshade size="2" width="100%">
<div style="page-break-before:always"></div>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_1"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="30%"><a name="p1"></a></td>
    <td width="40%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="292" height="119"></font></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>SOCIEDAD
        ANONIMA</b></font></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Financial
        Statements as of March 31, 2011<br>
        and Comparative Information</font></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">&nbsp;</td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif"><br>
  <br>
  <br>
  </font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_2"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA<br>
      <br>
      FINANCIAL STATEMENTS AS OF MARCH 31, 2011 AND COMPARATIVE INFORMATION<br>
      <br>
      <br>
      INDEX</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" height="20">&nbsp;</td>
    <td width="8%" align="right" height="20"><font size="2" face="Arial, Helvetica, sans-serif"><b>Page</b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#p1"><font size="2" face="Arial, Helvetica, sans-serif">Cover</font></a></td>
    <td width="8%" align="right"><a href="#p1"></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
      Financial Statements</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p2"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Consolidated
        balance sheets</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p2"><font size="2" face="Arial, Helvetica, sans-serif">2</font></a></td>
    <td width="2%" align="left"><a href="#p2"></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p3"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Consolidated
        statements of income</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p3"><font size="2" face="Arial, Helvetica, sans-serif">3</font></a></td>
    <td width="2%" align="left"><a href="#p3"></a></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p4"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Consolidated
        statements of cash flows</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p4"><font size="2" face="Arial, Helvetica, sans-serif">4</font></a></td>
    <td width="2%" align="left"><a href="#p4"></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p5"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Notes
        to consolidated financial statements</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p5"><font size="2" face="Arial, Helvetica, sans-serif">5</font></a></td>
    <td width="2%" align="left"><a href="#p5"></a></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p17"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Exhibits
        to consolidated financial statements</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p17"><font size="2" face="Arial, Helvetica, sans-serif">17</font></a></td>
    <td width="2%" align="left"><a href="#p17"></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Primary
      Financial Statements</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p19"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Balance
        sheets</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p19"><font size="2" face="Arial, Helvetica, sans-serif">19</font></a></td>
    <td width="2%" align="left"><a href="#p19"></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p20"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Statements
        of income</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p20"><font size="2" face="Arial, Helvetica, sans-serif">20</font></a></td>
    <td width="2%" align="left"><a href="#p20"></a></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p21"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Statements
        of changes in shareholders&#146; equity</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p21"><font size="2" face="Arial, Helvetica, sans-serif">21</font></a></td>
    <td width="2%" align="left"><a href="#p21"></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p22"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Statements
        of cash flows</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p22"><font size="2" face="Arial, Helvetica, sans-serif">22</font></a></td>
    <td width="2%" align="left"><a href="#p22"></a></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p23"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Notes
        to financial statements</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p23"><font size="2" face="Arial, Helvetica, sans-serif">23</font></a></td>
    <td width="2%" align="left"><a href="#p23"></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><a href="#p53"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#150;&nbsp;&nbsp;&nbsp;Exhibits
        to financial statements</font></a></div>
    </td>
    <td width="8%" align="right"><a href="#p53"><font size="2" face="Arial, Helvetica, sans-serif">53</font></a></td>
    <td width="2%" align="left"><a href="#p53"></a></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"></font><font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_1"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Macacha G&#252;emes 515
  &#150; Ciudad Aut&#243;noma de Buenos Aires, Argentina</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FISCAL
      YEAR NUMBER 35<br>
      BEGINNING ON JANUARY 1, 2011</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FINANCIAL
      STATEMENTS AS OF MARCH 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Principal business of the
  Company: exploration, development and production of oil and natural gas and
  other minerals and refining, transportation, marketing and distribution of oil
  and petroleum products and petroleum derivatives, including petrochemicals,
  chemicals and non-fossil fuels, biofuels and their components, generation of
  electric power from hydrocarbons, rendering telecommunications services, as
  well as the production, industrialization, processing, marketing, preparation
  services, transportation and storage of grains and its derivatives.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Date of registration with
  the Public Commerce Register: June 2, 1977.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Duration of the Company:
  through June 15, 2093.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Last amendment to the bylaws:
  April 14, 2010.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Optional Statutory Regime
  related to Compulsory Tender Offer provided by Decree No. 677/2001 art. 24:
  not incorporated.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Capital
      structure as of March 31, 2011</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(expressed in Argentine
  pesos)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="83%">&nbsp;</td>
    <td width="15%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Subscribed,
        paid-in and authorized for stock exchange listing<br>
        </b>(Note 4 to primary<br>
        financial statements)</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="83%">&nbsp;</td>
    <td width="15%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="83%">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&#151;&nbsp;&nbsp;&nbsp;Shares
        of Common Stock, Argentine pesos 10 par value, 1 vote per share</font></div>
    </td>
    <td width="15%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,933,127,930</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="83%">&nbsp;</td>
    <td width="15%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>

<p></p>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="83%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<div align="right"> <font face="Arial, Helvetica, sans-serif"><br>
  </font> </div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">1</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_2"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Schedule
  I<br>
  1 of 3</b></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p2"></a>CONSOLIDATED
      BALANCE SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos &#150; Note 1.a to the primary financial
      statements)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Assets</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">545</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      (Note 2.a)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,472</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,957</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables (Note 2.b)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,522</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,322</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables (Note 2.c)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,505</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories
      (Note 2.d)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,772</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,865</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      current assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14,816</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,803</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Assets</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables (Note 2.b)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables (Note 2.c)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,351</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,587</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      (Note 2.a)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">608</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fixed
      assets (Note 2.e)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31,567</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Intangible
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      noncurrent assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33,939</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33,786</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48,755</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46,589</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable (Note 2.f)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,639</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans
      (Note 2.g)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,188</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,176</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">287</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">421</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Taxes
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,016</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,571</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contingencies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">323</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">295</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      current liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,903</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17,102</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable (Note 2.f)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,931</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,616</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans
      (Note 2.g)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,888</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,613</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">168</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">168</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Taxes
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">515</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">523</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contingencies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,539</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      noncurrent liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,041</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,447</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27,944</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27,549</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      Equity</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,811</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      liabilities and shareholders&#146; equity</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48,755</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46,589</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">Notes
      1 to 4 and the accompanying exhibits A and H to Schedule I and the primary
      financial statements of<br>
      YPF, are an integral part of and should be read in conjunction with these
      statements.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="84%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">2</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_3"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Schedule
  I<br>
  2 of 3</b></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p3"></a>CONSOLIDATED
      STATEMENTS OF INCOME <br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos, except for per share amounts in
      Argentine pesos &#150; Note 1.a to the primary financial statements)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,537</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,914</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cost of
      sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(8,553</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(6,190</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;Gross
      profit</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,984</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,724</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      expenses (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(814</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(660</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Administrative
      expenses (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(403</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(296</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploration
      expenses (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(57</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(55</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;Operating
      income</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,710</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,713</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      on long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      expense, net</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(20</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Financial
      income (expense), net and holding gains:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Gains
      on assets</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">41</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">126</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">72</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Holdings
      gains on inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">232</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Losses
      on liabilities</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(205</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(211</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(193</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(181</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;Net
      income before income tax</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,711</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,448</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(937</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(865</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;Net
      income</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,583</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;Earnings
      per share</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.51</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.02</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">Notes
      1 to 4 and the accompanying exhibits A and H to Schedule I and the primary
      financial statements of<br>
      YPF, are an integral part of and should be read in conjunction with these
      statements.</font></td>
  </tr>
</table>
<p align="center">&nbsp; </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="86%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">3</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_4"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Schedule
  I<br>
  3 of 3</b></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p4"></a>CONSOLIDATED
      STATEMENTS OF CASH FLOWS <br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos &#150; Note 1.a to the primary financial
      statements)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      Flows from Operating Activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,583</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Adjustments
      to reconcile net income to net cash flows provided by operating activities:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      on long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(20</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(19</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,384</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,303</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Consumption
      of materials and fixed assets retired net of allowances</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">137</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">72</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">937</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">865</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Increase
      in accruals</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">259</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Changes
      in assets and liabilities:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Trade
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(144</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">81</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Other
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(123</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(357</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(907</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(166</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Accounts
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(386</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(93</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Salaries
      and social security</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(134</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(62</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Taxes
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(9</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Decrease
      in accruals</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(126</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(69</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Interests,
      exchange differences and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">192</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Dividends
      of long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax payments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(491</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(307</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash flows provided by operating activities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,256</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,283</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      Flows used in Investing Activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,895</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,446)</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      (non cash and equivalents)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">92</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash flows used in investing activities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,896</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,354</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      Flows from Financing Activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Payment
      of loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,968</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,580</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Proceeds
      from loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,098</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,983</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash flows from financing activities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(597</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increase
      in Cash and Equivalents</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">490</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,332</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the beginning of year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,145</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the end of period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,017</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,477</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increase
      in Cash and Equivalents</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">490</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,332</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">For
      supplemental information on cash and equivalents, see Note 2.a.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes (92) and (64)
      corresponding to interest payments for the three-month periods ended March
      31, 2011 and 2010, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 37 corresponding
      to payments related with the extension of certain exploitation concessions
      in the Province of Neuqu&#233;n (Note 9.c to the primary financial statements),
      for the three-month period ended March 31, 2010.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">Notes
      1 to 4 and the accompanying exhibits A and H to Schedule I and the primary
      financial statements <br>
      of YPF, are an integral part of and should be read in conjunction with these
      statements.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="86%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">4</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_5"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Schedule
        I</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),except for the inclusion
      of Note 12 to the primary financial statements in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p5"></a>NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FOR
      THE THREE-MONTH PERIOD ENDED MARCH 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos &#150; Note 1.a to the primary financial
      statements, except where otherwise indicated)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>1.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED FINANCIAL
      STATEMENTS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Pursuant to General Resolution
  No. 368 from the Argentine Securities Commission (&#147;CNV&#148;), YPF Sociedad
  An&#243;nima (the &#147;Company&#148; or &#147;YPF&#148;) discloses its consolidated
  financial statements, included in Schedule I, preceding its primary financial
  statements. Consolidated financial statements are supplemental and should be
  read in conjunction with the primary financial statements.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Consolidation policies:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Following the methodology
  established by Technical Resolution No. 21 of the Argentine Federation of Professional
  Councils in Economic Sciences (&#147;FACPCE&#148;), YPF has consolidated its
  balance sheets and the related statements of income and cash flows as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Investments and income
      (loss) related to controlled companies in which YPF has the number of votes
      necessary to control corporate decisions are substituted for such companies&#146;
      assets, liabilities, net revenues, costs and expenses, which are aggregated
      to the Company&#146;s balances after the elimination of intercompany profits,
      transactions, balances and other consolidation adjustments and minority
      interest if applicable.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Investments and income
      (loss) related to companies in which YPF holds joint control are consolidated
      line by line on the basis of the Company&#146;s proportionate share in their
      assets, liabilities, net revenues, costs and expenses, considering the elimination
      of intercompany profits, transactions, balances and other consolidation
      adjustments.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Investments in companies
  under control and joint control are detailed in Exhibit C to the primary financial
  statements.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">5</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_6"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Financial statements
      used for consolidation:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The consolidated financial
  statements are based upon the latest available financial statements of those
  companies in which YPF holds control or joint control, taking into consideration,
  if applicable, significant subsequent events and transactions, available management
  information and transactions between YPF and the related companies, which could
  have produced changes to their shareholders&#146; equity.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>c)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Valuation criteria:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In addition to the valuation
  criteria disclosed in the notes to YPF&#146;s primary financial statements,
  the following additional valuation criteria have been applied in the preparation
  of the consolidated financial statements:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Salaries
      and Social Security &#150; Benefit Plans</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings Inc., which
  has operations in the United States of America, has certain defined-benefit
  plans and postretirement and postemployment benefits.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The funding policy related
  to the defined-benefit plans as of March 31, 2011, is to contribute amounts
  to the plan sufficient to meet the minimum funding requirements under governmental
  regulations, plus such additional amounts as Management may determine to be
  appropriate.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In addition, YPF Holdings
  Inc. provides certain health care and life insurance benefits for eligible retired
  employees, and also certain insurance, and other postemployment benefits for
  eligible individuals in case employment is terminated by YPF Holdings Inc. before
  their normal retirement. Employees become eligible for these benefits if they
  meet minimum age and years of service requirements. YPF Holdings Inc. accounts
  for benefits provided when payment of the benefit is probable and the amount
  of the benefit can be reasonably estimated. No assets were specifically reserved
  for the postretirement and postemployment benefits, and consequently, payments
  related to them are funded as claims are notified.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The plans mentioned above
  are valued at net present value, are accrued on the years of active service
  of employees and are disclosed as non-current liabilities in the &#147;Salaries
  and social security&#148; account. Actuarial losses and gains related to changes
  in actuarial assumptions are disclosed in &#147;Other expense, net&#148; account
  of the statement of income.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Recognition
      of revenues and costs of construction activities</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Revenues and costs related
  to construction activities performed by controlled companies, are accounted
  by the percentage of completion method. When adjustments in contract values
  or estimated costs are determined, any change from prior estimates is reflected
  in earnings in the current period. Anticipated losses on contracts in progress
  are expensed as soon as they become evident.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">6</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_7"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>2.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>ANALYSIS OF THE
      MAIN ACCOUNTS OF THE CONSOLIDATED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Details regarding the significant
  accounts included in the accompanying consolidated financial statements are
  as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Consolidated
      Balance Sheets as of March 31, 2011 and December 31, 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Investments:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Short-term
      investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,472</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,957</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">45</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Long-term
      investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">632</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">628</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Allowance
      for reduction in value of holdings in long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(70</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(79</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)<sup>(2)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,472</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">608</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,957</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Corresponds to investments
      with an original maturity of less than three months.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">In addition to those
      companies under significant influence and other companies detailed in Exhibit
      C to the primary financial statements, includes the interest in Gas Argentino
      S.A. (&#147;GASA&#148;). On May 19, 2009, GASA filed a voluntary reorganization
      petition (&#147;concurso preventivo&#148;), which was opened on June 8,
      2009. Book value in this investment has been fully reserved.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Corresponds to restricted
      cash as of March 31, 2011, and December 31, 2010, which represents bank
      deposits used as guarantees given to government agencies.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Trade receivables:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>

  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      receivable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,621</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,450</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">397</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">339</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,018</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,789</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Allowance
      for doubtful trade receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(496</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(467</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,522</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,322</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>c)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Other receivables:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tax credits,
      export rebates and production incentives</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">447</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">814</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">172</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">178</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Prepaid
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">208</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">74</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">174</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">78</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Concessions
      charges</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">242</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">264</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">151</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">256</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans
      to clients</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">65</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trust
      contributions &#150; Obra Sur</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Advances
      to suppliers</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">250</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Collateral
      deposits</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">153</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">51</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">165</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Advances
      and loans to employees</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">51</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Receivables
      with partners in joint ventures</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">242</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">94</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">74</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">275</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,598</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,367</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,182</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,603</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Allowance
      for other doubtful accounts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(93</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(93</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Allowance
      for valuation of other receivables to their estimated realizable value</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(16</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(16</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,505</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,351</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,587</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">In addition to the
      balances with non-consolidated related parties detailed in Note 7 to the
      primary financial statements, mainly include 265 and 257 with Central Dock
      Sud S.A., as of March 31, 2011 and December 31, 2010, respectively, for
      loans granted that accrue in average an annual fixed interest rate of 5.11%.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">7</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_8"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>d)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Inventories:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Finished
      products</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,003</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,377</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Crude
      oil and natural gas</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,284</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,061</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Products
      in process</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">66</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Raw materials,
      packaging materials and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">419</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">360</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,772</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,865</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>e)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Fixed assets:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net book
      value of fixed assets (Exhibit A)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31,669</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Allowance
      for unproductive exploratory drilling</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Allowance
      for obsolescence of material and equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(98</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(99</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31,567</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>f)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts payable:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,756</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,170</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Hydrocarbon
      wells abandonment obligations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">173</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,410</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,228</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">124</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">309</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in companies with negative shareholders&#146; equity</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">From joint
      ventures and other agreements</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">410</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">409</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Environmental
      liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">272</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">209</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">302</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">351</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">279</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">201</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">149</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,931</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,639</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,616</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>g)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>

  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>

  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font face="Arial, Helvetica, sans-serif" size="2">Interest
      rates</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Principal
      maturity</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Negotiable
      Obligations<sup>(2)</sup></font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.00
      &#150; 13.08</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2011
      &#150; 2028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">638</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">626</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.35
      &#150; 14.00</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2011
      &#150; 2012</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">332</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      financial debts</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.60
      &#150; 15.05</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2011
      &#150; 2016</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,694</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,221</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,357</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">890</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,188</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,888</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,176</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,613</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Annual interest rate
      as of March 31, 2011.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Disclosed net of 55
      and 52, corresponding to YPF outstanding Negotiable Obligations, repurchased
      through open market transactions as of March 31, 2011 and December 31, 2010,
      respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes approximately
      6,518 corresponding to loans agreed in U.S. dollars, 6,460 accrue fixed
      interest at rates between 0.60% and 10.50%, and 58 accrue variable interest
      of LIBO plus 5.25%.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">As of March 31, 2011,
      6,652 accrue fixed interest, 145 accrue variable interest of BADLAR plus
      2.00%, 204 accrue variable interest of LIBO plus 2.00%, 763 accrue variable
      interest of LIBO plus 4.00%, 254 accrue variable interest of LIBO plus 4.50%
      and 58 accrue variable interest of LIBO plus 5.25%.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">8</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_9"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>3.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>COMMITMENTS AND
      CONTINGENCIES IN RELATED COMPANIES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Laws and regulations relating
  to health and environmental quality in the United States of America affect nearly
  all the operations of YPF Holdings Inc. These laws and regulations set various
  standards regulating certain aspects of health and environmental quality, provide
  for penalties and other liabilities for the violation of such standards and
  establish in certain circumstances remedial obligations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings Inc. believes
  that its policies and procedures in the area of pollution control, product safety
  and occupational health are adequate to prevent unreasonable risk of environmental
  and other damage, and of resulting financial liability, in connection with its
  business. Some risk of environmental and other damage is, however, inherent
  in particular operations of YPF Holdings Inc. and, as discussed below, Maxus
  Energy Corporation (&#147;Maxus&#148;) and Tierra Solutions Inc. (&#147;Tierra&#148;),
  both controlled by YPF Holdings Inc., could have certain potential liabilities
  associated with operations of Maxus&#146; former chemical subsidiary.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings Inc. cannot
  predict what environmental legislation or regulations will be enacted in the
  future or how existing or future laws or regulations will be administered or
  enforced. Compliance with more stringent law regulations, as well as more vigorous
  enforcement policies of the regulatory agencies, could in the future require
  material expenditures by YPF Holdings Inc. for the installation and operation
  of systems and equipment for remedial measures, possible dredging requirements,
  among other things. Also, certain laws allow for recovery of natural resource
  damages from responsible parties and ordering the implementation of interim
  remedies to abate an imminent and substantial endangerment to the environment.
  Potential expenditures for any such actions cannot be reasonably estimated.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In the following discussion,
  references to YPF Holdings Inc. include, as appropriate and solely for the purpose
  of this information, references to Maxus and Tierra.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In connection with the sale
  of Maxus&#146; former chemical subsidiary, Diamond Shamrock Chemicals Company
  (&#147;Chemicals&#148;) to Occidental Petroleum Corporation (&#147;Occidental&#148;)
  in 1986, Maxus agreed to indemnify Chemicals and Occidental from and against
  certain liabilities relating to the business or activities of Chemicals prior
  to the selling date, September 4, 1986 (the &#147;selling date&#148;), including
  environmental liabilities relating to chemical plants and waste disposal sites
  used by Chemicals prior to the selling date.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, accruals
  for the environmental contingencies and other claims totaled approximately 544.
  YPF Holdings Inc.&#146;s Management believes it has adequately accrued for all
  environmental contingencies, which are probable and can be reasonably estimated;
  however, changes in circumstances, including new information or new requirements
  of governmental entities, could result in changes, including additions, to such
  accruals in the future. The most significant contingencies are described in
  the following paragraphs:</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Newark, New Jersey.</i>
  A consent decree, previously agreed upon by the U.S. Environmental Protection
  Agency (&#147;EPA&#148;), the New Jersey Department of Environmental Protection
  and Energy (&#147;DEP&#148;) and Occidental, as successor to Chemicals, was
  entered in 1990 by the United States District Court of New Jersey and requires
  implementation of a remedial action plan at Chemical&#146;s former Newark, New
  Jersey agricultural chemicals plant. The interim remedy has been completed and
  paid for by Tierra. This project is in the operation and maintenance phase.
  YPF Holdings Inc. has accrued approximately 59 as of March 31, 2011, in connection
  with such activities.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Passaic River, New Jersey.</i>
  Maxus, complying with its contractual obligation to act on behalf of Occidental,
  negotiated an agreement with the EPA (the &#147;1994 AOC&#148;) under which
  Tierra has conducted testing and studies near the Newark plant site, adjacent
  to the Passaic River. While some work remains, the work under the 1994 AOC was
  substantially subsumed by the remedial investigation and feasibility study (&#147;RIFS&#148;)
  being performed and funded by Tierra and a number of other entities of the lower
  portion of the Passaic River pursuant to a 2007 administrative settlement agreement
  (the &#147;2007 AOC&#148;). The parties to the 2007 AOC are</font></p>
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  </font>
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  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_10"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">discussing the possibility
  of further work with the EPA. The entities that have agreed to fund the RIFS
  have negotiated an interim allocation of RIFS costs among themselves based on
  a number of considerations. The 2007 AOC is being coordinated with a joint federal,
  state, local and private sector cooperative effort designated as the Lower Passaic
  River Restoration Project (&#147;PRRP&#148;). As of March 31, 2011, 71 entities,
  including Tierra, have agreed to participate in the RIFS in connection with
  the PRRP.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2003, the DEP issued
  Directive No. 1 to Occidental and Maxus and certain of their respective related
  entities as well as other third parties. Directive No. 1 seeks to address natural
  resource damages allegedly resulting from almost 200 years of historic industrial
  and commercial development along a portion of the Passaic River and a part of
  its watershed. Directive No. 1 asserts that the named entities are jointly and
  severally liable for the alleged natural resource damages without regard to
  fault. The DEP has asserted jurisdiction in this matter even though all or part
  of the lower Passaic River is subject to the PRRP. Directive No. 1 calls for
  the following actions: interim compensatory restoration, injury identification,
  injury quantification and value determination. Maxus and Tierra responded to
  Directive No. 1 setting forth good faith defenses. Settlement discussions between
  the DEP and the named entities have been held, however, no agreement has been
  reached or is assured.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2004, the EPA and Occidental
  entered into an administrative order on consent (the &#147;2004 AOC&#148;) pursuant
  to which Tierra (on behalf of Occidental) has agreed to conduct testing and
  studies to characterize contaminated sediment and biota and evaluate remedial
  alternatives in the Newark Bay and portions of the Hackensack, the Arthur Kill
  and Kill van Kull rivers. The initial field work on this study, which includes
  testing in the Newark Bay, has been substantially completed. Discussions with
  the EPA regarding additional work that might be required are underway. EPA has
  issued General Notice Letters to a series of additional parties concerning the
  contamination of Newark Bay and the work being performed by Tierra under the
  2004 AOC. Tierra proposed to the other parties that, for the third stage of
  the RIFS undertaken in Newark Bay, the costs be allocated on a per capita basis.
  As of the date of issuance of these financial statements, the parties are analyzing
  the proposal. However, YPF Holdings lacks sufficient information to determine
  additional costs, if any, it might have with respect to this matter once the
  final scope of the third stage is approved, as well as the proposed distribution
  mentioned above.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In December 2005, the DEP
  issued a directive to Tierra, Maxus and Occidental directing said parties to
  pay the State of New Jersey&#146;s cost of developing a Source Control Dredge
  Plan focused on allegedly dioxin-contaminated sediment in the lower six-mile
  portion of the Passaic River. The development of this plan was estimated by
  the DEP to cost approximately US$ 2 million. The DEP has advised the recipients
  that (a) it is engaged in discussions with the EPA regarding the subject matter
  of the directive, and (b) they are not required to respond to the directive
  until otherwise notified.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2007, EPA released
  a draft Focused Feasibility Study (the &#147;FFS&#148;) that outlines several
  alternatives for remedial action in the lower eight miles of the Passaic River.
  These alternatives range from no action, which would result in comparatively
  little cost, to extensive dredging and capping, which according to the draft
  FFS, EPA estimated could cost from US$ 0.9 billion to US$ 2.3 billion and are
  all described by EPA as involving proven technologies that could be carried
  out in the near term, without extensive research. Tierra, in conjunction with
  the other parties working under the 2007 AOC, submitted comments on the legal
  and technical defects of the draft FFS to EPA. In light of these comments, EPA
  decided to initiate its review and informed that a revised remedy proposal will
  be forthcoming during the first semester of 2012. Tierra will respond to any
  further EPA proposal as may be appropriate at that time.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In August 2007, the National
  Oceanic Atmospheric Administration (&#147;NOAA&#148;) sent a letter to a number
  of entities it alleged have a liability for natural resources damages, including
  Tierra and Occidental, requesting that the group enters into an agreement to
  conduct a cooperative assessment of natural resources damages in the Passaic
  River and Newark Bay. In November 2008, Tierra and Occidental entered into an
  agreement with the NOAA to fund a portion of the costs it has incurred and to
  conduct certain assessment activities</font></p>
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  </font>
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<div style="page-break-before:always"></div>
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<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_11"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">during 2009. Approximately
  20 other PRRP members have also entered into similar agreements. In November
  2009, Tierra declined to extend this agreement.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2008, the EPA, Occidental,
  and Tierra entered into an AOC (&#147;Removal AOC&#148;), pursuant to which
  Tierra (on behalf of Occidental) will undertake a removal action of sediment
  from the Passaic River in the vicinity of the former Diamond Alkali facility.
  This action will result in the removal of approximately 200,000 cubic yards
  (153,000 cubic meters) of sediment, which will be carried out in two different
  phases. The first phase, which is scheduled to begin in 2011, encompasses the
  removal of 40,000 cubic yards (30,600 cubic meters) of sediments and is expected
  to be completed by the end of 2012. The second phase involves the removal of
  approximately 160,000 cubic yards (122,400 cubic meters) of sediment. This second
  phase will start after according with EPA certain development&#146;s aspects
  related to it. Pursuant to the Removal AOC, the EPA has required the provision
  of financial assurance in the amount of US$ 80 million for the performance of
  the removal work. The Removal AOC provides that the initial form of financial
  assurance is to be provided through a trust fund. YPF Holdings Inc. originally
  accrued US$ 80 million with respect to this matter. As of March 31, 2011, US$
  32 million has been funded (thereby reducing the accrual in a similar amount)
  and additional US$ 10 million must be contributed every six months, until the
  completion of the US$ 80 million. The total amount of required financial assurance
  may be increased or decreased over time if the anticipated cost of completing
  the removal work contemplated by the Removal AOC changes. Tierra may request
  modification of the form and timing of financial assurance for the Removal AOC.
  During 2010, with EPA approval, letters of credit to provide financial assurance
  have been issued, in order to avoid the restriction of additional funds. During
  the removal action, contaminants, such as dioxin, PCBs and mercury, which may
  have come from sources other than the former Diamond Alkali plant, will necessarily
  be removed. YPF Holdings Inc. and its subsidiaries may seek cost recovery from
  the parties responsible for such contamination, provided contaminants&#146;
  origins were not from the Diamond Alkali plant. However, as of the date of issuance
  of these financial statements, it is not possible to make any predictions regarding
  the likelihood of success or the funds potentially recoverable in a cost-recovery
  action.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, in December
  2005, the DEP sued YPF Holdings Inc., Tierra, Maxus and other several companies,
  besides to Occidental, alleging a contamination supposedly related to dioxin
  and other &#147;hazardous substances&#148; discharged from Chemicals&#146; former
  Newark plant and the contamination of the lower portion of the Passaic River,
  Newark Bay, other nearby waterways and surrounding areas. The DEP seeks remediation
  of natural resources damaged and punitive damages and other matters. The defendants
  have made responsive pleadings and filings. In March 2008, the Court denied
  motions to dismiss by Occidental Chemical Corporation, Tierra and Maxus. The
  DEP filed its Second Amended Complaint in April 2008. YPF filed a motion to
  dismiss for lack of personal jurisdiction. The motion mentioned previously was
  denied in August 2008, and the denial was confirmed by the Court of Appeal.
  Notwithstanding, the Court denied to plaintiffs&#146; motion to bar third party
  practice and allowed defendants to file third-party complaints. Third-party
  claims against approximately 300 companies and governmental entities (including
  certain municipalities) which could have responsibility in connection with the
  claim were filed in February 2009. DEP filed its Third Amended Complaint in
  August 2010, adding Maxus International Energy Company and YPF International
  S.A. as additional named defendants. In September 2010, Governmental entities
  of the State of New Jersey and a number of third-party defendants filed their
  dismissal motions and Maxus and Tierra filed their responses. Resolution on
  these motions is still pending. DEP has not placed dollar amounts on all its
  claims, but it has (a) contended that a US$ 50 million cap on damages under
  one of the New Jersey statutes should not be applicable, (b) alleged that it
  has incurred approximately US$ 118 million in past &#147;cleanup and removal
  costs&#148;, (c) is seeking an additional award between US$ 10 and US$ 20 million
  to fund a study to assess natural resource damages, (d) notified Maxus and Tierra&#146;s
  legal defense team that DEP is preparing financial models of costs and of other
  economic impacts and, (e) is seeking reimbursement for external legal fees paid.
  In October 2010, a number of public third-party defendants filed a motion to
  sever and stay and the DEP joined their motion, which would allow the DEP to
  proceed against the direct defendants. However, the judge has ruled against
  this motion in November 2010. Third-party defendants have also brought motions
  to dismiss, which have been rejected by the assistant judge in January 2011.
  Some of the mentioned</font></p>
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<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_12"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">third-parties appealed the
  decision, but the judge denied such appeal in March 2011. The next step in the
  case will be the preparation of a Trial Plan, which will set a schedule to follow,
  since the production of evidence until the trial. As of the date of issuance
  of these financial statements, it is not possible to determine when the first
  of the trials will take place. Simultaneously, a mediator prepared a work plan
  for an alternative dispute resolution process to be presented to the parties,
  but this process failed when the parties could not reach a consensus.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, there
  are approximately 241 accrued, comprising the estimated costs for studies, the
  YPF Holdings Inc.&#146;s best estimate of the cash flows it could incur in connection
  with remediation activities considering the studies performed by Tierra, and
  the estimated costs related to the agreement, as well as certain other matters
  related to Passaic River and the Newark Bay. However, it is possible that other
  works, including interim remedial measures, may be ordered. In addition, the
  development of new information on the imposition of natural resource damages,
  or remedial actions differing from the scenarios that YPF Holdings Inc. has
  evaluated could result in additional costs to the amount currently accrued.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Hudson County, New Jersey</i>.
  Until 1972, Chemicals operated a chromite ore processing plant at Kearny, New
  Jersey (&#147;Kearny Plant&#148;). According to the DEP, wastes from these ore
  processing operations were used as fill material at a number of sites in and
  near Hudson County. DEP has identified over 200 sites in Hudson and Essex Counties
  alleged to contain chromite ore processing residue either from the Kearny Plant
  or from plants operated by two other chromium manufacturers.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The DEP, Tierra and Occidental,
  as successor to Chemicals, signed an administrative consent order with the DEP
  in 1990 for investigation and remediation work at 40 chromite ore sites in Hudson
  and Essex Counties alleged to be impacted by the Kearny Plant operations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Tierra, on behalf of Occidental,
  is presently performing the work and funding Occidental&#146;s share of the
  cost of investigation and remediation of these sites. In addition, financial
  assurance has been provided in the amount of US$ 20 million for performance
  of the work. The ultimate cost of remediation is uncertain. Tierra submitted
  its remedial investigation reports to the DEP in 2001, and the DEP continues
  to review the report.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, in May 2005,
  the DEP took two actions in connection with the chrome sites in Hudson and Essex
  Counties. First, the DEP issued a directive to Maxus, Occidental and two other
  chromium manufacturers directing them to arrange for the cleanup of chromite
  ore residue at three sites in New Jersey City and the conduct of a study by
  paying the DEP a total of US$ 20 million. While YPF Holdings Inc. believes that
  Maxus is improperly named and there is little or no evidence that Chemicals&#146;
  chromite ore residue was sent to any of these sites, the DEP claims these companies
  are jointly and severally liable without regard to fault. Second, the State
  of New Jersey filed a lawsuit against Occidental and two other entities seeking,
  among other things, cleanup of various sites where chromite ore processing residue
  is allegedly located, recovery of past costs incurred by the state at such sites
  (including in excess of US$ 2 million allegedly spent for investigations and
  studies) and, with respect to certain costs at 18 sites, treble damages. The
  DEP claims that the defendants are jointly and severally liable, without regard
  to fault, for much of the damages alleged. In February 2008, the parties reached
  an agreement for which Tierra will pay US$ 5 million and will perform remediation
  works in three sites, with a total cost of approximately US$ 2 million subject
  to the terms which are under negotiation.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In November 2005, several
  environmental groups sent a notice of intent to sue the owners of the properties
  adjacent to the former Kearny Plant (the &#147;Adjacent Property&#148;), including
  among others Tierra, under the Resource Conservation and Recovery Act. The stated
  purpose of the lawsuit, if filed, would be to require the noticed parties to
  carry out measures to abate alleged endangerments to health and the environment
  emanating from the Adjacent Property. The parties have entered into an agreement
  that addresses the concerns of the environmental groups, and these groups have
  agreed, at least for now, not to file suit.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Pursuant to a request of
  the DEP, in the second half of 2006, Tierra and other parties tested the sediments
  in a portion of the Hackensack River near the former Kearny Plant. Tierra has
  submitted work plans for additional sampling requested by the DEP and is presently
  awaiting DEP comments.</font></p>
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  </font>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_13"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In March 2008, the DEP approved
  an interim response action plan for work to be performed at the Kearny Plant
  by Tierra and the Adjacent Property by Tierra in conjunction with other parties.
  As of the date of issuance of these financial statements, work on the interim
  response action has begun. This Adjacent Property was listed by EPA on the National
  Priority List in 2007. In July 2010, EPA notified Tierra, along with three other
  parties, which are considered potentially responsible for this adjacent property
  and requested to conduct a RIFS for the site. The parties have responded and
  are awaiting discussion with the EPA as to the scope of activities. At this
  time, it is unknown if work beyond what was agreed to with the DEP will be required.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, there
  are approximately 96 accrued in connection with the foregoing chrome-related
  matters. The study of the levels of chromium has not been finalized, and the
  DEP is still reviewing the proposed actions. The cost of addressing these chrome-related
  matters could increase depending upon the final soil actions, the DEP&#146;s
  response to Tierra&#146;s reports and other developments.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Painesville, Ohio.</i>
  In connection with the operation until 1976 of one chromite ore processing plant
  (&#147;Chrome Plant&#148;), from Chemicals, the Ohio Environmental Protection
  Agency (&#147;OEPA&#148;) ordered to conduct a RIFS at the former Painesville&#146;s
  Plant area. OEPA has divided the Painesville Work Site into 20 operable units,
  including operable units related to groundwater. Tierra has agreed to participate
  in the RIFS as required by the OEPA. Tierra submitted the remedial investigation
  report to the OEPA, which report was finalized in 2003. Tierra will submit required
  feasibility reports separately. In addition, the OEPA has approved certain work,
  including the remediation of specific operable units within the former Painesville
  Works area and work associated with the development plans discussed below (the
  &#147;Remediation Work&#148;). The Remediation Work has begun. As the OEPA approves
  additional projects related to investigation, remediation, or operation and
  maintenance activities for each operable unit within the Site, additional amounts
  will need to be accrued.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Over ten years ago, the
  former Painesville Works site was proposed for listing on the national Priority
  List under the Comprehensive Environmental Response, Compensation and Liability
  Act of 1980, as amended (&#147;CERCLA&#148;); however, the EPA has stated that
  the site will not be listed so long as it is satisfactorily addressed pursuant
  to the Director&#146;s Order and OEPA&#146;s programs. As of the date of issuance
  of these financial statements, the site has not been listed. YPF Holdings Inc.
  has accrued a total of 59 as of March 31, 2011 for its estimated share of the
  cost to perform the RIFS, the remediation work and other operation and maintenance
  activities at this site. The scope and nature of any further investigation or
  remediation that may be required cannot be determined at this time; however,
  as the RIFS progresses, YPF Holdings Inc. will continuously assess the condition
  of the Painesville&#146;s plants works site and make any required changes, including
  additions, to its accrual as may be necessary.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Other Sites.</i> Pursuant
  to settlement agreements with the Port of Houston Authority and other parties,
  Tierra and Maxus are participating (on behalf of Chemicals) in the remediation
  of property required Chemicals&#146; former Greens Bayou facility where DDT
  and certain other chemicals were manufactured. Additionally, in 2007 the parties
  have reached an agreement with the Federal and State Natural Resources Trustees
  concerning natural resources damages. In 2008, the Final Damage Assessment and
  Restoration Plan/Environmental Assessment was approved, specifying the restoration
  projects to be implemented. The last restoration project is expected to begin
  in 2011. As of March 31, 2011, YPF Holdings Inc. has accrued 17 for its estimated
  share of remediation activities associated with the Greens Bayou facility. Although
  the primary work was largely finished in 2009, some follow-up activities and
  operation and maintenance remain pending.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2005, the EPA designated
  Maxus as a PRP at the Milwaukee Solvay Coke &amp; Gas site in Milwaukee, Wisconsin.
  The basis for this designation is Maxus alleged status as the successor to Pickands
  Mather &amp; Co. and Milwaukee Solvay Coke Co., companies that the EPA has asserted
  are former owners or operators of such site. Preliminary works in connection
  with the RIFS of this site commenced in the second half of 2006.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings Inc. has accrued
  6 as of March 31, 2011 for its estimated share of the costs of the RIFS. YPF
  Holdings Inc. lacks sufficient information to determine additional costs, if
  any, it might have in respect of this site.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">13</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_14"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Maxus has agreed to defend
  Occidental, as successor to Chemicals, in respect of the Malone Services Company
  Superfund site in Galveston County, Texas. This site is a former waste disposal
  site where Chemicals is alleged to have sent waste products prior to September
  1986. It is subject of enforcement activities by the EPA. Although Occidental
  is one of many PRPs that have been identified and have agreed to an AOC, Tierra
  (which is handling this matter on behalf of Maxus) presently believes the degree
  of Occidental&#146;s alleged involvement as successor to Chemicals is relatively
  small.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Chemicals has also been
  designated as a PRP with respect to a number of third party sites where hazardous
  substances from Chemicals&#146; plant operations allegedly were disposed or
  have come to be located. At several of these, Chemicals has no known relationship.
  Although PRPs are typically jointly and severally liable for the cost of investigations,
  cleanups and other response costs, each has the right of contribution from other
  PRPs and, as a practical matter, cost sharing by PRPs is usually effected by
  agreement among them. As of March 31, 2011, YPF Holdings Inc. has accrued approximately
  2 in connection with its estimated share of costs related to certain sites and
  the ultimate cost of other sites cannot be estimated at the present time.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Black Lung Benefits Act
  Liabilities</i>. The Black Lung Benefits Act provides monetary and medical benefits
  to miners disabled with a lung disease, and also provides benefits to the dependents
  of deceased miners if black lung disease caused or contributed to the miner&#146;s
  death. As a result of the operations of its coal-mining subsidiaries, YPF Holdings
  Inc. is required to provide insurance of this benefit to former employees and
  their dependents. As of March 31, 2011, YPF Holdings Inc. has accrued 12 in
  connection with its estimate of these obligations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Legal Proceedings.</i>
  In 2001, the Texas State Controller assessed Maxus approximately US$ 1 million
  in Texas state sales taxes for the period of September 1, 1995 through December
  31, 1998, plus penalty and interest. In August 2004, the administrative law
  judge issued a decision affirming approximately US$ 1 million of such assessment,
  plus penalty and interest. YPF Holdings Inc. believes the decision is erroneous,
  but has paid the revised tax assessment, penalty and interest (a total of approximately
  US$ 2 million) under protest. Maxus filed a suit in Texas state court in December
  2004 challenging the administrative decision. The matter will be reviewed by
  a trial de novo in the court action.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2002, Occidental sued
  Maxus and Tierra in state court in Dallas, Texas seeking a declaration that
  Maxus and Tierra have the obligation under the agreement pursuant to which Maxus
  sold Chemicals to Occidental to defend and indemnify Occidental from and against
  certain historical obligations of Chemicals, notwithstanding the fact that said
  agreement contains a twelve-year cut-off for defense and indemnity obligations
  with respect to most litigation. Tierra was dismissed as a party, and the matter
  was tried in May 2006. The trial court decided that the twelve-year cut-off
  period did not apply and entered judgment against Maxus. This decision was affirmed
  by the Court of Appeals in February 2008. Maxus has petitioned the Supreme Court
  of Texas for review. This lawsuit was denied. This decision will require Maxus
  to accept responsibility of various matters which it has refused indemnification
  since 1998 which could result in the incurrence of costs in addition to YPF
  Holdings Inc.&#146;s current accruals for this matter. Maxus has paid approximately
  US$ 17 million to Occidental, and remains in discussions with Occidental regarding
  additional costs for US$ 0.3 million. Most of the claims that had been rejected
  by Maxus based on the twelve-year cut-off period, were related to &#147;Agent
  Orange&#148;. All pending Agent Orange litigation was dismissed in December
  2009, and although it is possible that further claims may be filed by unknown
  parties in the future, no further significant liability is anticipated. Additionally,
  the remaining claims received and refused consist primarily of claims of potential
  personal injury from exposure to vinyl chloride monomer (&#147;VCM&#148;), and
  other chemicals, although they are not expected to result in significant liability.
  However, the declaratory judgement includes liability for claims arising in
  the future, if any, related to this matters, which are currently unknown as
  of the date of issuance of these financial statements, and if such claims arise,
  they could result in additional liabilities for Maxus. As of March 31, 2011
  YPF Holdings Inc. has accrued approximately 1 in respect to these matters.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In March 2005, Maxus agreed
  to defend Occidental, as successor to Chemicals, in respect of an action seeking
  the contribution of costs incurred in connection with the remediation of the
  Turtle Bayou waste</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">14</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_15"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">disposal site in Liberty
  County, Texas. The plaintiffs alleged that certain wastes attributable to Chemicals
  found their way to the Turtle Bayou site. Trial for this matter was bifurcated,
  and in the liability phase Occidental and other parties were found severally,
  and not jointly, liable for waste products disposed of at this site. Trial in
  the allocation phase of this matter was completed in the second quarter of 2007,
  and following post judgment motions, the court entered a decision setting Occidental&#146;s
  liability at 15.96% of those costs incurred by one of the plaintiffs. Maxus
  appealed this matter. In June 2010, the Court of Appeals ruled that the District
  Court had committed errors in the admission of certain documents, and remanded
  the case to the District Court for further proceedings. Maxus took the position
  that the exclusion of the evidence should reduce Occidenta&#314;s allocation
  by as much as 50%. The District Court issued its Amended Findings of Fact and
  Conclusions of Law in January 2011, requiring Maxus to pay, on behalf of Occidental,
  15.86% of the past and future costs to be incurred by one of the plaintiffs.
  Maxus filed its intention to appeal this decision. As of March 31, 2011, YPF
  Holdings Inc. has accrued 15 in respect of this matter.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings Inc., including
  its subsidiaries, is a party to various other lawsuits and environmental situations,
  the outcomes of which are not expected to have a material adverse effect on
  YPF&#146;s financial condition or its future results of operations. YPF Holdings
  Inc. accruals legal contingences and environmental situations that are probable
  and can be reasonably estimated.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>4.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED BUSINESS
      SEGMENT INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company organizes its
  reporting structure into four segments which comprise: the exploration and production,
  including contractual purchases of natural gas and crude oil purchases arising
  from service contracts and concession obligations, as well as crude oil intersegment
  sales, natural gas and its derivatives sales and electric power generation (&#147;Exploration
  and Production&#148;); the refining, transport, purchase and marketing of crude
  oil and refined products (&#147;Refining and Marketing&#148;); the petrochemical
  operations (&#147;Chemical&#148;); and other activities, not falling into these
  categories, are classified under &#147;Corporate and Other&#148;, which principally
  includes corporate administration costs and construction activities.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Operating income (loss)
  and assets for each segment have been determined after intersegment adjustments.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">15</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_16"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exploration
      and Production</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Refining
      and Marketing</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Chemical</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Corporate
      and Other</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Consolidation
      Adjustments</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td colspan=3  align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Three-month
      period ended March 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
 <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net sales
      to unrelated parties</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,905</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">459</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">402</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,047</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net sales
      to related parties</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">276</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">214</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">490</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net intersegment
      sales</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,723</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">431</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5,846</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      sales</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,280</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,550</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,066</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">487</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5,846</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,537</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operating
      income (loss)</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,982</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">851</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">280</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(272</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(131</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,710</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      on long-term investments</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,180</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,384</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      of fixed assets</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,498</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">283</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,895</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Assets</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26,001</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17,241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,918</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,729</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,134</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48,755</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan=3  align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Three-month
      period ended March 31, 2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net sales
      to unrelated parties</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,221</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,646</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">429</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">141</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,437</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net sales
      to related parties</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">263</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">214</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">477</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net intersegment
      sales</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,154</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">417</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">494</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5,127</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      sales</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,638</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,277</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">923</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">203</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5,127</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,914</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operating
      income (loss)</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,866</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">938</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(233</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(52</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,713</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      on long-term investments</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,117</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">131</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,303</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      of fixed assets</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,156</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">176</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,419</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td colspan=3  align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Year
      ended December 31, 2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Assets</font></td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26,245</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14,043</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,779</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,102</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46,589</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">Export
      sales, net of withholdings taxes for the three-month periods ended March
      31, 2011 and 2010 were 1,745 and 1,640, respectively. Export sales were
      mainly to the United States of America and Brazil.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="84%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">16</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_17"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Schedule
        I<br>
        <a name="p17"></a>Exhibit A</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED
      BALANCE SHEET AS OF MARCH 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FIXED
      ASSETS EVOLUTION</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amounts expressed in million
  of Argentine pesos &#150; Note 1.a to the primary financial statements)</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">(The financial statements
  as of March 31, 2011 and March 31, 2010 are unaudited)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cost</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      account</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at beginning of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      translation effect <sup>(4)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increases</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      decreases, reclassifications and transfers</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at end of period</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Land and
      buildings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,385</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,403</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mineral
      property, wells and related equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">66,530</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,086</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">67,617</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refinery
      equipment and petrochemical plants</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,442</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,567</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,997</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,019</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Materials
      and equipment in warehouse</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,317</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">426</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(279</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,464</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Drilling
      and work in progress</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,574</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,345</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,077</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,842</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploratory
      drilling in progress</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">248</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">106</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(53</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Furniture,
      fixtures and installations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">941</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,014</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,532</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,549</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      property</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,022</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(71</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">962</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93,988</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,895</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(146)<sup>(5)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95,738</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">85,121</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,419</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(76</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">86,470</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Depreciation</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      account</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accumulated at beginning <br>
      of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      decreases, reclassifications and transfers</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Depreciation rate</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increases</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accumulated at end of <br>
      period</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      book <br>
      value as of<br>
      03-31-11</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      book <br>
      value as of<br>
      03-31-10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      book <br>
      value as of<br>
      12-31-10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Land and
      buildings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,282</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,103</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,018</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,103</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mineral
      property, wells and related equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49,599</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50,763</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,854</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,769</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,931</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refinery
      equipment and petrochemical plants</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,614</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4
      -10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">139</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,753</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,688</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,828</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,488</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4
      &#150; 5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,506</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">513</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">529</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">509</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Materials
      and equipment in warehouse</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,464</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">834</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,317</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Drilling
      and work in progress</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,842</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,213</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,574</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploratory
      drilling in progress</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">160</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">248</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Furniture,
      fixtures and installations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">784</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">230</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">193</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">180</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,236</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,251</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">298</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">296</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      property</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">339</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">341</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">621</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">378</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">683</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">62,319</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)<sup>(5)</sup></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,384</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">63,698</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=4>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=4>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57,088</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,303</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">58,387</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28,083</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31,669</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 10 corresponding
      to hydrocarbon wells abandonment costs for the three-month period ended
      March 31, 2010.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 1,041, 1,157
      and 1,072 of mineral property as of March 31, 2011 and 2010 and December
      31, 2010, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Depreciation has been
      calculated according to the unit of production method.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes the net effect
      of the exchange differences arising from the translation of foreign companies&#146;
      fixed assets net book values at beginning of the year.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(5)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 4 of net book
      value charged to fixed assets allowances for the period ended March 31,
      2011.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="84%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">17</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_18"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Schedule
        I<br>
        Exhibit H</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED
      STATEMENTS OF INCOME <br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010<br>
      EXPENSES INCURRED</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amounts expressed in million
  of Argentine pesos &#150; Note 1.a to the primary financial statements)</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">(The financial statements
  as of March 31, 2011 and March 31, 2010 are unaudited)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Production
      costs</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Administrative
      expenses</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Selling
      expenses</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exploration
      expenses</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security taxes</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">525</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">139</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">82</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">763</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">517</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fees and
      compensation for services</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">41</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">168</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">180</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      personnel expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">148</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">179</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Taxes,
      charges and contributions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">109</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">148</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">212</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalties
      and easements</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">839</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">845</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">739</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Insurance</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Rental
      of real estate and equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">183</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">206</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Survey
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,320</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,384</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,303</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Industrial
      inputs, consumable materials and supplies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">245</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">168</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operation
      services and other service contracts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">627</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">461</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Preservation,
      repair and maintenance</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">763</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">800</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">664</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contractual
      commitments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Unproductive
      exploratory drillings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation,
      products and charges</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">264</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">366</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">630</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">521</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Charge
      (credit) for allowance for doubtful trade receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Publicity
      and advertising expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fuel,
      gas, energy and miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">362</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">415</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">369</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,476</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">403</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,750</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,548</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">660</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">5,559</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"> </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><hr noshade size=3></font></td>
    <td></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="84%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">18</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_19"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p19"></a>BALANCE
      SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amounts expressed in million
  of Argentine pesos &#150; Note 1.a)</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">(The financial statements
  as of March 31, 2011 are unaudited)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Assets</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">273</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">269</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      (Note 3.a)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,074</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,659</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables (Note 3.b)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,880</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables (Note 3.c)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,074</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories
      (Note 3.d)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,462</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,665</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,894</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Assets</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables (Note 3.b)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables (Note 3.c)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,070</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,319</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      (Note 3.a)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,518</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,378</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fixed
      assets (Note 3.e)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,021</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34,043</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33,736</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46,708</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,630</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable (Note 3.f)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,990</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,724</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans
      (Note 3.g)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,654</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,622</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">186</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">312</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Taxes
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,704</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,227</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contingencies
      (Note 9.a and Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">86</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">81</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,620</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,966</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable (Note 3.f)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,875</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,573</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans
      (Note 3.g)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,821</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,537</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Taxes
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">365</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">372</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contingencies
      (Note 9.a and Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,188</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,114</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,277</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25,897</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25,590</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      Equity</b> (per corresponding statements)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,811</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities and shareholders&#146; equity</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46,708</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,630</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  12 and the accompanying exhibits A, C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="83%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">19</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_20"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p20"></a>STATEMENTS
      OF INCOME<br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amounts expressed in million
  of Argentine pesos, except for per share amounts in Argentine pesos &#150; Note
  1.a)</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">(The financial statements
  as of March 31, 2011 and March 31, 2010, are unaudited)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net sales
      (Note 3.h)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,341</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,157</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cost of
      sales (Exhibit F)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7,753</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5,709</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<b>Gross
      profit</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,588</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,448</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      expenses (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(747</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(621</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Administrative
      expenses (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(344</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(262</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploration
      expenses (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(54</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(44</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<b>Operating
      income</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,443</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      on long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">183</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      income, net</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Financial
      income (expense), net and holding gains (losses):</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Gains
      (losses) on assets</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">113</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">58</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Holding
      gains (losses) on inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">215</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Losses
      on liabilities</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(193</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(204</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(186</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(170</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Net
      income before income tax</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,612</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,357</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax (Note 3.i)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(838</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(774</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Net
      income</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,583</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Earnings
      per share </b>(Note 1.a)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.51</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.02</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  12 and the accompanying exhibits A, C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="84%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">20</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_21"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p21"></a>STATEMENTS
      OF CHANGES IN SHAREHOLDERS&#146; EQUITY<br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amounts expressed in million
  of Argentine pesos &#150; Note 1.a)</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">(The financial statements
  as of March 31, 2011 and March 31, 2010 are unaudited)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      Contributions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Subscribed
      capital</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Adjustment
      to contributions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Issuance
      premiums</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,933</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cumulative
      effect of changes (Note 1.b)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Restated
      balances at the beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,933</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net decrease
      in deferred earnings (Note 2.i)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the end of period</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,933</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Legal
      reserve</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Deferred
      earnings</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Reserve
      for future dividends</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Unappropriated
      retained earnings</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total
      shareholders&#146; equity</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total
      shareholders&#146; equity</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(263</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">596</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,610</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18,881</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cumulative
      effect of changes (Note 1.b)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,180</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Restated
      balances at the beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(263</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">596</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,610</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17,701</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net decrease
      in deferred earnings (Note 2.i)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,583</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the end of period</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(266</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">596</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,384</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,811</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,284</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  12 and the accompanying exhibits A, C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="84%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">21</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_22"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p22"></a>STATEMENTS
      OF CASH FLOWS<br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amounts expressed in million
  of Argentine pesos &#150; Note 1.a)</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">(The financial statements
  as of March 31, 2011 and March 31, 2010 are unaudited)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      Flows from Operating Activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,583</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Adjustments
      to reconcile net income to net cash flows provided by operating activities:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      on long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(183</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(125</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,312</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Consumption
      of materials and fixed assets retired net of allowances</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">144</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">74</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">838</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">774</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Increase
      in accruals</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">156</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Changes
      in assets and liabilities:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Trade
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(61</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">84</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Other
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(64</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(230</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(784</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(110</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Accounts
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(619</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(236</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Salaries
      and social security</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(126</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(54</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Taxes
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">89</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">106</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Decrease
      in accruals</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(77</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(57</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Interests,
      exchange differences and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">161</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">210</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Dividends
      from long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax payments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(457</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(286</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Net
      cash flows provided by operating activities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,109</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,254</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      Flows used in Investing Activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,873</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,411</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)<sup>(2)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Capital
      contributions in long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Net
      cash flows used in investing activities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,877</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,411</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      Flows from Financing Activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Payment
      of loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,781</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,489</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Proceeds
      from loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,968</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,870</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Net
      cash flows from financing activities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">187</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(619</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increase
      in Cash and Equivalents</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">419</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,224</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the beginning of year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,928</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,483</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the end of period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,347</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,707</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increase
      in Cash and Equivalents</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">419</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,224</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">For supplemental information
  on cash and equivalents, see Note 3.a.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes (88) and (62)
      corresponding to interest payments for the three-month periods ended March
      31, 2011 and 2010, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 37 corresponding
      to payments related with the extension of certain exploitation concessions
      in the Province of Neuqu&#233;n (Note 9.c), for the three-month period ended
      March 31, 2010.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  12 and the accompanying exhibits A, C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="3%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">22</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_23"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p23"></a>NOTES
      TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FOR
      THE THREE-MONTH PERIOD ENDED MARCH 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amounts expressed in million
  of Argentine pesos, except where otherwise indicated &#150; Note 1.a)</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">(The financial statements
  as of March 31, 2011 and March 31, 2010 are unaudited)</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>1.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>SIGNIFICANT ACCOUNTING
      POLICIES AND RESTATEMENT OF COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Significant accounting
      policies</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The financial statements
  of YPF have been prepared in accordance with generally accepted accounting principles
  in Argentina and the regulations of the CNV.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">On March 20, 2009, the FACPCE
  approved the Technical Resolution No. 26 &#147;Adoption of the International
  Financial Reporting Standards (&#147;IFRS&#148;) of the International Accounting
  Standards Board (&#147;IASB&#148;)&#148;, subsequently modified by Technical
  Resolution No. 29 dated December 3, 2010. Such resolution was approved by the
  CNV through General Resolution No. 562/09 dated December 29, 2009 (modified
  by General Resolution No. 576/10 dated July 1, 2010), for certain publicly-traded
  entities under Law No. 17,811. The application of such rules will be mandatory
  for the Company for the fiscal year beginning on January 1, 2012. Consequently,
  the first financial statements under IFRS will be as of March 31, 2012. On April
  14, 2010, the Board of Directors has approved a specific IFRS implementation
  plan.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The financial statements
  for the three-month periods ended March 31, 2011 and 2010 are unaudited, but
  reflect all adjustments which, in the opinion of the Management, are necessary
  to present the financial statements for such periods on a consistent basis with
  the audited annual financial statements.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Presentation
      of financial statements in constant Argentine pesos</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The financial statements
  reflect the effect of changes in the purchasing power of money by the application
  of the method for restatement in constant Argentine pesos set forth in Technical
  Resolution No. 6 of the FACPCE and taking into consideration General Resolution
  No. 441 of the CNV, which established the discontinuation of the restatement
  of financial statements in constant Argentine pesos as from March 1, 2003.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Cash
      and equivalents</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In the statements of cash
  flows, the Company considers cash and all highly liquid investments with an
  original maturity of less than three months to be cash and equivalents.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Revenue
      recognition criteria</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Revenue is recognized on
  sales of crude oil, refined products and natural gas, in each case, when title
  and risks are transferred to the customer.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Subsidies and incentives
  are recognized as sales in the income statement in the period in which the conditions
  for obtaining them are accomplished.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Joint
      ventures and other agreements</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146;s interests
  in oil and gas related joint ventures and other agreements, have been consolidated
  line by line on the basis of the Company&#146;s proportional share in their
  assets, liabilities, revenues, costs and expenses (Note 6).</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">23</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_24"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Production
      concessions and exploration permits</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">According to Argentine Law
  No. 24,145 issued in November 1992, YPF&#146;s areas were converted into production
  concessions and exploration permits under Law No. 17,319, which has been amended
  by Law No. 26,197. Pursuant to these laws, the hydrocarbon reservoirs located
  in Argentine onshore territories and offshore continental shelf, belong to the
  provinces or the Nation, depending on the location. Exploration permits may
  have a term of up to 14 years (17 years for offshore exploration) and production
  concessions have a term of 25 years, which may be extended for an additional
  ten-year term (Note 9.c and Note 11).</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Fair
      value of financial instruments and concentration of credit risk</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The carrying value of cash,
  current investments, trade receivables, other receivables and liabilities approximates
  its fair value due to the short maturity of these instruments. As of March 31,
  2011 and December 31, 2010 the fair value of loans payable estimated based on
  market prices or current interest rates at the end of the period or year amounted
  to 7,555 and 7,232, respectively.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Financial instruments that
  potentially expose the Company to concentration of credit risk consist primarily
  of cash, current investments, trade receivables and other receivables. The Company
  invests cash excess primarily in high liquid investments in financial institutions
  both in Argentina and abroad with strong credit rating. In the normal course
  of business, the Company provides credit based on ongoing credit evaluations
  to its customers and certain related parties. Apart from the receivables with
  the Argentine Government related to the subsidies on gas oil sales provided
  by the Argentine Government to the public transportation according to Executive
  Decree No. 652/02 and its amendments, and the participation in the Petroleum
  and Refining Plus Programs established by Decree No. 2014/2008 and its regulations,
  among others, included in Note 3.c &#147;Tax credits, export rebates and production
  incentives&#148;, the Company&#146;s customer base is dispersed.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, YPF
  does not hold derivative financial instruments.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Use
      of estimates</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The preparation of financial
  statements in conformity with generally accepted accounting principles requires
  Management to make estimates and assumptions that affect reported assets, liabilities,
  revenues and expenses and disclosure of contingencies. Future results could
  differ from the estimates made by Management.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Earnings
      per share</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Earnings per share have
  been calculated based on the 393,312,793 shares outstanding during the three-month
  periods ended as of March 31, 2011 and 2010.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Modification of
      comparative information</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In relation to the implementation
  of IFRS above mentioned, General Resolution No. 576/10 establishes that companies
  which, in accordance with generally accepted accounting principles in Argentina,
  had adopted the option to disclose in a note to the financial statements the
  deferred income tax liability originated in the difference between the book
  value of fixed assets remeasured into constant Argentine pesos and their corresponding
  historical cost used for tax purposes, shall recognize such liability with a
  debit to unappropriated retained earnings. The resolution also establishes that
  such recognition may be recorded in any interim or annual period until the transition
  date to IFRS is met, inclusive. Additionally, the resolution above mentioned
  establishes that, as an exception, the Ordinary Shareholder&#347; meeting that
  considers the financial statements for the fiscal year in which the deferred
  income tax liability is accounted for, can record such debit in unappropriated
  retained earnings into capital accounts not represented by shares (capital stock)
  or into retained earnings accounts, not providing a predetermined order for
  such accounting (Note 11).</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">24</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_25"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of December 31, 2010,
  the Company has recorded the deferred income tax liability originated in the
  difference between the book value of fixed assets remeasured into constant Argentine
  pesos and their corresponding historical cost used for tax purposes. According
  to generally accepted accounting principles in Argentina, the effect of changes
  in the accounting policies must be recorded with retrospective effect as of
  the beginning of the first fiscal year presented. As a result of the adoption
  of the resolution above mentioned, the unappropriated retained earnings as of
  the end of each period or year have been modified as follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Unappropriated
      retained earnings</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>(Loss)</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>as
      of March 31, 2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>as
      of December 31, 2009</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
      income tax liability &#150; YPF</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(890</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(930</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
      income tax liability &#150; Investments in controlled and jointly controlled
      companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(153</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(156</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
      income tax liability &#150; Investments in significant influence companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(89</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(94</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,132</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,180</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As result of the change
  in the accounting policy mentioned above, net income for the three-month period
  ended March 31, 2010, increased by 48.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The financial statements
  as of March 31, 2010, which are presented for comparative purposes, were modified
  to give retrospective effect to the recognition of the effects originated in
  the accounting of the deferred tax liability above mentioned. The modification
  of comparative information does not imply any change to statutory decisions
  already taken.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>2.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>VALUATION CRITERIA</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The principal valuation
  criteria used in the preparation of the financial statements are as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Amounts in Argentine
      pesos have been stated at face value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Amounts in foreign
      currencies have been valued at the relevant exchange rates as of the end
      of each period or year, as applicable. Exchange differences have been credited
      (charged) to current income.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Current investments,
      trade and other receivables and payables:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Amounts in Argentine
      pesos have been stated at face value, which includes accrued interest through
      the end of each period or year, if applicable. Investments with price quotation
      have been valued at fair value as of the end of each period or year.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Amounts in foreign
      currency have been valued at face value at the relevant exchange rates in
      effect as of the end of each period or year, including accrued interest,
      if applicable. Investments with price quotation have been valued at fair
      value at the relevant exchange rate in effect as of the end of each period
      or year. Exchange differences have been credited (charged) to current income.
      Additional information on assets and liabilities denominated in foreign
      currency is disclosed in Exhibit G.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">When generally
      accepted accounting principles require the valuation of receivables or payables
      at their discounted value, that value does not differ significantly from
      their face value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">If applicable,
      allowances have been made to reduce receivables to their estimated realizable
      value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">25</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_26"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>c)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Inventories:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Refined products, products
      in process, crude oil and natural gas have been valued at last production
      or replacement cost, as applicable, as of the end of each period or year.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Raw materials and packaging
      materials have been valued at cost, which does not differ significantly
      from its replacement cost as of the end of each period or year.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Valuation
      of inventories does not exceed their estimated realizable value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>d)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent investments:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">These include
      the Company&#146;s investments in companies under control, joint control
      or significant influence and holdings in other companies. These investments
      are detailed in Exhibit C and have been valued using the equity method,
      except for holdings in other companies, which have been valued at its acquisition
      cost remeasured as detailed in Note 1.a.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in Gasoducto del Pac&#237;fico (Argentina) S.A., Gasoducto del Pac&#237;fico
      (Cayman) Ltd. and Oleoducto Trasandino (Chile) S.A., where less than 20%
      direct or indirect interest is held, are accounted by the equity method
      since YPF exercises significant influence over these companies in making
      operation and financial decisions based on its representation on the Boards
      of Directors.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">If applicable,
      allowances have been made to reduce investments, where direct or indirect
      interest is held, to their estimated recoverable value. The main factors
      for the recognized impairment were the devaluation of the Argentine peso,
      lower activity expectations, events of default on certain debts and the
      de-dollarization and freezing of certain utility rates.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Foreign
      subsidiaries are defined as integrated companies when they carry out their
      operations as an extension of the parent company&#146;s operations or as
      non-integrated companies when they collect cash and other monetary items,
      incur expenses, generate income and are financed principally through their
      own resources. Assets and liabilities of non-integrated foreign subsidiaries
      are translated into Argentine pesos at the exchange rate prevailing as of
      the end of each period or year. Income statements are translated using the
      relevant exchange rate at the date of each transaction. Exchange differences
      arising from the translation process are included as a component of shareholders&#146;
      equity in the account &#147;Deferred Earnings&#148;, which are maintained
      until the sale or complete or partial reimbursement of capital of the related
      investment occurs. Assets, liabilities and income statements of integrated
      foreign subsidiaries are translated at the relevant exchange rate at the
      date of each transaction. Exchange differences arising from the translation
      process are credited (charged) to the income statement in the account &#147;Gains
      (losses) on assets &#150; Exchange differences&#148;.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Holdings
      in preferred shares have been valued at equity method considering the provisions
      defined in the respective bylaws.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in companies with negative shareholders&#146; equity are disclosed in the
      &#147;Accounts payable&#148; account in the balance sheet provided that
      the Company has the intention to provide the corresponding financial support.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">If necessary,
      adjustments to the accounting information have been made to conform the
      accounting principles used by controlled, jointly controlled or under significant
      influence companies to those of YPF. Main adjustments are related to the
      application of the general accepted accounting principles in Argentina to
      foreign related companies&#146; financial statements, and the recognition
      of the deferred income tax liability related to the difference between the
      book value of fixed assets remeasured into constant Argentine pesos and
      their corresponding historical cost used for tax purposes (Note 1.b) corresponding
      to the controlled, jointly controlled and under significant influence companies.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">26</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_27"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The investments
      in companies under control, joint control or significant influence, have
      been valued based upon the latest available financial statements of these
      companies as of the end of each period or year, taking into consideration,
      if applicable, significant subsequent events and transactions, available
      management information and transactions between YPF and the related company
      which have produced changes on the latter&#146;s shareholders&#146; equity.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      includes supplemental consolidated financial statements as part of the primary
      financial statements (Schedule I).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">As from
      the effective date of Law No. 25,063, dividends, either in cash or in kind,
      that the Company receives from investments in other companies and which
      are in excess of the accumulated income that these companies carry upon
      distribution shall be subject to a 35% income tax withholding as a sole
      and final payment. YPF has not recorded any charge for this tax since it
      has estimated that dividends from earnings recorded by the equity method
      would not be subject to such tax.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>e)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Fixed assets:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Fixed assets
      have been valued at acquisition cost remeasured as detailed in Note 1.a,
      less related accumulated depreciation. Depreciation rates, representative
      of the useful life assigned, applicable to each class of asset, are disclosed
      in Exhibit A. For those assets whose construction requires an extended period
      of time, financial costs corresponding to third parties&#146; financing
      have been capitalized during the assets&#146; construction period.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil and
      gas producing activities</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The Company follows
      the &#147;successful effort&#148; method of accounting for its oil and gas
      exploration and production operations. Accordingly, exploratory costs, excluding
      the costs of exploratory wells, have been charged to expense as incurred.
      Costs of drilling exploratory wells, including stratigraphic test wells,
      have been capitalized pending determination as to whether the wells have
      found proved reserves that justify commercial development. If such reserves
      were not found, the mentioned costs are charged to expense. Occasionally,
      an exploratory well may be determined to have found oil and gas reserves,
      but classification of those reserves as proved cannot be made when drilling
      is completed. In those cases, the cost of drilling the exploratory well
      shall continue to be capitalized if the well has found a sufficient quantity
      of reserves to justify its completion as a producing well and the enterprise
      is making sufficient progress assessing the reserves and the economic and
      operating viability of the project. If any of the mentioned conditions is
      not met, cost of drilling exploratory wells is charged to expense. As of
      the issuance date of these financial statements, there are no exploratory
      wells capitalized for more than one year after the completion of the drilling.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Intangible drilling
      costs applicable to productive wells and to developmental dry holes, as
      well as tangible equipment costs related to the development of oil and gas
      reserves, have been capitalized.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The capitalized costs
      related to producing activities have been depreciated by field on the unit-of-production
      basis by applying the ratio of produced oil and gas to estimate recoverable
      proved and developed oil and gas reserves.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The capitalized costs
      related to acquisitions of properties and extension of concessions with
      proved reserves have been depreciated by field on the unit-of-production
      basis by applying the ratio of produced oil and gas to proved oil and gas
      reserves.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The capitalized costs
      related to areas with unproved reserves, are periodically reviewed by Management
      to ensure that the carrying value does not exceed their estimated recoverable
      value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">27</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_28"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Revisions of crude
      oil and natural gas proved reserves are considered prospectively in the
      calculation of depreciation. Revisions in estimates of reserves are performed
      at least once a year. Additionally, estimates of reserves are audited by
      independent petroleum engineers on a three-year rotation plan.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Costs related to hydrocarbon
      wells abandonment obligations are capitalized at their discounted value
      along with the related assets, and are depreciated using the unit-of-production
      method. As compensation, a liability is recognized for this concept at the
      estimated value of the discounted payable amounts. Revisions of the payable
      amounts are performed upon consideration of the current costs incurred in
      abandonment obligations on a field-by-field basis or other external available
      information if abandonment obligations were not performed. Due to the number
      of wells in operation and/or not abandoned and likewise the complexity with
      respect to different geographic areas where the wells are located, the current
      costs incurred in plugging are used for estimating the plugging cost of
      the wells pending abandonment. Current costs incurred are the best source
      of information in order to make the best estimate of asset retirement obligations.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      fixed assets</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146;s
      other fixed assets are depreciated using the straight-line method, with
      depreciation rates based on the estimated useful life of each class of property.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Fixed assets&#146;
      maintenance and repairs have been charged to expense as incurred.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Major inspections,
      necessary to continue to operate the related assets, are capitalized and
      depreciated using the straight-line method over the period of operation
      to next major inspection.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Renewals
      and betterments that extend the useful life and/or increase the productive
      capacity of properties are capitalized. As fixed assets are retired, the
      related cost and accumulated depreciation are eliminated from the balance
      sheet.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      capitalizes the costs incurred in limiting, neutralizing or preventing environmental
      pollution only in those cases in which at least one of the following conditions
      is met: (a) the expenditure improves the safety or efficiency of an operating
      plant (or other productive asset); (b) the expenditure prevents or limits
      environmental pollution; or (c) the expenditures are incurred to prepare
      assets for sale and do not raise the assets&#146; carrying value above their
      estimated recoverable value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The carrying
      value of the fixed asset of each business segment, as defined in Note 4
      to the consolidated financial statements, does not exceed their estimated
      recoverable value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>f)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Taxes, withholdings
      and royalties:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><b>Income
      tax and tax on minimum presumed income</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      recognizes the income tax applying the liability method, which considers
      the effect of the temporary differences between the financial and tax basis
      of assets and liabilities and the tax loss carry forwards and other tax
      credits, which may be used to offset future taxable income, at the current
      statutory rate of 35%.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In deferred
      income tax computations, the difference between the book value of fixed
      assets remeasured into constant Argentine pesos and their corresponding
      historical cost used for tax purposes is a temporary difference to be considered
      in deferred income tax computations.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">28</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_29"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      the Company calculates tax on minimum presumed income applying the current
      1% tax rate to taxable assets as of the end of each year. This tax complements
      income tax. The Company&#146;s tax liability will coincide with the higher
      between the determination of tax on minimum presumed income and the Company&#146;s
      tax liability related to income tax, calculated applying the current 35%
      income tax rate to taxable income for the year. However, if the tax on minimum
      presumed income exceeds income tax during one tax year, such excess may
      be computed as prepayment of any income tax excess over the tax on minimum
      presumed income that may be generated in the next ten years.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      expects that during the current year, the amounts determined as current
      income tax will be higher than tax on minimum presumed income and consequently
      the Company has not accrued any amount related to the tax on minimum presumed
      income.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><b>Royalties
      and withholding systems for hydrocarbon exports</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">A 12% royalty
      is payable on the estimated value at the wellhead of crude oil production
      and the commercialized natural gas volumes. The estimated value is calculated
      based upon the approximate sale price of the crude oil and gas produced,
      less the costs of transportation and storage. To calculate the royalties,
      the Company has considered price agreements according to crude oil buying
      and selling operations obtained in the market for certain qualities of such
      product, and has applied these prices, net of the discounts mentioned above,
      according to regulations of Law No. 17,319 and its amendments. In addition,
      and pursuant to the extension of the original terms of exploitation concessions,
      the Company has agreed to pay an &#147;Extraordinary Production Royalty&#148;
      (see Note 9.c and Note 11).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Royalty
      expense and the extraordinary production royalties are accounted for as
      a production cost.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Law No.
      25,561 on Public Emergency and Exchange System Reform, issued in January
      2002, established duties for hydrocarbon exports for a five-year period.
      In January 2007, Law No. 26,217 extended this export withholding system
      for an additional five-year period and also established specifically that
      this regime is also applicable to exports from &#147;Tierra del Fuego&#148;
      province, which were previously exempted. On November 16, 2007, the Ministry
      of Economy and Production (&#147;MEP&#148;) published Resolution No. 394/2007,
      modifying the withholding regime on exports of crude oil and other refined
      products. The new regime provides that when WTI international price exceeds
      the reference price which is fixed at US$ 60.9 per barrel, the producer
      will be allowed to collect at US$ 42 per barrel, depending on the quality
      of the crude oil sold, with the remainder being withheld by the Argentine
      Government. When WTI international price is under the reference price but
      over US$ 45 per barrel, a 45% withholding rate should be applied. If such
      price is under US$ 45 per barrel, the Government will have to determine
      the export rate within a term of 90 business days.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The withholding
      rate determined as indicated above also currently applies to diesel, gasoline
      and other crude derivative products. In addition, the procedure for the
      calculation mentioned above applies to other crude derivatives and lubricants,
      based upon different withholding rates, reference prices and prices allowed
      to producers. Furthermore, in March 2008, Resolution No. 127/2008 of the
      MEP increased the natural gas export withholding rate to 100% of the highest
      price from any natural gas import contract. This resolution has also established
      a variable withholding system applicable to liquefied petroleum gas, similar
      to the one established by the Resolution No. 394/2007.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Hydrocarbon
      export withholdings are charged to the &#147;Net sales&#148; account of
      the statement of income.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>g)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Allowances and reserves:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Allowances: amounts
      have been provided in order to reduce the valuation of trade receivables,
      other receivables, noncurrent investments and fixed assets based on the
      analysis of doubtful accounts and on the estimated recoverable value of
      these assets.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">29</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_30"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Accruals for losses:
      amounts have been provided for various contingencies which are probable
      and can be reasonably estimated, based on Management&#146;s expectations
      and in consultation with legal counsels. Reserves for losses are required
      to be accounted at the discounted value as of the end of each period or
      year, however, as their face value does not differ significantly from discounted
      values, they are recorded at face value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The activity
      in the allowances and reserves accounts is set forth in Exhibit E.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>h)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Environmental liabilities:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Environmental
      liabilities are recorded when environmental assessments and/or remediation
      are probable and can be reasonably estimated. Such estimates are based on
      either detailed feasibility studies of remediation approach and cost for
      individual sites or on the Company&#146;s estimate of costs to be incurred
      based on historical experience and available information based on the stage
      of assessment and/or remediation of each site. As additional information
      becomes available regarding each site or as environmental standards change,
      the Company revises its estimate of costs to be incurred in environmental
      assessment and/or remediation matters.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>i)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      equity accounts:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">These accounts
      have been remeasured in Argentine pesos as detailed in Note 1.a, except
      for &#147;Subscribed Capital&#148; account, which is stated at its historical
      value. The adjustment required to state this account in constant Argentine
      pesos is disclosed in the &#147;Adjustment to Contributions&#148; account
      (see additionally Note 11).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The account
      &#147;Deferred Earnings&#148; includes the exchange differences generated
      by the translation into pesos of investments in non-integrated foreign companies.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>j)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Statements of income
      accounts:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The amounts
      included in the income statement accounts have been recorded by applying
      the following criteria:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Accounts which accumulate
      monetary transactions at their face value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Cost of sales has been
      calculated by computing units sold in each month at the replacement cost
      of that month.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Depreciation of nonmonetary
      assets, valued at acquisition cost, has been recorded based on the remeasured
      cost of such assets as detailed in Note 1.a.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Holding gains (losses)
      on inventories valued at replacement cost have been included in the &#147;Holding
      gains (losses) on inventories&#148; account.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Income (loss) on long-term
      investments in which control, joint control or significant influence is
      held, has been calculated on the basis of the income (loss) of those companies
      and was included in the &#147;Income on long-term investments&#148; account,
      except for the exchange differences arising from the translation process
      of the foreign subsidiaries defined as integrated companies which are included
      in the account &#147;Gains (losses) on assets &#150; Exchange differences&#148;.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">30</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_31"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>3.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>ANALYSIS OF THE
      MAIN ACCOUNTS OF THE FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Details regarding significant
  accounts included in the accompanying financial statements are as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Balance
      Sheets as of March 31, 2011 and December 31, 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Investments:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Short-term
      investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,074</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,659</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Long-term
      investments (Exhibit C)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,531</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Allowance
      for reduction in value of holdings in long-term<br>
      &nbsp;&nbsp;investments (Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(13</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(13</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,074</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,518</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,659</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,378</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Corresponds to investments
      with an original maturity of less than three months.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Trade receivables:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Accounts
      receivable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,743</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Related
      parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">564</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">558</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,446</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Allowance
      for doubtful trade receivables (Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(448</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(421</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,880</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 332 in litigation,
      1 of less than three months past due, 389 in excess of three months past
      due, 2,686 due within three months and 38 due after three months.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>c)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Other receivables:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Tax
      credits, export rebates and production incentives</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,758</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">441</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,530</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">811</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Trade</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">132</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Prepaid
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">76</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Concessions
      charges</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Related
      parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">327</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">165</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Loans
      to clients</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">65</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Trust
      contributions &#150; Obra Sur</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Advances
      to suppliers</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">201</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">242</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Collateral
      deposits</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">152</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">47</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Advances
      and loans to employees</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">76</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Receivables
      with partners in joint ventures</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">242</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">94</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">244</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">249</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">85</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,162</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,085</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,712</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,334</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Allowance
      for other doubtful accounts (Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(88</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(88</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Allowance
      for valuation of other receivables to their <br>
      &nbsp;&nbsp;estimated realizable value (Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(15</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(15</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,074</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,070</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,319</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 41 of less
      than three months past due, 288 in excess of three months past due and 2,833
      due as follow: 925 from one to three months, 553 from three to six months,
      589 from six to nine months and 766 from nine to twelve months.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 469 due from
      one to two years, 114 due from two to three years and 502 due after three
      years.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">31</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_32"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>d)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Inventories:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Refined
      products</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,694</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,117</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Crude
      oil and natural gas</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,266</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,043</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Products
      in process</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">66</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Raw
      materials and packaging materials</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">220</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">235</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,462</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>e)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Fixed assets:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Net
      book value of fixed assets (Exhibit A)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,536</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,123</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Allowance
      for unproductive exploratory drilling (Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Allowance
      for obsolescence of materials and equipment (Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(98</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(99</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,021</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>f)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts payable:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Trade</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,238</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,818</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Hydrocarbon
      wells abandonment obligations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">173</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,373</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,193</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Related
      parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">394</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">510</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Investments
      in companies with negative shareholders&#146;<br>
      &nbsp;&nbsp;equity <sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">356</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">320</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;From
      joint ventures and other agreements</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">410</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">409</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Environmental
      liabilities (Note 9.b)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">272</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">209</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">302</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">266</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">122</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,990</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,875</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,724</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,573</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 6,425 due
      within three months, 240 due from three to six months and 325 due after
      six months.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 683 due from
      one to two years and 5,192 due after two years.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Corresponds to holding
      in negative shareholders&#146; equity in YPF Holdings Inc., controlled company,
      and Central Dock Sud S.A., company under significant influence, after considering
      adjustments to conform accounting principles with those used by YPF, as
      mentioned in Note 2.d.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>g)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Interest
      Rates</b></font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Principal<br>
      Maturity</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Negotiable
      Obligations<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.00-13.08</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2011-2028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">656</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">642</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Related
      parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.35-14.00</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2011-2012</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">332</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Other
      financial debts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.00-14.00</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2011-2016</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,160</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,136</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,803</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">798</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,654</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,821</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,622</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,537</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Annual interest rate
      as of March 31, 2011.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Disclosed net of 37
      and 36, corresponding to YPF outstanding Negotiable Obligations repurchased
      through open market transactions as of March 31, 2011 and December 31, 2010,
      respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes approximately
      6,005 corresponding to loans agreed in U.S. dollars which accrue interest
      at rates between 2.00% and 4.80%, of which 1,035 are guaranteed by Repsol
      YPF.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(4)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">As of March 31, 2011,
      6,109 accrue fixed interest, 145 accrue variable interest of BADLAR plus
      2.00%, 204 accrue variable interest of LIBO plus 2.00%, 763 accrue variable
      interest of LIBO plus 4.00% and 254 accrue variable interest of LIBO plus
      4.50%.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">32</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_33"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The maturities
      of the Company&#146;s current and noncurrent loans, as of March 31, 2011,
      are as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>From
      1 to<br>
      3 months</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>From
      3 to<br>
      6 months</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>From
      6 to<br>
      9 months</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>From
      9 to 12 months</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Current
      loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,023</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,755</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">994</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,654</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>From
      1 to<br>
      2 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>From
      3<br>
      to 4 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Over
      5 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Noncurrent
      loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">435</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">760</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">626</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,821</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Details
      regarding the Negotiable Obligations of the Company are as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td  align="left" colspan="6">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>(in
        million)</b></font></div>
    </td>
    <td width="2%"  align="left">&nbsp;</td>
    <td width="8%" align="left">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b> </font></td>
    <td width="8%"  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%"  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="8%"  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%"  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="8%"  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%"  align="left">&nbsp;</td>
    <td width="8%" align="left">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan=2  align="left">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">M.T.N.
        Program</font></div>
    </td>
    <td width="2%"  align="left">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif">Issuance</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="8%"  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%"  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="2%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><font size="2"><b> </b></font></td>
    <td width="8%" align="right"><font size="2"><b> </b></font></td>
    <td width="2%" align="left"><font size="2"><b> </b></font></td>
    <td width="8%" align="right"><font size="2"><b> </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="2%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><font size="2"><b> </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="2%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Amount</font></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Year</font></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Principal
      Value</font></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Interest
      Rate</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Principal<br>
      Maturity</font></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">1997</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.00</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">373</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">364</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2008</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2009</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">$
      205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" height="18"><font size="2" face="Arial, Helvetica, sans-serif">2008</font></td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">2010</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">$
      143</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">13.08%</font></td>
    <td width="2%" align="left" height="18"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">2011</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">145</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">144</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2008</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2010</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.00</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">283</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">656</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">642</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Interest rate as of
      March 31, 2011.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Accrues interest at
      a variable interest rate of BADLAR plus 2.00%.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In connection
      with the issued Negotiable Obligations, the Company has agreed for itself
      and its controlled companies to certain covenants, including among others,
      to pay all liabilities at their maturity and not to create other encumbrances
      that exceed 15% of total consolidated assets. If the Company does not comply
      with any covenant, the trustee or the holders representing a percentage
      that varies between 10% and 25% of the total principal amount of the outstanding
      Negotiable Obligations may declare the principal and accrued interest immediately
      due and payable.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Financial
      debt contains customary covenants for contracts of this nature, including
      negative pledge, material adverse change, cross-default clauses and compliance
      with certain financial ratios. Almost all of YPF&#180;s outstanding debt
      is subject to this kind of clauses.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Shareholder&#146;s
      meeting held on January 8, 2008, approved a Notes Program for an amount
      up to US$ 1,000 million. Proceeds from this offering shall be used exclusively
      to invest in fixed assets and working capital in Argentina.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">33</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_34"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On September
      24, 2009, YPF issued under the mentioned program the Negotiable Obligations
      &#147;Class I&#148; at variable interest, with final maturity in 2011, for
      an amount of 205 million of Argentine pesos, which as of March 31, 2011
      have been fully paid. Additionally, on March 4, 2010, the Company issued
      under the mentioned program the Negotiable Obligations &#147;Class II&#148;
      at variable interest, with final maturity in 2011, for an amount of 143
      million of Argentine pesos and the Negotiable Obligations &#147;Class III&#148;
      at fixed interest, with final maturity in 2013, for an amount of US$ 70
      million. All the mentioned securities are authorized to be traded on the
      Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires) and the
      Electronic Open Market (Mercado Abierto Electr&#243;nico) in Argentina.
      As of the date of issuance of these financial statements, the Company has
      fully complied with the destination of the funds as mentioned in the pricing
      supplement relating to the classes of Negotiable Obligations previously
      mentioned.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Statements
      of Income as of March 31, 2011 and 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>h)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Net sales:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Income
      (Expense)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,171</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,999</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Turnover
      tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(339</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(260</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Hydrocarbon
      export withholdings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(491</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(582</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,341</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,157</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>i)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Income tax:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Current
      income tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(837</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(846</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Deferred
      income tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">72</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(838</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(774</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The reconciliation
      of pre-tax income at the statutory tax rate, to the income tax as disclosed
      in the income statements for the three-month periods ended March 31, 2011
      and 2010, is as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Net
      income before income tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,612</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,357</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Statutory
      tax rate</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Statutory
      tax rate applied to net income before income tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(914</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(825</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      on long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">64</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Tax
      free income &#150; Law No. 19,640 (Tierra del Fuego)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      Tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(838</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(774</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">34</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_35"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The breakdown
      of the net deferred tax liability as of March 31, 2011 and December 31,
      2010, is as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Deferred
      tax assets</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Non
      deductible allowances and reserves</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">918</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">877</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Tax
      loss and other tax credits</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">47</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      deferred tax assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">964</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">936</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Deferred
      tax liabilities</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Fixed
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,130</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,157</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(61</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      deferred tax liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,191</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,162</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
      deferred tax liability</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(227</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(226</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>4.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>CAPITAL STOCK</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146;s subscribed
  capital, as of March 31, 2011, is 3,933 and is represented by 393,312,793 shares
  of common stock and divided into four classes of shares (A, B, C and D), with
  a par value of Argentine pesos 10 and one vote per share. These shares are fully
  subscribed, paid-in and authorized for stock exchange listing.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, Repsol
  YPF, S.A. (&#147;Repsol YPF&#148;) controls the Company, directly and indirectly,
  through an approximately 68.23% shareholding, while Petersen Energ&#237;a S.A.
  (&#147;PESA&#148;) and its affiliates exercise significant influence through
  a 15.46% shareholding. Additionally, Repsol YPF granted certain affiliates of
  PESA an option, which expires on February 21, 2012, to purchase from Repsol
  YPF up to an additional 10% of YPF&#146;s outstanding capital stock and other
  option to other minor shareholders to purchase up to 1.6% of YPF&#180;s outstanding
  capital stock.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, Repsol YPF
  and PESA have signed a shareholders&#146; agreement establishing among other
  things, the adoption of a dividend policy to distribute 90% of the annual net
  income.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Repsol YPF&#146;s legal
  address is Paseo de la Castellana 278, 28046 Madrid, Spain. Repsol YPF&#146;s
  principal business is the exploration, development and production of crude oil
  and natural gas, transportation of petroleum products, liquefied petroleum gas
  and natural gas, petroleum refining, production of a wide range of petrochemicals
  and marketing of petroleum products, petroleum derivatives, petrochemicals,
  liquefied petroleum gas and natural gas.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, there
  are 3,764 Class A shares outstanding. As long as any Class A share remains outstanding,
  the affirmative vote of Argentine Government is required for: 1) mergers, 2)
  acquisitions of more than 50% of the Company&#146;s shares in an agreed or hostile
  bid, 3) transfers of all the Company&#146;s production and exploration rights,
  4) the voluntary dissolution of the Company or 5) change of corporate and/or
  tax address outside the Argentine Republic. Items 3) and 4) will also require
  prior approval by the Argentine Congress.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>5.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>GUARANTEES GIVEN</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, YPF
  has signed guarantees in relation to the financing activities of Central Dock
  Sud S.A. in an amount of approximately US$ 11 million. The corresponding loan
  has final maturity in 2013.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, as of March
  31, 2011, the Company has issued letters of credit in an amount of US$ 44 million
  to guarantee environmental obligations, and guarantees in an amount of approximately
  US$ 32 million to guarantee the enforcement of contracts from certain controlled
  companies.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">35</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_36"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>6.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>PARTICIPATION IN
      JOINT VENTURES AND OTHER AGREEMENTS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2011, the
  main exploration and production joint ventures and other agreements in which
  the Company participates are the following:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Name
      and Location</b></b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Ownership
      Interest</b></b></font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Operator</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="48%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acambuco<br>
      <i>Salta</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22.50</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Pan
      American Energy LLC</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Aguada
      Pichana<br>
      <i>Neuqu&#233;n</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27.27</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Total
      Austral S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Aguarag&#252;e<br>
      <i>Salta</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">CAM-2/A
      SUR<br>
      <i>Tierra del Fuego</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Enap
      Sipetrol Argentina S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Campamento
      Central/Ca&#241;ad&#243;n Perdido<br>
      <i>Chubut</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">YPF
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Consorcio
      CNQ7/A<br>
      <i>La Pampa and Mendoza</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Petro
      Andina Resources Ltd. Sucursal Argentina</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">El Tordillo<br>
      <i>Chubut</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12.20</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">La Tapera
      y Puesto Quiroga<br>
      <i>Chubut</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12.20</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Llancanelo
      <br>
      <i>Mendoza</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">51.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">YPF
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Magallanes
      <br>
      <i>Santa Cruz, Tierra del Fuego and National Continental Shelf</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Enap
      Sipetrol Argentina S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Palmar
      Largo<br>
      <i>Formosa and Salta</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Puesto
      Hern&#225;ndez<br>
      <i>Neuqu&#233;n and Mendoza</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61.55</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Petrobr&#225;s
      Energ&#237;a S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Ramos<br>
      <i>Salta</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%<sup>(1)</sup></font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol
      Energy S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">San Roque<br>
      <i>Neuqu&#233;n</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34.11</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Total
      Austral S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tierra
      del Fuego<br>
      <i>Tierra del Fuego</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Petrolera
      L.F. Company S.R.L.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Yacimiento
      La Ventana &#150; R&#237;o Tunuy&#225;n<br>
      <i>Mendoza</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">YPF
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Zampal
      Oeste<br>
      <i>Mendoza</i></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70.00</font></td>
    <td width="4%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="48%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">YPF
      S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Additionally, YPF has
      a 27% indirect ownership interest through Pluspetrol Energy S.A.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">36</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_37"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, Energ&#237;a
  Argentina S.A. (&#147;ENARSA&#148;) and YPF have formed the joint venture &#147;Proyecto
  GNL Escobar &#150; Uni&#243;n Transitoria de Empresas&#148;, which aims to develop
  a project for storage, regasification and distribution of liquefied natural
  gas (&#147;LNG&#148;) in the surroundings of the distribution area in Buenos
  Aires, the main center of gas consumption, in order to optimize and increase
  the regasification capacity. As of the date of issuance of these financial statements,
  the project is under construction and is close to enter operation.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Furthermore, as of March
  31, 2010 the Company tendered and resulted awarded, in whole or associated with
  third parties, of exploration licenses in several areas.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The assets and liabilities
  as of March 31, 2011 and December 31, 2010 and production costs of the joint
  ventures and other agreements for the three-month periods ended March 31, 2011
  and 2010 included in the financial statements are as follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Current
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">269</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">311</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,810</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,712</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,079</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,023</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Current
      liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">517</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">572</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent
      liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">842</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">819</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,359</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Production
      costs</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">623</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">562</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Participation in joint ventures
  and other agreements have been calculated based upon the latest available financial
  statements as of the end of each period or year, taking into account significant
  subsequent events and transactions as well as available management information.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">37</font><br>
<hr noshade align="center" width="100%" size=2><p></p><div style="page-break-before:always"></div><font size="2" face="Arial, Helvetica, sans-serif"><page></font>

<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_38"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>7.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>BALANCES AND TRANSACTIONS
      WITH RELATED PARTIES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The principal outstanding
  balances as of March 31, 2011 and December 31, 2010 from transactions with related
  companies are as follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Trade
      receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts
      payable</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Trade
      receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts
      payable</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Controlled
      companies:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=19>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operadora
      de Estaciones de Servicios S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">A &#150;
      Evangelista S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">106</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">139</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF Servicios
      Petroleros S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF Brasil
      Comercio de Derivados de Petr&#243;leo
      Ltda.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">54</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">116</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">59</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Jointly
      controlled companies:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=19>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Profertil
      S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Compa&#241;&#237;a
      Mega S.A. (&#147;Mega&#148;)</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">286</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refiner&#237;a
      del Norte S.A. (&#147;Refinor&#148;)</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">362</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">382</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Companies
      under significant influence:</b></font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      shareholders and other related parties under their control:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=19>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">141</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">122</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Gas S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Brasil S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      International Finance B.V.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      Netherlands Finance B.V.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">204</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">400</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Venezuela S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Ecuador S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      Comercial S.A.C.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      Exploraci&#243;n S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Bolivia S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      Butano S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Nuevo
      Banco de Entre R&#237;os S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Nuevo
      Banco de Santa Fe S.A.</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">78</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Others</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">134</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">332</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">132</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">216</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">564</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">327</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">394</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">332</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">558</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">165</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">510</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company maintains purchase,
  sale and financing transactions with related parties. The principal purchase,
  sale and financing transactions with these companies for the three-month periods
  ended March 31, 2011 and 2010 include the following:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sales</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Purchases
      and services</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans
      obtained (paid), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Interests
      and commissions earned (lost), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sales</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Purchases
      and services</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans
      obtained (paid), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Interests
      and commissions earned (lost), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Controlled
      companies:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operadora
      de Estaciones de Servicios S. A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">136</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">107</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">A &#150;
      Evangelista S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF Brasil
      Comercio de Derivados de Petr&#243;leo Ltda.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF Servicios
      Petroleros S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">169</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">38</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_39"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sales</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Purchases
      and services</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans
      obtained (paid), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Interests
      and commissions earned (lost), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sales</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Purchases
      and services</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans
      obtained (paid), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Interests
      and commissions earned (lost), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Jointly
      controlled companies:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Profertil
      S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mega</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">387</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">360</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refinor</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">506</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">107</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">486</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">89</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Companies
      under significant influence:</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">47</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">54</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      shareholders and other related parties under their control:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Transporte y Trading S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Brasil S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      YPF Gas S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      International Finance B.V.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
      Netherlands Finance B.V.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(199</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Nuevo
      Banco de Entre R&#237;os S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(11</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Nuevo
      Banco de Santa Fe S.A.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">131</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(199</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(9</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">137</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(38</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(18</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">742</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">430</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(199</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(9</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">692</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">311</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(38</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(18</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>8.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>SOCIAL AND OTHER
      EMPLOYEE BENEFITS</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Performance Bonus
      Programs:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">These programs
      cover certain YPF and its controlled companies&#146; personnel. These bonuses
      are based on compliance with business unit objectives and performance. They
      are calculated considering the annual compensation of each employee, certain
      key factors related to the fulfillment of these objectives and the performance
      of each employee and will be paid in cash.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The amount
      charged to expense related to the Performance Bonus Programs was 18 and
      17 for the three-month periods ended March 31, 2011 and 2010, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Retirement Plan:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Effective
      March 1, 1995, the Company established a defined contribution retirement
      plan that provides benefits for each employee who elects to join the plan.
      Each plan member will pay an amount between 2% and 9% of his monthly compensation
      and the Company will pay an amount equal to the contributed by each member.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The plan
      members will receive the Company&#146;s contributed funds before retirement
      only in the case of voluntary termination under certain circumstances or
      dismissal without cause and additionally in the case of death or incapacity.
      YPF has the right to discontinue this plan at any time, without incurring
      termination costs.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The total
      charges recognized under the Retirement Plan amounted to approximately 4
      and 6 for the three-month periods ended March 31, 2011 and 2010, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">39</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_40"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>9.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>COMMITMENTS AND
      CONTINGENCIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Pending lawsuits
      and contingencies:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">As of March
      31, 2011, the Company has accrued 2,274 in connection with the pending lawsuits,
      claims and contingencies which are probable and can be reasonably estimated.
      The most significant pending lawsuits and contingencies accrued are described
      in the following paragraphs.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Pending lawsuits:</i>
      In the normal course of its business, the Company has been sued in numerous
      labor, civil and commercial actions and lawsuits. Management, in consultation
      with the external counsels, has accrued an allowance considering its best
      estimation, based on the information available as of the date of the issuance
      of these financial statements, including counsel fees and judicial expenses.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Liabilities and
      contingencies assumed by the Argentine Government: </i>The YPF Privatization
      Law provided for the assumption by the Argentine Government of certain liabilities
      of the predecessor as of December 31, 1990. In certain lawsuits related
      to events or acts that took place before December 31, 1990, YPF has been
      required to advance the payment established in certain judicial decisions.
      YPF has the right to be reimbursed for these payments by the Argentine Government
      pursuant to the above-mentioned indemnity. </font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Natural gas market:
      </i>Pursuant to Resolution No. 265/2004 of the Secretariat of Energy, the
      Argentine Government created a program of &#147;useful&#148; curtailment
      of natural gas exports and their associated transportation service. Such
      program was initially implemented by means of Regulation No. 27/2004 of
      the Under-Secretariat of Fuels, which was subsequently substituted by the
      Program of Rationalization of Gas Exports and Use of Transportation Capacity
      (the &#147;Program&#148;) approved by Resolution No. 659/2004 of the Secretariat
      of Energy. Additionally, Resolution No. 752/2005 of the Secretariat of Energy
      provided that industrial users and thermal generators (which according to
      this resolution will have to request volumes of gas directly from the producers)
      could also acquire the natural gas from the cutbacks on natural gas exports
      through the Permanent Additional Injections mechanism created by this Resolution.
      By means of the Program and/or the Permanent Additional Injection, the Argentine
      Government requires natural gas exporting producers to deliver additional
      volumes to the domestic market in order to satisfy natural gas demand of
      certain consumers of the Argentine market (&#147;Additional Injection Requirements&#148;).
      Such additional volumes are not contractually committed by YPF, who is thus
      forced to affect natural gas exports, which execution has been conditioned.
      The mechanisms established by the Resolutions No. 659/2004 and 752/2005
      have been adapted by the Secretariat of Energy Resolution No. 599/2007,
      modifying the conditions for the imposition of the requirements, depending
      on whether the producers have signed or not the proposed agreement, ratified
      by such resolution, between the Secretariat of Energy and the Producers.
      Also, through Resolution No. 1410/2010 of the National Gas Regulatory Authority
      (&#147;ENARGAS&#148;) approved the &#147;Procedimiento para Solicitudes,
      Confirmaciones y Control de Gas&#148; which sets new rules for natural gas
      dispatch applicable to all participants in the natural gas industry, imposing
      new and more severe restrictions to the producers&#146; availability of
      natural gas. Additionally, the Argentine Government, through instructions
      made using different procedures, has ordered limitations over natural gas
      exports (in conjunction with the Program and the Permanent Additional Injection,
      named the &#147;Restrictions&#148;).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">As a result
      of the Restrictions, in several occasions since 2004, YPF has been forced
      to suspend, either totally or partially, its natural gas deliveries to some
      of its export clients, with whom YPF has undertaken firm commitments to
      deliver natural gas.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">40</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_41"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      has challenged the Program, the Permanent Additional Injection and the Additional
      Injection Requirements as arbitrary and illegitimate, and has invoked vis-&#224;-vis
      the relevant clients that such measures of the Argentine Government constitute
      a fortuitous case or force majeure event (act of authority) that releases
      the Company from any liability and/or penalty for the failure to deliver
      the contractual volumes. These clients have rejected the force majeure argument
      invoked by the Company, and some of them have demanded the payment of indemnifications
      and/or penalties for the failure to comply with firm supply commitments,
      and/or reserved their rights to future claims in such respect (the &#147;Claims&#148;).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Among them,
      on June 25, 2008, AES Uruguaiana Emprendimientos S.A. (&#147;AESU&#148;)
      claimed damages in a total amount of US$ 28.1 million for natural gas &#147;deliver
      or pay&#148; penalties for cutbacks accumulated from September 16, 2007
      through June 25, 2008, and also claimed an additional amount of US$ 2.7
      million for natural gas &#147;deliver or pay&#148; penalties for cutbacks
      accumulated from January 18, 2006 until December 1, 2006. YPF has rejected
      both claims. On September 15, 2008, AESU notified YPF the interruption of
      the fulfillment of its commitments alleging delay and breach of YPF obligations.
      The Company has rejected this notification. On December 4, 2008, YPF notified
      that having ceased the force majeure conditions, pursuant to the contract
      in force, it would suspend its delivery commitments, due to the repeated
      breaches of AESU obligations. AESU has rejected this notification. On December
      30, 2008, AESU rejected YPF&#146;s right to suspend its natural gas deliveries
      and on March 20, 2009, notified YPF the termination of the contract. Subsequently,
      AESU initiated an arbitration process in which it claims, among other matters
      that the Company considers inappropriate, the payment of the &#147;deliver
      or pay&#148; penalties mentioned above. YPF has also started an arbitration
      process against AESU claiming, among other matters, the declaration that
      the termination of the contract by AESU was unilateral and illegal under
      its responsibility. Both arbitral complaints had been answered by the parties
      by requesting their rejection. On April 6, 2011, the Arbitration Tribunal
      appointed in &#147;YPF vs. AESU&#148; arbitration decided to sustain YPF&#146;s
      motion, and determined the consolidation of all the related arbitrations
      (&#147;AESU vs. YPF&#148;, &#147;TGM vs. YPF&#148; and &#147;YPF vs. AESU&#148;)
      in &#147;YPF vs. AESU&#148; arbitration. Consequently, AESU and Transportadora
      de Gas del Mercosur (&#147;TGM&#148;) desisted from and abandoned their
      respective arbitrations, and all the matters claimed in the three proceedings
      are to be solved in &#147;YPF vs. AESU&#148; arbitration.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Furthermore,
      there are certain claims in relation with payments of natural gas transportation
      contracts associated with exports of such hydrocarbon. Consequently, one
      of the parties, Transportadora de Gas del Norte S.A. (&#147;TGN&#148;),
      commenced mediation proceedings in order to determine the merits of such
      claims. The mediation proceedings did not result in an agreement and YPF
      was notified of the lawsuit filed against it, in which TGN is claiming the
      fulfillment of contractual obligations and the payment of unpaid invoices,
      according to their arguments, while reserving the right to claim for damages.
      YPF has answered the mentioned claims, rejecting them based in the legal
      impossibility for TGN to render the transportation service and in the termination
      of the transportation contract determined by YPF and notified with a complaint
      with ENARGAS. Additionally, the plaintiff notified YPF that it was terminating
      the contract invoking YPF&#146;s fault, basing its decision on the alleged
      lack of payment of transportation fees, reserving the right to claim for
      damages. In YPF&#146;s Management opinion, the claims received up to date
      will not have a material adverse effect on future results of operations.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Regarding
      this issue, on April 8, 2009, YPF had filed a complaint against TGN with
      ENARGAS, seeking the termination of the natural gas transportation contract
      with TGN in connection with the natural gas export contract entered with
      AESU and other parties. The termination of the contract with that company
      is based on: (a) the impossibility for YPF to receive the service and for
      TGN to render the transportation service, due to (i) the termination of
      the natural gas contract with Sulgas/AESU and (ii) the legal impossibility
      of assigning the transportation contract to other shippers because of the
      regulations in effect, (b) the legal impossibility for TGN to render the
      transportation service on a firm basis because of certain changes in law
      in effect since 2004, and (c) the <i>Teor&#237;a de la Imprevisi&#243;n</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">41</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_42"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">available
      under Argentine law, when extraordinary events render a party&#146;s obligations
      excessively burdensome.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition,
      there are other claims in connection with the natural gas market in which
      YPF is party, which are not individually significant.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">As of March
      31, 2011, the Company has accrued costs for penalties associated with the
      failure to deliver the contractual volumes of natural gas in the export
      and domestic markets which are probable and can be reasonably estimated.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="94%"><font size="2" face="Arial, Helvetica, sans-serif"><i>La Plata
      and Quilmes environmental claims:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>La Plata:
      </i>In relation with the operation of the refinery that the Company has
      in La Plata, there are certain claims for compensation of individual damages
      purportedly caused by the operation of the La Plata refinery and the environmental
      remediation of the channels adjacent to the mentioned refinery. During 2006,
      the Company submitted a presentation before the Environmental Secretariat
      of the Province of Buenos Aires which put forward for consideration the
      performance of a study for the characterization of environmental associated
      risks. As previously mentioned, YPF has the right of indemnity for events
      and claims prior to January 1, 1991, according to Law No. 24,145 and Decree
      No. 546/1993. Besides, there are certain claims that could result in the
      requirement to make additional investments connected with the operations
      of La Plata Refinery.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On January
      25, 2011, YPF entered into an agreement with the environmental agency of
      the Government of the Province of Buenos Aires<i> (Organismo Provincial
      para el Desarrollo Sostenible</i> (&#147;OPDS&#148;)), within the scope
      of the Remediation, Liability and Environmental Risk Control Program, created
      by Resolution 88/10 of the OPDS. Pursuant to the agreement, the parties
      agreed to jointly perform an eight-year work program in the channels adjacent
      to the La Plata refinery, including characterization and risk assessment
      studies of the sediments. The agreement provides that, in the case that
      a required remediation action is identified as a result of the risk assessment
      studies, the different alternatives and available techniques will be considered,
      as well as the steps needed for the implementation. Dating studies will
      also be performed pursuant to the agreement, in order to determine responsibilities
      of the Argentine Government in accordance with its obligation to hold YPF
      harmless in accordance with the article 9 of the Privatization Law N&#186;
      24,145. YPF has accrued the estimated cost of the characterization and risk
      assessment studies mentioned above. The cost of the remediation actions,
      if required, is recorded in those situations where the loss is probable
      and can be reasonably estimated.</font></td>
  </tr>
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<font face="Arial, Helvetica, sans-serif"><br>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Quilmes:</i>
      Citizens which allege to be residents of Quilmes, Province of Buenos Aires,
      have filed a lawsuit in which they have requested remediation of environmental
      damages and also the payment of 47 plus interests as a compensation for
      supposedly personal damages. They base their claim mainly on a fuel leak
      in the poliduct running from La Plata to Dock Sud, currently operated by
      YPF, which occurred in 1988 as a result of an illicit detected at that time,
      being at that moment YPF a state-owned company. Fuel would have emerged
      and became perceptible on November 2002, which resulted in remediation works
      that are being performed by the Company in the affected area, supervised
      by the environmental authority of the Province of Buenos Aires. The Argentine
      Government has denied any responsibility to indemnify YPF for this matter,
      and the Company has sued the Argentine Government to obtain a declaration
      of invalidity of such decision. The award is still pending. On November
      25, 2009, the proceedings were transferred to the Federal Court on Civil
      and Commercial Matters No. 3, Secretariat No. 6 in Buenos Aires City and
      on March 4, 2010, YPF answered the complaint and requested the citation
      of the Argentine Government. In addition, other 34 judicial claims related
      to similar matters have been brought against YPF amounting to approximately
      17. Additionally, the Company is aware of the existence of other out of
      court claims which are based on similar allegations.</font></td>
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<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">42</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
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<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_43"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="94%"><font size="2" face="Arial, Helvetica, sans-serif"><i>Tax
      claims:</i></font></td>
  </tr>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      has received several claims from the Administraci&#243;n Federal de Ingresos
      P&#250;blicos (&#147;AFIP&#148;) and from provincial and municipal fiscal
      authorities, which are not individually significant, and which have been
      accrued based on the best information available as of the date of the issuance
      of these financial statements.</font></td>
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</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      YPF&#146;s Management, in consultation with its external counsels, believes
      that the following contingencies and claims, individually significant, have
      possible outcome:</font></td>
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<font face="Arial, Helvetica, sans-serif"><br>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Asociaci&#243;n
      Superficiarios de la Patagonia (&#147;ASSUPA&#148;): </i>In August 2003,
      ASSUPA sued 18 companies operating exploitation concessions and exploration
      permits in the Neuqu&#233;n Basin, YPF being one of them, claiming the remediation
      of the general environmental damage purportedly caused in the execution
      of such activities, and subsidiary constitution of an environmental restoration
      fund and the implementation of measures to prevent environmental damages
      in the future. The plaintiff requested that the Argentine Government, the
      Federal Environmental Council (&#147;Consejo Federal de Medio Ambiente&#148;),
      the provinces of Buenos Aires, La Pampa, Neuqu&#233;n, R&#237;o Negro and
      Mendoza and the Ombudsman of the Nation be summoned. It requested, as a
      preliminary injunction, that the defendants refrain from carrying out activities
      affecting the environment. Both the Ombudsman&#146;s summon as well as the
      requested preliminary injunction were rejected by the CSJN. YPF has answered
      the demand requesting its rejection, opposing failure of the plaintiff and
      requiring the summon of the Argentine Government, due to its obligation
      to indemnify YPF for events and claims previous to January 1, 1991, according
      to Law No. 24,145 and Decree No. 546/1993. The CSJN gave the plaintiffs
      a term to correct the defects of the complaint. On August 26, 2008, the
      CSJN decided that such defects had already been corrected and on February
      23, 2009, ordered that certain provinces, the Argentine Government and the
      Federal Environmental Council be summoned. Therefore, pending issues were
      deferred until all third parties impleaded appear before the court. As of
      the date of issuance of these financial statements, the provinces of R&#237;o
      Negro, Buenos Aires, Neuqu&#233;n, Mendoza, and the Argentine government
      have made their presentations, which are not available to the Company yet.
      The provinces of Neuqu&#233;n and La Pampa have claimed lack of jurisdiction,
      which has been answered by the plaintiff, and the claim is pending resolution.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Dock Sud environmental
      claims: </i>A group of neighbors of Dock Sud, Province of Buenos Aires,
      have sued 44 companies, among which YPF is included, the Argentine Government,
      the Province of Buenos Aires, the City of Buenos Aires and 14 municipalities,
      before the CSJN, seeking the remediation and the indemnification of the
      environmental collective damage produced in the basin of the Matanza and
      Riachuelo rivers. Additionally, another group of neighbors of the Dock Sud
      area, have filed two other environmental lawsuits, one of them desisted
      in relation to YPF, claiming several companies located in that area, among
      which YPF is included, the Province of Buenos Aires and several municipalities,
      for the remediation and the indemnification of the environmental collective
      damage of the Dock Sud area and for the individual damage they claim to
      have suffered. At the moment, it is not possible to reasonably estimate
      the outcome of these claims, as long as, if applicable, the corresponding
      legal fees and expenses that might result. YPF has the right of indemnity
      by the Argentine Government for events and claims previous to January 1,
      1991, according to Law No. 24,145 and Decree No. 546/1993.</font></td>
  </tr>
</table>
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<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">43</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
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<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_44"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif">By means
      of sentence dated July 8, 2008, the CSJN:</font></td>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">(i)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Determined that the
      Basin Authority (Law No. 26,168) should be in charge of the execution of
      the program of environmental remediation of the basin, being the Argentine
      Government, the Province of Buenos Aires and the City of Buenos Aires responsible
      of its development; delegated in the Federal Court of First Instance of
      Quilmes the knowledge of all the matters concerning the execution of the
      remediation and reparation; declared that all the litigations related to
      the execution of the remediation plan will accumulate and will proceed before
      this court and established that this process produces that other collective
      actions that have for object the environmental remediation of the basin
      be dismissed <i>(&#147;littispendentia&#148;)</i>;</font></td>
  </tr>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">(ii)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Decided that the proceedings
      related to the determination of the responsibilities derived from past behaviors
      for the reparation of the environmental damage will continue before the
      CSJN.</font></td>
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</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Other environmental
      claims in La Plata: </i>On June 6, 2007, YPF was served with a new complaint
      in which 9 residents of the vicinity of La Plata refinery requested: i)
      the cease of contamination and other harms they claim are attributable to
      the refinery; and ii) the clean-up of the adjacent channels, R&#237;o Santiago
      and R&#237;o de la Plata (soil, water and acquiferous, including those of
      the refinery) or, if clean-up is impossible, indemnification for environmental
      and personal damages. The plaintiff has quantified damages in 52 or an amount
      to be determined from evidence produced during the proceeding. YPF believes
      that most damages that are alleged by the plaintiff, might be attributable
      to events that occurred prior to YPF&#146;s privatization and would, therefore,
      be covered to that extent by the indemnity granted by the Argentine Government
      in accordance with the Privatization Law of YPF. The Court has accepted
      the summon of the Argentine Government in this matter. Notwithstanding the
      foresaid, the possibility of YPF being asked to afford these liabilities
      is not discarded, in which case the Argentine Government must be asked to
      reimburse the remediation expenses for liabilities existing prior to January
      1, 1991. In addition, the claim partially overlaps with the request made
      by a group of neighbors of La Plata Refinery on June 29, 1999, described
      in the first paragraph of &#147;La Plata and Quilmes environmental claims&#148;.
      Accordingly, YPF considers that the cases should be partially consolidated
      to the extent that the claims overlap. Regarding claims not consolidated,
      information and documents in order to answer the claim are being collected,
      and for the time being, it is not possible to reasonably estimate the outcome,
      as long as, if applicable, estimate the corresponding legal fees and expenses
      that might result. The contamination that may exist could derive from countless
      sources, including from disposal of waste over many years by other industrial
      facilities and ships.</font></td>
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</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      YPF is aware of an action that has not been served yet, in which the plaintiff
      requests the clean-up of the channel adjacent to the La Plata refinery,
      the R&#237;o Santiago, and other sectors near the coast line, and, if such
      remediation is not possible, an indemnification of 500 or an amount to be
      determined from the evidence produced in discovery. The claim partially
      overlaps with the requests made by a group of neighbors of La Plata refinery
      on June 29, 1999, described in the first paragraph of &#147;La Plata and
      Quilmes environmental claims&#148;, and with the complaint served on June
      6, 2007, mentioned in the previous paragraph. Accordingly, YPF considers
      that if it is served in this proceeding or any other proceeding related
      to the same subject matters, the cases should be consolidated to the extent
      that the claims overlap. With respect to claims not consolidated, for the
      time being, it is not possible to reasonably estimate the monetary outcome,
      as long as, if applicable, estimate the corresponding legal fees and expenses
      that might result. Additionally, YPF believes that most damages alleged
      by the plaintiff, if proved, might be attributable to events that occurred
      prior to YPF&#146;s privatization and would therefore be the responsibility
      of the Argentine Government in accordance with the Privatization Law concerning
      YPF.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition
      to the information mentioned above, YPF has entered into an agreement with
      the OPDS in connection with the claims of the channels adjacent to the La
      Plata refinery, which is described in &#147;La Plata and Quilmes environmental
      claims&#148;.</font></td>
  </tr>
</table>
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<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">44</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
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<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_45"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Hydrocarbon&#146;s
      concessions &#150; Provincial claims: </i>YPF has been notified of the Resolution
      No. 433/2008 issued by the Direction of Hydrocarbons, Ministry of Production
      of the Province of R&#237;o Negro, concerning compliance with certain obligations
      assumed as production concessionaire of the areas Barranca de los Loros,
      Bajo del Piche, El Medanito and Los Caldenes, all of them located in the
      Province of R&#237;o Negro. The resolution provides that YPF, among others,
      has not complied with certain obligations as production concessionaire and
      claims for damages to the environment.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Considering
      the previous paragraph and the dispositions of the Law No. 17,319 (Law of
      Hydrocarbons), YPF was requested to submit its discharge at risk of termination
      of the mentioned concessions. However, the mentioned Law grants the concessionaire
      and/or licensee the right, prior to termination of the concession, to cure
      a contractual breach within a certain period of time after receiving notice
      thereof. In this order, on May 29, 2008, YPF filed a request for nullification
      of the Resolution No. 433/2008, since this resolution fail to grant YPF
      the mentioned right. Additionally, on June 13, 2008, YPF submitted a response,
      denying the mentioned charges and, on November 12, 2008, the Ministry of
      Production ordered the initiation of the evidence production period. On
      November 28, 2008, YPF requested the production of certain evidence and
      the appointment of a technical expert. As of the issuance date of these
      financial statements, YPF has argued certain aspects related with the production
      of evidence. On May 12, 2009, the Company was notified of the issuance of
      Resolution No. 31/09, ordering a time extension in the evidence production
      period. On December 1, 2009, YPF filed with the requested documentary evidence
      and stated that certain aspects related to the evidence production period
      are still pending. On September 16, 2010, YPF submitted a presentation and
      requested the termination of this claim based on: (a) the amounts invested
      in the four areas between 2007 and 2010 and (b) the actions taken as regards
      the environmental matters.</font></td>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="94%"><font size="2" face="Arial, Helvetica, sans-serif"><i>Claims
      related to the gas market:</i></font></td>
  </tr>
</table>
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</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition
      to the information described under the title &#147;Natural gas market&#148;
      in this note, and in relation to the existence of clients with whom YPF
      has commitments to deliver natural gas which, as a result of the Restrictions,
      the Company has been forced to suspend totally or partially the corresponding
      deliveries, invoking the existence of force majeure or fortuitous event,
      and which, according to the estimation of the Management, constitute in
      some cases contingencies with possible outcome, the Company is also involved
      in the following litigations related to the natural gas market: </font></td>
  </tr>
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<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Arbitration process
      initiated by &#147;TGM&#148;: </i>YPF was notified of an arbitration process
      brought by TGM against YPF before the International Chamber of Commerce
      (&#147;ICC&#148;), claiming unpaid and outstanding invoices in an approximate
      amount of US$ 10 million plus interest until the date of payment, in connection
      with the payments of the invoices established in the natural gas transportation
      contract entered into in September 1998 between YPF and TGM, associated
      with the natural gas export contract entered into by YPF and AESU previously
      mentioned. On April 8, 2009, YPF requested the rejection of this claim and
      counterclaimed asking for the termination of the natural gas transportation
      contract, based on the termination promoted by AESU and Companh&#237;a de
      G&#225;s do Estado do R&#237;o Grande do Sul (&#147;Sulg&#225;s&#148;) of
      the natural gas export contract. Additionally, YPF registered a request
      for arbitration at the ICC against TGM, amongst others. TGM answered the
      arbitral complaint by requesting the rejection of all YPF claims and filed
      a counterclaim against YPF asking the arbitral tribunal: that YPF indemnifies
      TGM for all of the present and future damages derived from the termination
      of the natural gas transportation contract and the agreement entered into
      between the parties on October 2, 1998, by which YPF had agreed to pay TGM
      non-capitalizable irrevocable contributions as a compensation for the extension
      of the natural gas pipeline Proyecto Uruguayana; and that AESU/Sulg&#225;s
      be severally obliged to indemnify TGM for all the damages caused to TGM
      derived from the termination of the natural gas supply contract, in case
      AESU or Sulgas are declared responsible for that termination. Additionally,
      on July 10, 2009, TGM increased the amounts of its claim to US$ 17 million
      and claimed an additional</font></td>
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<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">45</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
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<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_46"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">amount
      of US$ 366 million as lost profit, a claim for which YPF believes it would
      not be responsible. YPF rejected TGM&#146;s arguments. The Arbitration Tribunal
      has been constituted and the parties agreed on the Terms of Reference in
      coordination with the Arbitration Tribunal. On June 10, 2010, YPF submitted
      its arguments on procedural grounds before the Arbitration Tribunal and
      requested the Arbitration Tribunal to determine that it was not competent
      to hear the claim. In case such motion is rejected, YPF has requested the
      Arbitration Tribunal to suspend this arbitration until the ongoing arbitration
      with TGM, among others, is solved. On the same date, TGM submitted a similar
      request. On February 14, 2011, YPF was notified of the Arbitration Tribunal&#146;s
      decision to sustain the Company&#146;s motion, therefore suspending the
      proceeding until the arbitration brought by YPF is solved. On April 6, 2011,
      the Arbitration Tribunal appointed in &#147;YPF vs. AESU&#148; arbitration
      decided to sustain YPF&#146;s motion, and determined the consolidation of
      all the related arbitrations (&#147;AESU vs. YPF&#148;, &#147;TGM vs. YPF&#148;
      and &#147;YPF vs. AESU&#148;) in &#147;YPF vs. AESU&#148; arbitration. Consequently,
      AESU and TGM desisted from and abandoned their respective arbitrations,
      and all the matters claimed in the three proceedings are to be solved in
      &#147;YPF vs. AESU&#148; arbitration.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>National Antitrust
      Protection Board: </i>On November 17, 2003, Antitrust Board requested explanations,
      within the framework of an official investigation pursuant to Art. 29 of
      the Antitrust Law, from a group of almost thirty natural gas production
      companies, YPF among them, with respect to the following items: (i) the
      inclusion of clauses purportedly restraining trade in natural gas purchase/sale
      contracts; and (ii) observations on gas imports from Bolivia, in particular
      (a) old expired contract signed by YPF, when it was state-owned, and YPFB
      (the Bolivian state-owned oil company), under which YPF allegedly sold Bolivian
      gas in Argentina at prices below the purchase price; and (b) the unsuccessful
      attempts in 2001 by Duke and Distribuidora de Gas del Centro to import gas
      into Argentina from Bolivia. On January 12, 2004, YPF submitted explanations
      in accordance with Art. 29 of the Antitrust Law, contending that no antitrust
      violations had been committed and that there had been no price discrimination
      between natural gas sales in the Argentine market and the export market.
      On January 20, 2006, YPF received a notification of resolution dated December
      2, 2005, whereby the Antitrust Board (i) rejected the &#147;non bis in idem&#148;
      petition filed by YPF, on the grounds that ENARGAS was not empowered to
      resolve the issue when ENARGAS Resolution No. 1,289 was enacted; and (ii)
      ordered that the opening of the proceedings be undertaken pursuant to the
      provisions of Section 30 of the Antitrust Law. On January 15, 2007, the
      Antitrust Board charged YPF and eight other producers with violations of
      the Antitrust Law. YPF has contested the complaint on the basis that no
      violation of the law took place and that the charges are barred by the applicable
      statute of limitations, and has presented evidence in support of its position.
      On June 22, 2007, YPF presented to the Antitrust Board, without acknowledging
      any conduct in violation of the Antitrust Law, a commitment consistent with
      Art. 36 of the Antitrust Law, requiring to the Antitrust Board to approve
      the commitment, to suspend the investigation and to file the proceedings.
      On December 14, 2007, the Antitrust Board decided to transfer the motion
      to the Court of Appeals as a consequence of the appeal presented by YPF
      against the rejection of the application of the statute of limitations<i>.</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition,
      YPF is subject to other claims before the Antitrust Board which are related
      to alleged price discrimination in sale of fuels. Upon the opinion of Management
      and its legal advisors, such claims have been considered as possible contingencies.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Users and Consumer&#347;
      Association claim:</i> The &#147;Users and Consumers Association&#148; (Uni&#243;n
      de Usuarios y Consumidores) claimed originally against Repsol YPF (then
      extending its claim to YPF) the reimbursement of the overprice allegedly
      charged to bottled LPG consumers between 1993 and 2001. The claim is for
      an unspecified sum, amounting to 91 in the period 1993 to 1997 (this sum,
      brought up-to-date would be approximately 321), together with an undetermined
      amount for the period 1997 to 2001. The Company claimed the application
      of the statute of limitations (as well as other defenses) since, at the
      date of the extension of the claim, the two-year limit had already elapsed.
      Notwithstanding, on August 6, 2009, the evidence production period commenced
      and the evidence is now being produced.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">46</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_47"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Compa&#241;&#237;a
      Mega claim: </i>Compa&#241;&#237;a Mega has claimed YPF for cutbacks in
      natural gas supply pursuant to their respective sales contract. YPF affirmed
      that the deliveries of natural gas to Mega were affected by the interference
      of the Argentine Government. Besides, YPF would not have any responsibility
      based on the event of force majeure. Despite the fact that the Company has
      material arguments of defense, taking into account the characteristics of
      the claims, they have been considered as possible contingencies.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Other claims. </i>YPF
      has been subject to claims related to the lack of payment to employees who,
      according to the interpretation made by the plaintiffs, were entitled to
      wages for not being able to benefit from their time to rest while on duty.
      The labour authority has issued an arbitral award imposing on the Company
      the payment of the hours during which the employees were on duty as actually
      worked time. YPF has submitted a motion to declare the decision null, which
      has been rejected. Due to the foregoing, YPF has filed a lawsuit requesting
      the judge declared the administrative decision void as well as a preliminary
      injunction. As the said lawsuit was rejected, the Company has appealed that
      decision. The judge granted the appeal, declaring the formal admissibility
      of the lawsuit filed by YPF, as well as granting the preliminary injunction
      requested, while establishing a supersedeas bond. If the said lawsuit is
      finally rejected, the proceedings will continue through the ordinary justice.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      the Company has received other labor, civil and commercial claims and several
      claims from the AFIP and from provincial and municipal fiscal authorities,
      not individually significant, which have not been accrued since Management,
      based on the evidence available as of the date of issuance of these financial
      statements, has considered them to be possible contingencies<i>.</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Environmental liabilities:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">YPF is
      subject to various provincial and national laws and regulations relating
      to the protection of the environment. These laws and regulations may, among
      other things, impose liability on companies for the cost of pollution clean-up
      and environmental damages resulting from operations. Management believes
      that the Company&#146;s operations are in substantial compliance with Argentine
      laws and regulations currently in force relating to the protection of the
      environment as such laws have historically been interpreted and enforced.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">However,
      the Company is periodically conducting new studies to increase its knowledge
      concerning the environmental situation in certain geographic areas where
      the Company operates in order to establish their status, causes and necessary
      remediation and, based on the aging of the environmental issue, to analyze
      the possible responsibility of Argentine Government, in accordance with
      the contingencies assumed by the Argentine Government for liabilities existing
      prior to December 31, 1990. Until these studies are completed and evaluated,
      the Company cannot estimate what additional costs, if any, will be required.
      However, it is possible that other works, including provisional remedial
      measures, may be required.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition
      to the hydrocarbon wells abandonment legal obligations for 5,546 as of March
      31, 2011, the Company has accrued 481 corresponding to environmental remediation,
      which evaluations and/or remediation works are probable and can also be
      reasonably estimated, based on the Company&#146;s existing remediation program.
      Legislative changes, on individual costs and/or technologies may cause a
      re-evaluation of the estimates. The Company cannot predict what environmental
      legislation or regulation will be enacted in the future or how future laws
      or regulations will be administered. In the long-term, this potential changes
      and ongoing studies could materially affect future results of operations.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      certain environmental contingencies in the United States of America were
      assumed by Tierra and Maxus, indirect controlled companies through YPF Holdings
      Inc. (Note 3 to the consolidated financial statements).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">47</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_48"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>c)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Contractual commitments
      and regulatory requirements:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Contractual commitments:
      </i>The Company has signed contracts by means of which it has committed
      to buy certain products and services, and to sell natural gas, liquefied
      petroleum gas and other products. Some of the mentioned contracts include
      penalty clauses that stipulate compensations for a breach of the obligation
      to receive, deliver or transport the product object of the contract.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In particular,
      the Company has renegotiated certain natural gas export contracts, and has
      agreed certain limited compensations in case of any delivery interruption
      and/or suspension, for any reason, except for physical force majeure event.
      The estimated losses for contracts in progress, if any, considering the
      compensations mentioned above, are charged to the income of the year in
      which are identified.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Natural gas regulatory
      requirements:</i> In addition to the regulations that affect the natural
      gas market mentioned in &#147;Natural gas market&#148; (Note 9.a), on June
      14, 2007, Resolution No. 599/2007 of the Secretariat of Energy was published
      in the Official Gazette (the &#147;Resolution&#148;). This Resolution approved
      an agreement with natural gas producers regarding the natural gas supply
      to the domestic market during the period 2007 through 2011 (the &#147;Agreement
      2007-2011&#148;). The purpose of this Agreement 2007-2011 is to guarantee
      the normal supply of the natural gas domestic market during the period 2007
      through 2011, considering the domestic market demand registered during 2006
      plus the growth of residential and small commercial customer&#146;s consumption
      (the &#147;Priority Demand&#148;). According to the Resolution, the producers
      that have signed the Agreement 2007-2011 commit to supply a part of the
      Priority Demand according to certain percentage determined for each producer
      based upon its share of production for the 36 months period prior to April
      2004. In case of shortage to supply Priority Demand, natural gas exports
      of producers that did not sign the Agreement 2007-2011 will be the first
      to be called upon in order to satisfy such mentioned shortage. The Agreement
      2007-2011 also establishes terms of effectiveness and pricing provisions
      for the Priority Demand consumption. Considering that the Resolution anticipates
      the continuity of the regulatory mechanisms that affect the exports, YPF
      has appealed the Resolution and has expressly stated that the execution
      of the Agreement 2007-2011 does not mean any recognition by YPF of the validity
      of that Resolution. On June 22, 2007, the National Direction of Hydrocarbons
      notified that the Agreement 2007-2011 reached the sufficient level of subscription.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      on October 4, 2010, the Official Gazette published ENARGAS Resolution
      No. 1410/2010 that approves the &#147;Procedimiento para Solicitudes, Confirmaciones
      y Control de Gas&#148; which sets new rules for natural gas dispatch applicable
      to all participants in the natural gas industry, imposing new and more severe
      restrictions to the producers&#146; availability of natural gas, as follows.
      By virtue of these procedures, distributors remain able to request all the
      natural gas necessary to cover the Priority Demand even in the case of natural
      gas volumes that exceed those that the Secretariat of Energy would have
      allocated by virtue of the Agreement ratified by the Resolution No. 599/07.
      Producers are obligated to confirm all the natural gas requested by distributors
      to supply the Priority Demand. The producers&#146; shares in such volumes
      follow the allocation criterion established by the Agreement 2007-2011.
      It is not possible to predict the estimated demand of the Argentine market
      that must be satisfied by the producers, whether or not the producer signed
      the Agreement 2007-2011. Once the Priority Demand has been supplied, the
      volumes requested by the rest of the segments must be confirmed, leaving
      the exports last in order of priority. In case the programmings do not yield
      sustainable results, with respect to the objective of maintaining the equilibrium
      and preserving the operation of the transportation and distribution systems,
      the necessary reprogrammings and redirections will take place. In case the
      producer&#146;s confirmations are of a lower volume than requested, the
      transporters will be in charge of making confirmations adequate by redirecting
      natural gas until the volume required by distributors according to Priority
      Demand is completed. This greater volume will have to be withdrawn from
      the confirmations made by that producer to other clients. If the producer
      would not have confirmed natural gas to other clients from the same basin,
      the lacking volume will be requested to the rest of the natural gas producers.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">48</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_49"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Therefore,
      this procedure imposes a supply obligation that is jointly liable for all
      producers in case any producer supplies natural gas in a deficient way.
      YPF has challenged the validity of Resolution No. 1410/2010.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Liquid hydrocarbons
      regulatory requirements: </i>Resolution No. 1,679/04 of the Secretariat
      of Energy reinstalled the registry of diesel and crude oil export transactions
      created by Executive Decree No. 645/02, and mandated that producers, sellers,
      refining companies and any other market agent that wishes to export diesel
      or crude oil to register such transaction and to demonstrate that domestic
      demand has been satisfied and that they have offered the product to be exported
      to the domestic market. In addition, Resolution No. 1,338/06 of the Secretariat
      of Energy added other petroleum products to the registration regime created
      by Executive Decree No. 645/02, including gasoline, fuel oil and its derivatives,
      diesel, aviation fuel, asphalts, certain petrochemicals, certain lubricants,
      coke and petrochemical derivatives. Resolution No. 715/07 of the Secretariat
      of Energy empowered the National Refining and Marketing Director to determine
      the amounts of diesel to be imported by each company, in specific periods
      of<i> </i>the year, to compensate exports of products included under the
      regime of Resolution No. 1,679/04; the fulfillment of this obligation to
      import diesel is necessary to obtain authorization to export the products
      included under Decree No. 645/02. In addition, certain regulations establish
      that exports are subordinated to the supply of the domestic market. In this
      way, Resolution No. 25/06 of the Secretariat of Domestic Commerce, issued
      on October 11, 2006, imposes on each Argentine refining and/or retail company
      the obligation to supply all reasonable diesel fuel demand, by supplying
      certain minimum volumes (which at least should be volumes supplied the year
      before plus the positive correlation between diesel demand and GDP accumulated
      from the month reference). The mentioned commercialization should be done
      without altering or affecting the normal operation of the diesel market.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      Rule 168/04 requires companies intending to export LPG to first obtain an
      authorization from the Secretariat of Energy, by demonstrating that local
      demand was satisfied or that an offer to sell LPG to local demand has been
      made and rejected.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In January
      2008, the Secretariat of Domestic Commerce issued Resolution No.14/2008,
      whereby the refining companies were instructed to optimize their production
      in order to obtain maximum volumes according to their capacity.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Other regulatory
      requirements: </i>In connection with certain natural gas export contracts
      from the Noroeste basin in Argentina, YPF presented to the Secretariat of
      Energy the accreditation of the <i>e</i>xistence of natural gas reserves
      of that basin in adherence to export permits. In case the Secretariat of
      Energy considers that the natural gas reserves are insufficient, it could
      resolve the expiration or partial or total suspension of one or several
      export permits. The Secretariat of Energy limited preventively the exportable
      volumes of natural gas in a 20% by Note No. 1,009/2006. All of this is connected
      with the export authorization given by Resolution No. 167/1997 of the Secretariat
      of Energy (80% of the maximum exportable quantities still remain).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">During
      2005, the Secretariat of Energy by means of Resolution No. 785/2005 modified
      by Resolution No. 266/2008 of the Ministry of Federal Planning, Public Investment
      and Services, created the National Program of Hydrocarbons and its derivatives
      Warehousing Aerial Tank Loss Control, measure aimed at reducing and correcting
      environmental pollution caused by hydrocarbons and its derivatives warehousing-aerial
      tanks. The Company has begun to develop and implement a technical and environmental
      audit plan as required by the resolution.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Operating leases:</i>
      As of March 31, 2011, the main lease contracts correspond to the rental
      of oil and gas production and drilling equipment, ships, natural gas compression
      equipment and real estate for service stations. Charge recognized under
      these contracts for the year ended March 31, 2011, amounted to 410 and has
      been recognized in &#147;Rental of real estate and equipment&#148; and &#147;Operation
      services and other service contracts&#148;.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">49</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_50"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">As of March
      31, 2011, estimated future payments related to these contracts are as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" colspan="2">&nbsp;</td>
    <td width="7%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Within
        1 year</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">From
      1 to 2 years</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">From
      2 to 3 years</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">From
      3 to 4 years</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">From
      4 to 5 years</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">More
      than 5 years</font></td>
    <td width="14%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" colspan="2">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="14%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left" width="6%">&nbsp;</td>
    <td align="left" width="27%"><font size="2" face="Arial, Helvetica, sans-serif">Estimated
      future payments</font></td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,066</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">663</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">65</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">91</font></td>
    <td width="14%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" colspan="2">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="14%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Agreements of extension
      of concessions:</i> On December 28, 2000, through Decree No. 1,252/2000,
      the Argentine Federal Executive Branch (the &#147;Federal Executive&#148;)
      extended for an additional term of 10 years until November 2027 the concession
      for the exploitation of Loma La Lata &#150; Sierra Barrosa area granted
      to YPF. The extension was granted under the terms and conditions of the
      Extension Agreement executed between the Argentine Government, the Province
      of Neuqu&#233;n and YPF on December 5, 2000. Under this agreement, YPF paid
      US$ 300 million to the Argentine Government for the extension of the concession
      mentioned above, which were recorded in &#147;Fixed Assets&#148; on the
      balance sheet and committed, among other things, to define a disbursement
      and investment program of US$ 8,000 million in the Province of Neuqu&#233;n
      from 2000 to 2017 and to pay to the Province of Neuqu&#233;n 5% of the net
      cash flows arising out of the concession during each year of the extension
      term. The previously mentioned commitments have been affected by the changes
      in economic rules established by Public Emergency and Exchange System Reform
      Law No. 25,561.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      in 2008 and 2009, the Company<i> </i>entered into a series of agreements
      with the Province of Neuqu&#233;n, to extend for ten additional years the
      term of the production concessions on several areas located in that province,
      which, as result of the above mentioned agreement, will expire between 2026
      and 2027. As a condition for the extension of these concessions the Company
      undertook the following commitments upon the execution of the agreements:
      i) to make to the Province total initial payments of US$ 204 million; ii)
      to pay in cash to the Province an &#147;Extraordinary Production Royalty&#148;
      of 3% of the production of the areas involved. In addition, the parties
      agreed to make adjustments of up to an additional 3% in the event of an
      extraordinary income according to the mechanisms and reference values established
      in each signed agreement; iii) to carry out exploration activities in the
      remaining exploration areas and make certain investments and expenditures
      in the production concessions that are the purpose of the agreements in
      a total amount of US$ 3,512 million until the expiring date of the concessions;
      and iv) to make Corporate Social Responsibility contributions to the Province
      of Neuqu&#233;n in a total amount of US$ 23 million.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>10.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>RESTRICTIONS ON
      UNAPPROPRIATED RETAINED EARNINGS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In accordance with the provisions
  of Law No. 19,550, 5% of net income for each fiscal year has to be appropriated
  to the legal reserve until such reserve reaches 20% of the Company&#146;s capital
  (subscribed capital plus adjustment to contributions). The legal reserve is
  fully integrated amounting to 2,243 (additionally see Note 11).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, pursuant to
  the regulations on the CNV, when the net balance of the Deferred earnings, at
  the end of a period or year were negative, there would be a restriction to the
  distribution of the unappropriated retained earnings for the amount of such
  negative balance.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Under Law No. 25,063, dividends
  distributed, either in cash or in kind, in excess of accumulated taxable income
  as of the end of the year immediately preceding the dividend payment or distribution
  date, shall be subject to a 35% income tax withholding as a sole and final payment,
  except for those distributed to shareholders resident in countries benefited
  from conventions for the avoidance of double taxation, which will be subject
  to a minor tax rate.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">50</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_51"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>11.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>SUBSEQUENT EVENTS</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Extension of Exploitation
      Concessions in the province of Mendoza</i>: In April 2011, YPF entered into
      a Memorandum of Agreement with the province of Mendoza to extend the term
      of the exploitation concessions identified below, and the transportation
      concessions located within the province, which will become effective upon
      its approval, through the issuance of the corresponding executive decree,
      in a maximum term of 90 days.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Memorandum
      of Agreement between YPF and the province of Mendoza provides, <i>inter
      alia</i>, the following:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Concessions involved:
      el Port&#243;n, Barrancas, Cerro Fortunoso, el Manzano, La Brea, Llancanelo,
      Llancanelo R, Puntilla de Huinc&#225;n, R&#237;o Tunuyan, Valle del R&#237;o
      Grande, Vizcacheras, Ca&#241;ad&#243;n Amarillo, Altiplanicie del Pay&#250;n,
      Chihuido de la Sierra Negra, Puesto Hern&#225;ndez and La Ventana;</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Exploitation and transportation
      concessions terms are extended for a 10-year term; and</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">YPF has undertaken:
      (i) to make initial payments to the province of Mendoza in an aggregate
      amount of approximately of US$ 135 million, on the date specified in the
      Memorandum of Agreement; (ii) to pay the province of Mendoza an &#147;Extraordinary
      Production Royalty&#148; of 3% of the production of the areas affected by
      the Memorandum of Agreement. In addition, the parties agreed to make additional
      adjustments in the event of extraordinary income due to lower export duties
      or a higher monthly average price of crude oil and/or natural gas according
      to a mechanism and reference values established in the Memorandum of Agreement;
      (iii) to carry out exploration activities and make certain investments and
      expenditures in a total amount of US$ 4,113 million until the expiration
      of the extended term, as stipulated in the Memorandum of Agreement; (iv)
      to donate US$ 16 million to a &#147;Social Infrastructure Investment Fund&#148;,
      payable on the same dates, terms and conditions as the initial payments.
      Such donations are aimed at satisfying education, health, sports, culture,
      equipment and other community needs in the province of Mendoza, and; (v)
      to make payments equal to 0.3% of the annual amount paid as &#147;Extraordinary
      Production Royalty&#148; in order to fund the purchase of equipment and
      finance training activities, logistics and operational expenses in certain
      government agencies of the province of Mendoza specified in the Memorandum
      of Agreement.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">On April 26, 2011,
      the Ordinary Shareholder&#347; meeting decided to absorb in the account
      &#147;Adjustment to contributions&#148; the effect corresponding to the
      deferred income tax liability originated in the application of the method
      for restatement in constant Argentine pesos, which was recorded against
      &#147;Unappropriated retained earnings&#148; during the year ended December
      31, 2010 in accordance with General Resolution No. 576/2010 (Note 1.b) in
      an amount of 1,180. Additionally, the Ordinary Shareholde&#341;s meeting
      decided to transfer 236 into Unappropriated retained earnings, corresponding
      to the excess of the Legal reserve after giving effect to the absorption
      mentioned above, the reversal of the Reserve for future dividends as of
      December 31, 2010 in an amount of 596 and the appropriation of a reserve
      for future dividends in an amount of 6,622, empowering the Board of Directors
      to determine the opportunity of payment until the next Ordinary Shareholder&#347;
      meeting, taking into consideration the financial conditions and the availability
      of funds as well as operating results, investments and other aspects that
      might be considered relevant for the development of the Company, or the
      application according to Art. 224 second paragraph of Law No. 19,550 and
      in accordance with the regulations of the CNV.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">On April 26, 2011,
      the Board of Director&#347; meeting of the Company decided the payment of
      a cash dividend of 7 Argentine pesos per share, for all classes of shares,
      that will become effective on May 6, 2011, or in a later date that might
      result for the application of the regulations applicable in the jurisdiction
      where the Compan&#253;s shares are traded.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">51</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_52"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of the date of the issuance
  of these financial statements, there are no significant subsequent events, other
  than the ones previously mentioned, that require adjustments or disclosure in
  the financial statements of the Company as of March 31, 2011, if applicable,
  which were not already considered in those financial statements according to
  the generally accepted accounting principles in Argentina.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>12.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>DIFFERENCES BETWEEN
      ACCOUNTING PRINCIPLES FOLLOWED BY THE COMPANY AND GENERALLY ACCEPTED ACCOUNTING
      PRINCIPLES IN OTHER PLACES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">These financial statements
  are presented on the basis of generally accepted accounting principles in Argentina,
  but do not conform to certain generally accepted accounting principles in other
  places. The effects of the differences between generally accepted accounting
  principles in Argentina and generally accepted accounting principles in other
  places in which these financial statements may be used have not been quantified.
  Accordingly, these financial statements are not intended to present the information
  on the Company&#146;s financial position, and the related results of its operations
  and cash flows in accordance with generally accepted accounting principles in
  places other than in Argentina.</font></p>

  <table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="86%">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>


<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">52</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_53"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p53"></a>Exhibit
        A</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>BALANCE
      SHEET AS OF MARCH 31, 2011 AND COMPARATIVE INFORMATION<br>
      FIXED ASSETS EVOLUTION</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos &#150; Note 1.a)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Cost</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      account</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Amounts
      at beginning of year</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Increases</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Net
      decreases, reclassifications and transfers</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Amounts
      at end of period</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Land and
      buildings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,979</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,984</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mineral
      property, wells and related equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">65,526</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,080</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">66,606</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refinery
      equipment and petrochemical plants</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,931</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,056</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,887</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,908</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Materials
      and equipment in warehouse</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,305</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">425</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(278</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,452</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Drilling
      and work in progress</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,485</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,336</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,068</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,753</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploratory
      drilling in progress<sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">238</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(53</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">290</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Furniture,
      fixtures and installations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">835</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">907</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,532</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,549</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      property</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">946</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(71</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">880</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">90,664</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,873</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(152)<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">92,385</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">81,984</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,374</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(78</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">83,280</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Depreciation</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      account</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Accumulated
      at beginning of year</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Net
      decreases,<br>
      reclassifications and transfers</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Depreciation
      rate</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Increases</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Accumulated
      at end of period</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Net
      book value as of 03-31-11</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Net
      book value as of 03-31-10</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Net
      book value as of 12-31-10</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Land and
      buildings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,057</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,073</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,911</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,834</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,922</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mineral
      property, wells and related equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48,898</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,118</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50,016</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,590</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(3)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,319</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(3)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,628</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(3)</font></sup></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refinery
      equipment and petrochemical plants</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,938</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4
      &#150; 5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">120</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,058</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,858</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,993</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,429</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4
      &#150; 5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,445</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">463</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">484</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Materials
      and equipment in warehouse</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,452</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">823</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,305</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Drilling
      and work in progress</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,753</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,141</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,485</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploratory
      drilling in progress<sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">290</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">160</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">238</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Furniture,
      fixtures and installations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">665</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">687</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">220</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">186</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">170</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,237</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,252</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">297</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">295</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      property</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">317</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">318</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">562</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">339</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">629</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60,541</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4)<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,312</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61,849</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,536</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=4>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=4>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">55,629</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56,836</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26,444</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30,123</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 4 of net book
      value charged to fix assets allowances for the period ended March 31, 2011.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Depreciation has been
      calculated according to the unit of production method (Note 2.e).</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 967, 1,077
      and 1,000 of mineral property as of March 31, 2011 and 2010 and December
      31, 2010, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">At the end of the three-month
      period ended March 31, 2011, there are 17 exploratory wells in progress.
      During that period 4 wells were drilled, 3 wells were charged to exploratory
      expenses and 1 well was transferred to proved properties which are included
      in the account mineral property, wells and related equipment account.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">53</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_54"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
        C</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>BALANCE
      SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010<br>
      INVESTMENTS IN SHARES AND HOLDINGS IN OTHER COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos, except where otherwise indicated
      &#150; Note 1.a)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 are unaudited)</font></td>
  </tr>
</table>
<P>&nbsp;</p>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=23  width="5%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=23  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=13  width="5%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Information
      of the Issuer</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=1><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=13  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=1><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=5  width="5%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Description
      of the Securities</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=7  width="3%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Last
      Financial Statements Available</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=9><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=7  width="3%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=9><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Name
      and Issuer</b></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Class</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Face
      Value</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Amount</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Book
      Value</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Cost
      <sup>(2)</sup></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Main
      Business</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Registered
      Address</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Date</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Capital
      Stock</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Income
      (Loss)</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Equity</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Holding
      in Capital Stock</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b><b>Book
      Value</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Controlled
      companies:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=25><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">YPF International
      S.A.<sup>(7)</sup></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Bs.
      100</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">2,512,290</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">279</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,173</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Investment</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Av.
      Jos&#233; Estensoro 100, Santa Cruz de la Sierra, Rep&#250;blica de Bolivia</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12-31-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">141</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">269</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">99.99%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(10)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">268</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">YPF Holdings
      Inc.<sup>#(8)</sup></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">US$
      0.01</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">810,614</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(9)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">2,430</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Investment
      and finance</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">1330
      Lake Robbins Drive, Suite 300, The Woodlands, Texas, U.S.A.</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">03-31-11</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">3,253</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">(33</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">(350</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">100</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(9)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Operadora
      de Estaciones de Servicios S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">163,701,747</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">327</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Commercial
      management of YPF&#146;s gas stations</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Macacha
      G&#252;emes 515, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">03-31-11</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">39</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">335</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">99.99%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(10)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">288</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">A-Evangelista
      S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">8,683,698</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">272</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Engineering
      and construction services</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Macacha
      G&#252;emes 515, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">03-31-11</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">34</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">273</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">99.91%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(10)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">238</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">878</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">3,607</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">794</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Jointly
      controlled companies:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=25><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Compa&#241;&#237;a
      Mega S.A.<sup>(6)</sup></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">77,292,000</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">345</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Separation,
      fractionation and transportation of natural gas liquids</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">San
      Mart&#237;n 344, P. 10&deg;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12-31-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">203</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">311</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">786</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">38.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">298</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Profertil
      S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">391,291,320</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">430</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Production
      and marketing of fertilizers</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Alicia
      Moreau de Justo 740, P. 3&#186;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12-31-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">783</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">442</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,054</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">50.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">461</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Refiner&#237;a
      del Norte S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">45,803,655</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">279</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Refining</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Maip&#250;
      1, P. 2&deg;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">09-30-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">92</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">141</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">520</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">50.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">249</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,054</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,008</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Companies
      under significant influence:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=25><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Oleoductos
      del Valle S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">4,072,749</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">83</font></td>
    <td width="1%" align="left"><font size="1"><sup>(1)(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Oil
      transportation by pipeline</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Florida
      1, P. 10&deg;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12-31-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">110</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">(15</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">282</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">37.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">83</font></td>
    <td width="1%" align="left"><font size="1"><sup>(1)(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Terminales
      Mar&#237;timas Patag&#243;nicas S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">476,034</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">48</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Oil
      storage and shipment</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Av.
      Leandro N. Alem 1180, P.11&deg;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12-31-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">24</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">150</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">33.15</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">47</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Oiltanking
      Ebytem S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">351,167</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Hydrocarbon
      transportation and storage</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Terminal
      Mar&#237;tima Puerto Rosales &#150; Provincia de Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12-31-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">117</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">30.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Gasoducto
      del Pac&#237;fico (Argentina) S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Preferred</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">15,579,578</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Gas
      transportation by pipeline</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Av.
      Leandro N. Alem 928, P. 7&deg;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">06-30-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">156</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">94</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">10.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Central
      Dock Sud S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      0.01</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">2,822,342,992</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(9)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Electric
      power generation and bulk marketing</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Reconquista
      360, P. 6&#186;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">09-30-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">356</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">142</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">9.98%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(5)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(9)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Inversora
      Dock Sud S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">103,501,823</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">91</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">193</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Investment
      and finance</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Reconquista
      360, P. 6&#186;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">09-30-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">241</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">187</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">42.86</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">89</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Pluspetrol
      Energy S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$
      1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">30,006,540</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">292</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Exploration
      and exploitation of hydrocarbons and electric power generation, production
      and marketing</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Lima
      339, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">09-30-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">67</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">83</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">725</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">45.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">281</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Oleoducto
      Trasandino (Argentina) S.A.</font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Preferred</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">27,018,720</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Oil
      transportation by pipeline</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">Macacha
      G&#252;emes 515, P. 3&#186;, Buenos Aires, Argentina</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">12-31-10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">76</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">36.00</font></td>
    <td width="1%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Other
      companies:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=25><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1" face="Arial, Helvetica, sans-serif">Others
      <sup>(4)</sup></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">31</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">39</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=2><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">599</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">274</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">589</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">2,531</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">3,881</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">2,391</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="11%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="3%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Holding in shareholders&#146;
      equity, net of intercompany profits.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Cost net of cash dividends
      and stock redemption from long-term investments restated in accordance with
      Note1.a.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Holding in shareholders&#146;
      equity plus adjustments to conform to YPF accounting methods.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="3%" nowrap><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes YPF Inversora
      Energ&#233;tica S.A., A-Evangelista Constru&#231;&#245;es e Servi&#231;os
      Ltda., Gasoducto del Pac&#237;fico (Cayman) Ltd., A&amp;C Pipeline Holding
      Company, Polig&#225;s Luj&#225;n S.A.C.I., Oleoducto Trasandino (Chile)
      S.A., YPF Services USA Corp., YPF Servicios Petroleros S.A., Bizoy S.A.,
      Civeny S.A., Bioceres S.A. and YPF Brasil Comercio de Derivados de Petr&#243;leo
      Ltda.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(5)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Additionally, the Company
      has a 29.93% indirect holding in capital stock through Inversora Dock Sud
      S.A.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(6)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">As stipulated by shareholders&#146;
      agreement, joint control is held in this company by shareholders.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(7)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Company defined as
      integrated as indicated in Note 2.d).</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(8)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Company defined as
      non-integrated as indicated in Note 2.d).</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(9)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">As of March 31, 2011
      and December 31,2010 holding in negative shareholders&#146; equity was disclosed
      in &#147;Accounts payable&#148; after adjustments in shareholders&#146;
      equity to conform to YPF accounting methods.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(10)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Direct and indirect
      holding of YPF in these companies amounts to 100%.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="80%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">54</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_55"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
        E</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>BALANCE
      SHEETS AS OF MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>ALLOWANCES
      AND ACCRUALS FOR CONTINGENCIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos &#150; Note 1.a)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Account</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Amounts
      at beginning of year</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Increases</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Decreases</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Amounts
      at end of period</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Amounts
      at end of period</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Deducted
      from current assets:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For doubtful
      trade receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">421</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">448</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">394</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For other
      doubtful accounts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">88</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">88</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">88</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">509</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">536</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">482</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Deducted
      from noncurrent assets:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For valuation
      of other receivables to their <br>
      estimated realizable value</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For reduction
      in value of holdings in <br>
      long-term investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For unproductive
      exploratory drilling</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For obsolescence
      of materials and equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">99</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">126</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      deducted from assets, 2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">639</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">662</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      deducted from assets, 2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">577</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">551</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Reserves
      for losses &#150; current:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For various
      specific contingencies (Note 9.a)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">81</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">86</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">81</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">86</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Reserves
      for losses &#150; noncurrent:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">For pending
      lawsuits and various</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">specific
      contingencies (Note 9.a)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,188</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,824</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,188</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,824</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      included in liabilities, 2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,195</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">156</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      included in liabilities, 2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,736</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,922</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="80%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">55</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_56"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
        F</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>STATEMENTS
      OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>COST
      OF SALES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos &#150; Note 1.a)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories
      at beginning of year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,462</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,818</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Purchases
      for the period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,351</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,672</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Production
      costs (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,971</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,154</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Holding
      gains (losses) on inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">215</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories
      at end of period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4,246</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,928</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cost of
      sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,753</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,709</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="80%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">56</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_57"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
        G</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>BALANCE
      SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FOREIGN
      CURRENCY ASSETS AND LIABILITIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Foreign
      currency and amount</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Account</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Exchange
      rate in pesos as of 03-31-11</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Book
      value as of 03-31-11</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Assets</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.01</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">200</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$409</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$507</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.01</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,033</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$517</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$649</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.01</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,602</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#128;1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#128;5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.70</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left"></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$401</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$572</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.01</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,294</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#128;2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#128;2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.70</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,168</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Assets</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$225</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$160</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.01</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">642</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent assets</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">642</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,810</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$1,004</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$958</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.05</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(2)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,880</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#128;48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#128;40</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.75</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(2)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">230</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$1,155</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$1,264</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.05</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(2)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,120</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accruals
      for losses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.05</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(2)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,242</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$705</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$770</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.05</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(2)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,118</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$369</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$449</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.05</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(2)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,820</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accruals
      for losses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$314</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$314</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.05</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(2)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,273</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent liabilities</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,453</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Buying exchange rate.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Selling exchange rate.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">57</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_58"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
        H</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;),<br>
      except for the inclusion of Note 12 to the primary financial statements
      in the English translation.<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>STATEMENTS
      OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>EXPENSES
      INCURRED</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in million of Argentine pesos &#150; Note 1.a)</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(The
      financial statements as of March 31, 2011 and March 31, 2010 are unaudited)</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2011</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>2010</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Production
      costs</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Administrative
      expenses</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Selling
      expenses</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Exploration
      expenses</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Total</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><b>Total</b></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security taxes</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">314</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">119</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">76</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">526</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">375</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fees and
      compensation for services</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">104</font></td>
    <td width="2%" align="left"><sup><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></sup></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">156</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">139</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      personnel expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">116</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">142</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">106</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Taxes,
      charges and contributions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">94</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">121</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">226</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">190</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalties
      and easements</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">839</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">845</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">739</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Insurance</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Rental
      of real estate and equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">173</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">193</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">123</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Survey
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,250</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,312</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Industrial
      inputs, consumable materials and supplies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">221</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">238</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operation
      services and other service contracts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">617</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">657</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">510</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Preservation,
      repair and maintenance</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">732</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">766</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">598</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contractual
      commitments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Unproductive
      exploratory drillings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation,
      products and charges</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">253</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">357</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">610</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">512</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Charge
      (credit) for allowance for doubtful trade receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Publicity
      and advertising expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fuel,
      gas, energy and miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">265</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">307</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">277</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,971</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">344</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">747</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">54</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,116</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,154</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">262</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">621</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,081</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 4 of Directors
      and Statutory Auditor&#146;s fees.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="80%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">ANTONIO
        GOMIS S&#193;EZ<br>
        Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">58</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><page></font> </p>
    <title></title>

<div> </div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</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: 10pt; 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: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div>
  <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
    <tr>
<td valign="middle" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="3" valign="bottom" width="29%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">YPF Sociedad An&#243;nima</font></div>
</td>
<td align="left" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" colspan="3" valign="bottom" width="29%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="middle" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr>
    <tr valign="bottom">
      <td align="left" width="52%" 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: 10pt; FONT-FAMILY: times new roman">Date:
          May 13, 2011</font></div>
</td>
      <td align="left" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
      <td align="left" width="4%" 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: 10pt; FONT-FAMILY: times new roman">By:</font></div>
</td>
      <td align="left" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
      <td width="24%" style="BORDER-BOTTOM: black 2px solid">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
            <font style="DISPLAY: inline; FONT-SIZE: 10pt">Guillermo Reda</font></font>&#160;</div>

</div>
</td>
      <td width="18%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="24%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Guillermo Reda</font></div>
</td>
<td align="left" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:</font></div>
</td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief Financial Officer</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
