<SEC-DOCUMENT>0001208646-12-000138.txt : 20120516
<SEC-HEADER>0001208646-12-000138.hdr.sgml : 20120516
<ACCEPTANCE-DATETIME>20120515194319
ACCESSION NUMBER:		0001208646-12-000138
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120516
DATE AS OF CHANGE:		20120515

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		12846974

	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>20-F
<SEQUENCE>1
<FILENAME>c106652.htm
<TEXT>
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<title>Prepared by Imprima</title>
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<body>
<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>

<hr size="3" noshade color="#000000" style="margin-top: -15px">
<hr size="1" noshade color="#000000" style="margin-top: -22px">
<p align="center"><font size="3">UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, D.C. 20549</font></p>
<hr noshade align="center" width="20%" size=1>
<p align="center"><font size="5"><b>FORM 20-F</b></font></p>
<p align="center"><font size="3"><b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)<br>
  OF THE SECURITIES EXCHANGE ACT OF 1934<br>
  For the fiscal year ended December 31, 2011<br>
  Commission file number: 1-12102</b></font></p>
<hr noshade align="center" width="20%" size=1>
<p align="center"><font size="2"><b><font size="5">YPF Sociedad An&#243;nima</font><br>
  </b>(Exact name of registrant as specified in its charter)<br>
  <font size="4"><b>Republic of Argentina</b></font><br>
  <b>(Jurisdiction of incorporation or organization)<br>
  Macacha G&#252;emes 515<br>
  <font size="3">C1106BKK Ciudad Aut&#243;noma de Buenos Aires, Argentina</font><br>
  (Address of principal executive offices)<br>
  Gabriel E. Leiva<br>
  Director of Administration<font size="3"> <br>
  Tel: (011-54-11) 5441-0970<br>
  Facsimile Number: (011-54-11) 5441-0232<br>
  Macacha G&#252;emes 515</font><br>
  <font size="3">C1106BKK Ciudad Aut&#243;noma de Buenos Aires, Argentina</font><br>
  (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact
  Person)</b></font></p>
<hr noshade align="center" width="20%" size=1>
<p align="center"><font size="3"><b>Securities registered or to be registered
  pursuant to Section 12(b) of the Act:</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Title of Each Class</b></font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="center"><font size="2"><b>Name of Each Exchange<br>
        on Which Registered</b></font></div>
    </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="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="left">
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">American Depositary Shares, each representing
      one Class D Share, par value 10 pesos per share</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2">New York Stock Exchange</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Class D Shares</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2">New York Stock Exchange*</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">*</font></td>
    <td><font size="1">Listed not for trading but only in connection with the
      registration of American Depositary Shares.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">Securities registered or to be registered
      pursuant to Section 12(g) of the Act: <b>None</b></font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">Securities for which there is a reporting
      obligation pursuant to Section 15(d) of the Act: <b>None</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="20%" size=2>
<div style="text-indent:6%">
  <p><font size="2">The number of outstanding shares of each class of stock of
    YPF Sociedad An&#243;nima as of December 31, 2011 was:</font></p>
</div>
<table width="60%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Class A Shares</font></td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="12%" align="right"><font size="2">3,764</font></td>
    <td width="3%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Class B Shares</font></td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="12%" align="right"><font size="2">7,624</font></td>
    <td width="3%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Class C Shares</font></td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="12%" align="right"><font size="2">40,422</font></td>
    <td width="3%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Class D Shares</font></td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="12%" align="right"><font size="2">393,260,983</font></td>
    <td width="3%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="12%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="3%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="12%" align="right"><font size="2">393,312,793</font></td>
    <td width="3%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Indicate by check mark if the registrant is
      a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Yes</font> <font size="2" face="Wingdings">&#253;</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">No </font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">If this report is an annual or transition
      report, indicate by check mark if the registrant is not required to file
      reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934.</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Yes</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">No</font> <font size="2" face="Wingdings">&#253;</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Note &#150; Checking the box above will not
      relieve any registrant required to file reports pursuant to Section 13 or
      15(d) of the Securities Exchange Act of 1934 from their obligations under
      those Sections.</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="left">&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Indicate by check mark whether the registrant
      (1) has filed all reports required to be filed by Section 13 or 15(d) of
      the Securities Exchange Act of 1934 during the preceding 12 months (or for
      such shorter period that the registrant was required to file such reports),
      and (2) has been subject to such filing requirements for the past 90 days.</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Yes</font> <font size="2" face="Wingdings">&#253;</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">No</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Indicate by check mark whether the registrant
      has submitted electronically and posted on its corporate Web site, if any,
      every Interactive Data File required to be submitted and posted pursuant
      to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the
      preceding 12 months (or for such shorter period that the registrant was
      required to submit and post such files).</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Yes</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">No</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Indicate by check mark whether the registrant
      is a large accelerated filer, an accelerated filer, or a non-accelerated
      filer. See definition of &#147;accelerated filer and large accelerated filer&#148;
      in Rule 12b-2 of the Exchange Act. (Check one):</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="left">&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Large accelerated filer <font size="2" face="Wingdings">&#253;</font>
      Accelerated filer <font size="2" face="Wingdings">o</font> Non-accelerated
      filer <font size="2" face="Wingdings">o</font></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="left">&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Indicate by check mark which basis of accounting
      the registrant has used to prepare the financial statements included in
      this filing:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="left">&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">U.S. GAAP <font size="2" face="Wingdings">o</font>
      International Financial Reporting Standards as issued by the International
      Accounting Standards Board:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="left">
      <div align="left"> <font size="2" face="Wingdings">o</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="left"><font size="2">Other</font> <font size="2" face="Wingdings">&#253;</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Indicate by check mark which financial statement
      item the registrant has elected to follow.</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="left">
      <div align="left"><font size="2">Item 17</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="left"><font size="2">Item 18</font> <font size="2" face="Wingdings">&#253;</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">If this is an annual report, indicate by check
      mark whether the registrant is a shell company (as defined in Rule 12b-2
      of the Exchange Act)</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="left">
      <div align="left"><font size="2">Yes</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="left"><font size="2">No</font> <font size="2" face="Wingdings">&#253;</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">
</table>
<br>
<hr size="1" noshade color="#000000" style="margin-top: -15px">
<hr size="3" noshade color="#000000" style="margin-top: -24px">
<p>&nbsp;</p>
<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="contents"></a></font></p>
<p align="center"><b><font size="4">TABLE OF CONTENTS</font></b></p>
<hr noshade align="center" width="20%" size=2>
<p>&nbsp;</p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">
      <div align="right"><font size="2">Page</font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#1a"><font size="2">Conversion
      Table</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#1a"><font size="2">1</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#1b"><font size="2">References</font></a></td>
    <td width="8%" align="right"><a href="#1b"><font size="2">1</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#1c"><font size="2">Disclosure
      of Certain Information</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#1c"><font size="2">1</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" height="14"><a href="#1d"><font size="2">Forward-Looking
      Statements</font></a></td>
    <td width="8%" align="right" height="14"><a href="#1d"><font size="2">1</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#2"><font size="2">Oil and Gas
      Terms</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#2"><font size="2">2</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#4a"><font size="2">PART I</font></a></td>
    <td width="8%" align="right"><a href="#4a"><font size="2">4</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#4b"><font size="2">ITEM 1. Identity
      of Directors, Senior Managers and Advisers</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#4b"><font size="2">4</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#4c"><font size="2">ITEM 2. Offer Statistics and
      Expected Timetable</font></a></td>
    <td width="8%" align="right"><a href="#4c"><font size="2">4</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#4d"><font size="2">ITEM 3. Key
      Information</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#4d"><font size="2">4</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#4e"><font size="2">&nbsp;&nbsp;Selected Financial
      Data</font></a></td>
    <td width="8%" align="right"><a href="#4e"><font size="2">4</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#8"><font size="2">&nbsp;&nbsp;Exchange
      Controls</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#8"><font size="2">8</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#9"><font size="2">&nbsp;&nbsp;Risk Factors</font></a></td>
    <td width="8%" align="right"><a href="#9"><font size="2">9</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#22a"><font size="2">ITEM 4. Information
      on the Company</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#22a"><font size="2">22</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#22b"><font size="2">&nbsp;&nbsp;History and Development
      of YPF</font></a></td>
    <td width="8%" align="right"><a href="#22b"><font size="2">22</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#25"><font size="2">&nbsp;&nbsp;The
      Argentine Market</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#25"><font size="2">25</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#26"><font size="2">&nbsp;&nbsp;History of YPF</font></a></td>
    <td width="8%" align="right"><a href="#26"><font size="2">26</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#28"><font size="2">&nbsp;&nbsp;Business
      Organization</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#28"><font size="2">28</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#29"><font size="2">&nbsp;&nbsp;Exploration and
      Production</font></a></td>
    <td width="8%" align="right"><a href="#29"><font size="2">29</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#56"><font size="2">&nbsp;&nbsp;Refining
      and Marketing</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#56"><font size="2">56</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#63"><font size="2">&nbsp;&nbsp;Chemicals</font></a></td>
    <td width="8%" align="right"><a href="#63"><font size="2">63</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#64"><font size="2">&nbsp;&nbsp;Research
      and Development</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#64"><font size="2">64</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#65"><font size="2">&nbsp;&nbsp;Competition</font></a></td>
    <td width="8%" align="right"><a href="#65"><font size="2">65</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#66"><font size="2">&nbsp;&nbsp;Environmental
      Matters</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#66"><font size="2">66</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#70a"><font size="2">&nbsp;&nbsp;Property, Plant
      and Equipment</font></a></td>
    <td width="8%" align="right"><a href="#70a"><font size="2">70</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#70b"><font size="2">&nbsp;&nbsp;Insurance</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#70b"><font size="2">70</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#73"><font size="2">&nbsp;&nbsp;Regulatory Framework
      and Relationship with the Argentine Government</font></a></td>
    <td width="8%" align="right"><a href="#73"><font size="2">73</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#94"><font size="2">ITEM 4A. Unresolved
      Staff Comments.</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#94"><font size="2">94</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#95a"><font size="2">ITEM 5. Operating and Financial
      Review and Prospects</font></a></td>
    <td width="8%" align="right"><a href="#95a"><font size="2">95</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#95b"><font size="2">&nbsp;&nbsp;Overview</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#95b"><font size="2">95</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#96"><font size="2">&nbsp;&nbsp;Presentation of
      Financial Information</font></a></td>
    <td width="8%" align="right"><a href="#96"><font size="2">96</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#97"><font size="2">&nbsp;&nbsp;Segment
      Reporting</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#97"><font size="2">97</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#98"><font size="2">&nbsp;&nbsp;Factors Affecting
      Our Operations</font></a></td>
    <td width="8%" align="right"><a href="#98"><font size="2">98</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#105"><font size="2">&nbsp;&nbsp;Critical
      Accounting Policies</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#105"><font size="2">105</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#110"><font size="2">&nbsp;&nbsp;Principal Income
      Statement Line Items</font></a></td>
    <td width="8%" align="right"><a href="#110"><font size="2">110</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#111"><font size="2">&nbsp;&nbsp;Results
      of Operations</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#111"><font size="2">111</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#119"><font size="2">&nbsp;&nbsp;Liquidity and Capital
      Resources</font></a></td>
    <td width="8%" align="right"><a href="#119"><font size="2">119</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#123a"><font size="2">&nbsp;&nbsp;Off-Balance
      Sheet Arrangements</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#123a"><font size="2">123</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#123b"><font size="2">ITEM 6. Directors, Senior
      Management and Employees</font></a></td>
    <td width="8%" align="right"><a href="#123b"><font size="2">123</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#123c"><font size="2">&nbsp;&nbsp;Management
      of the Company under the Intervention</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#123c"><font size="2">123</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#124"><font size="2">&nbsp;&nbsp;Board of Directors</font></a></td>
    <td width="8%" align="right"><a href="#124a"><font size="2">124</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#132"><font size="2">&nbsp;&nbsp;The
      Audit Committee</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#132"><font size="2">132</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#134"><font size="2">&nbsp;&nbsp;Disclosure Committee</font></a></td>
    <td width="8%" align="right"><a href="#134"><font size="2">134</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#136"><font size="2">&nbsp;&nbsp;Compliance
      with NYSE Listing Standards on Corporate Governance</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#136"><font size="2">136</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#137a"><font size="2">&nbsp;&nbsp;Compensation of
      members of our Board of Directors and Supervisory Committee</font></a></td>
    <td width="8%" align="right"><a href="#137a"><font size="2">137</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#137b"><font size="2">&nbsp;&nbsp;Supervisory
      Committee</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#137b"><font size="2">137</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#140"><font size="2">&nbsp;&nbsp;Employee Matters</font></a></td>
    <td width="8%" align="right"><a href="#140"><font size="2">140</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#141"><font size="2">ITEM 7. Major
      Shareholders and Related Party Transactions</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#141"><font size="2">141</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#142a"><font size="2">&nbsp;&nbsp;Share Purchase
      Agreement and Related Financing Agreements</font></a></td>
    <td width="8%" align="right"><a href="#142a"><font size="2">142</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#142b"><font size="2">&nbsp;&nbsp;Option
      Agreements</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#142b"><font size="2">142</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#143"><font size="2">&nbsp;&nbsp;Shareholders&#146;
      Agreement</font></a></td>
    <td width="8%" align="right"><a href="#143"><font size="2">143</font></a></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><a href="#145a"><font size="2">&nbsp;&nbsp;Registration
      Rights and Related Agreements</font></a></td>
    <td width="8%" align="right" bgcolor="#cccccc"><a href="#145a"><font size="2">145</font></a></td>
  </tr>
</table>
<br>
<p align="center"><font size="2">2</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_3"></a></font></p>



<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#145b"><font size="2">&nbsp;&nbsp;Related Party
      Transactions</font></a></td>
    <td width="8%" align="right"><a href="#145b"><font size="2">145</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#146"><font size="2">&nbsp;&nbsp;Argentine Law Concerning
      Related Party Transactions</font></a></td>
    <td width="8%" align="right"><a href="#146"><font size="2">146</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#147a"><font size="2">ITEM 8. Financial Information</font></a></td>
    <td width="8%" align="right"><a href="#147a"><font size="2">147</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#147b"><font size="2">&nbsp;&nbsp;Financial Statements</font></a></td>
    <td width="8%" align="right"><a href="#147b"><font size="2">147</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#147c"><font size="2">&nbsp;&nbsp;Legal Proceedings</font></a></td>
    <td width="8%" align="right"><a href="#147c"><font size="2">147</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#165"><font size="2">&nbsp;&nbsp;Dividend Policy</font></a></td>
    <td width="8%" align="right"><a href="#165"><font size="2">165</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#166a"><font size="2">ITEM 9. The Offer and Listing</font></a></td>
    <td width="8%" align="right"><a href="#166a"><font size="2">166</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#166b"><font size="2">&nbsp;&nbsp;Shares and ADSs</font></a></td>
    <td width="8%" align="right"><a href="#166b"><font size="2">166</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#168"><font size="2">&nbsp;&nbsp;Argentine Securities
      Market</font></a></td>
    <td width="8%" align="right"><a href="#168"><font size="2">168</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#171a"><font size="2">ITEM 10. Additional Information</font></a></td>
    <td width="8%" align="right"><a href="#171a"><font size="2">171</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#171b"><font size="2">&nbsp;&nbsp;Capital Stock</font></a></td>
    <td width="8%" align="right"><a href="#171b"><font size="2">171</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#172"><font size="2">&nbsp;&nbsp;Memorandum and
      Articles of Association</font></a></td>
    <td width="8%" align="right"><a href="#172"><font size="2">172</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#175"><font size="2">&nbsp;&nbsp;Directors</font></a></td>
    <td width="8%" align="right"><a href="#175"><font size="2">175</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#176a"><font size="2">&nbsp;&nbsp;Foreign Investment
      Legislation</font></a></td>
    <td width="8%" align="right"><a href="#176a"><font size="2">176</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#176b"><font size="2">&nbsp;&nbsp;Dividends</font></a></td>
    <td width="8%" align="right"><a href="#176b"><font size="2">176</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#177"><font size="2">&nbsp;&nbsp;Amount Available
      for Distribution</font></a></td>
    <td width="8%" align="right"><a href="#177"><font size="2">177</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#178"><font size="2">&nbsp;&nbsp;Preemptive and
      Accretion Rights</font></a></td>
    <td width="8%" align="right"><a href="#178"><font size="2">178</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#179"><font size="2">&nbsp;&nbsp;Voting of the Underlying
      Class D Shares</font></a></td>
    <td width="8%" align="right"><a href="#179"><font size="2">179</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#180"><font size="2">&nbsp;&nbsp;Certain Provisions
      Relating to Acquisitions of Shares</font></a></td>
    <td width="8%" align="right"><a href="#180"><font size="2">180</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#182a"><font size="2">&nbsp;&nbsp;Material Contracts</font></a></td>
    <td width="8%" align="right"><a href="#182a"><font size="2">182</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#182b"><font size="2">&nbsp;&nbsp;Exchange Controls</font></a></td>
    <td width="8%" align="right"><a href="#182b"><font size="2">182</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#182c"><font size="2">&nbsp;&nbsp;Taxation</font></a></td>
    <td width="8%" align="right"><a href="#182c"><font size="2">182</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#182d"><font size="2">&nbsp;&nbsp;Argentine Tax
      Considerations</font></a></td>
    <td width="8%" align="right"><a href="#182d"><font size="2">182</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#184"><font size="2">&nbsp;&nbsp;United States Federal
      Income Tax Considerations</font></a></td>
    <td width="8%" align="right"><a href="#184"><font size="2">184</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#187"><font size="2">&nbsp;&nbsp;Available Information</font></a></td>
    <td width="8%" align="right"><a href="#187"><font size="2">187</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#188"><font size="2">ITEM 11. Quantitative and Qualitative
      Disclosures about Market Risk</font></a></td>
    <td width="8%" align="right"><a href="#188"><font size="2">188</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#189"><font size="2">ITEM 12. Description of Securities
      Other than Equity Securities</font></a></td>
    <td width="8%" align="right"><a href="#189"><font size="2">189</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#191a"><font size="2">PART II</font></a></td>
    <td width="8%" align="right"><a href="#191a"><font size="2">191</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#191b"><font size="2">ITEM 13. Defaults, Dividend
      Arrearages and Delinquencies</font></a></td>
    <td width="8%" align="right"><a href="#191b"><font size="2">191</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#191c"><font size="2">ITEM 14. Material Modifications
      to the Rights of Security Holders and Use of Proceeds</font></a></td>
    <td width="8%" align="right"><a href="#191c"><font size="2">191</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#191d"><font size="2">ITEM 15. Controls and Procedures</font></a></td>
    <td width="8%" align="right"><a href="#191d"><font size="2">191</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#192a"><font size="2">ITEM 16.</font></a></td>
    <td width="8%" align="right"><a href="#192a"><font size="2">192</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#192b"><font size="2">ITEM 16A. Audit Committee
      Financial Expert</font></a></td>
    <td width="8%" align="right"><a href="#192b"><font size="2">192</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#192c"><font size="2">ITEM 16B. Code of Ethics</font></a></td>
    <td width="8%" align="right"><a href="#192c"><font size="2">192</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#192d"><font size="2">ITEM 16C. Principal Accountant
      Fees and Services</font></a></td>
    <td width="8%" align="right"><a href="#192d"><font size="2">192</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#193"><font size="2">ITEM 16D. Exemptions from the
      Listing Standards for Audit Committees</font></a></td>
    <td width="8%" align="right"><a href="#193"><font size="2">193</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#194a"><font size="2">ITEM 16E. Purchases of Equity
      Securities by the Issuer and Affiliated Purchasers</font></a></td>
    <td width="8%" align="right"><a href="#194a"><font size="2">194</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#194b"><font size="2">ITEM 16F. Change in Registrant&#146;s
      Certifying Accountant</font></a></td>
    <td width="8%" align="right"><a href="#194b"><font size="2">194</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#194c"><font size="2">ITEM 16G. Corporate Governance</font></a></td>
    <td width="8%" align="right"><a href="#194c"><font size="2">194</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#195a"><font size="2">PART III</font></a></td>
    <td width="8%" align="right"><a href="#195a"><font size="2">195</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#195b"><font size="2">ITEM 17. Financial Statements</font></a></td>
    <td width="8%" align="right"><a href="#195b"><font size="2">195</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#195c"><font size="2">ITEM 18. Financial Statements</font></a></td>
    <td width="8%" align="right"><a href="#195c"><font size="2">195</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#195d"><font size="2">ITEM 19. Exhibits</font></a></td>
    <td width="8%" align="right"><a href="#195d"><font size="2">195</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#sig"><font size="2">SIGNATURES</font></a></td>
    <td width="8%" align="right"><font size="2"><a href="#sig">196</a></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">3</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_1"></a></font></p>

<a name="1a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Conversion Table</b></font></td>
	</tr>
</table>
<p><font size="2">1 ton = 1 metric ton = 1,000 kilograms = 2,204 pounds</font></p>
<p><font size="2">1 barrel = 42 U.S. gallons</font></p>
<p><font size="2">1 ton of oil = approximately 7.3 barrels (assuming a specific gravity of 34 degrees API (American Petroleum Institute))</font></p>
<p><font size="2">1 barrel of oil equivalent = 5,615 cubic feet of gas = 1 barrel of oil, condensate or natural gas liquids</font></p>
<p><font size="2">1 kilometer = 0.63 miles</font></p>
<p><font size="2">1 million Btu = 252 termies</font></p>
<p><font size="2">1 cubic meter of gas = 35.3147 cubic feet of gas</font></p>
<p><font size="2">1 cubic meter of gas = 10 termies</font></p>
<p><font size="2">1,000 acres = approximately 4 square kilometers</font></p>
<a name="1b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>References</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF Sociedad An&#243;nima is a stock corporation organized under the laws of the Republic of Argentina (&#147;Argentina&#148;). As used in this annual report, &#147;YPF,&#148; &#147;the Company,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to YPF Sociedad An&#243;nima and its controlled and jointly controlled companies or, if the context requires, its predecessor companies. &#147;YPF Sociedad An&#243;nima&#148; refers to YPF Sociedad An&#243;nima only. &#147;Repsol YPF&#148; refers to Repsol YPF, S.A. and its consolidated companies. We maintain our financial books and records and publish our financial statements in Argentine pesos. In this annual report, references to &#147;pesos&#148; or &#147;Ps.&#148; are to Argentine pesos, and references to &#147;dollars,&#148; &#147;U.S. dollars&#148; or &#147;U.S.$&#148; are to United States dollars.</font></p></div>
<a name="1c"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Disclosure of Certain Information</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In this annual report, references to &#147;Audited Consolidated Financial Statements&#148; are to YPF&#146;s audited consolidated balance sheets as of December 31, 2011, 2010 and 2009, YPF&#146;s audited consolidated statements of income for the years ended December 31, 2011, 2010 and 2009, YPF&#146;s audited consolidated statements of cash flows for the years ended December 31, 2011, 2010 and 2009, YPF&#146;s audited consolidated statements of changes in shareholders&#146; equity for the years ended December 31, 2011, 2010 and 2009, and the related notes thereto.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Unless otherwise indicated, the information contained in this annual report reflects:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">for the subsidiaries that were consolidated using the global integration method at the date or for the periods indicated, 100% of the assets, liabilities and results of operations of such subsidiaries without excluding minority interests, and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">for those subsidiaries whose results were consolidated using the proportional integration method, a <i>pro rata</i> amount of the assets, liabilities and results of operations for such subsidiaries at the date or for the periods indicated. For information regarding consolidation, see Note 1(a) to the Audited Consolidated Financial Statements.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Audited Consolidated Financial Statements and other amounts derived from such Audited Consolidated Financial Statements included in this annual report reflect the effect of changes in the purchasing power of money by the application of the method for remeasurement in constant pesos through February 28, 2003. See Note 1(a) to the Audited Consolidated Financial Statements.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Certain monetary amounts and other figures included in this annual report have been subject to rounding adjustments. Any discrepancies in any tables between the totals and the sums of the amounts are due to rounding. </font></p></div>
<a name="1d"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Forward-Looking Statements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">This annual report, including any documents incorporated by reference, contains statements that we believe constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief or current expectations of us and our management, including statements with respect to trends affecting our financial condition, financial ratios, results of operations, business, strategy, geographic concentration, reserves, future hydrocarbon production volumes</font></p></div>
<p align="center"><font size="2">1</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_2"></a></font></p>

<p><font size="2">and the Company&#146;s ability to satisfy our long-term sales commitments from future supplies available to the Company, our ability to pay dividends in the future and to service our outstanding debt, dates or periods in which production is scheduled or expected to come onstream, as well as our plans with respect to capital expenditures, business, strategy, geographic concentration, cost savings, investments and dividends payout policies. These statements are not a guarantee of future performance and are subject to material risks, uncertainties, changes and other factors which may be beyond our control or may be difficult to predict. Accordingly, our future financial condition, prices, financial ratios, results of operations, business, strategy, geographic concentration, production volumes, reserves, capital expenditures, cost savings, investments and ability to meet our long-term sales commitments or pay dividends or service our outstanding debt could differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, currency fluctuations, inflation, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, replacement of hydrocarbon reserves, environmental, regulatory and legal considerations, including the imposition of further government restrictions on the Company&#146;s business, changes in our business strategy and operations as a result of the recent change of control over the Company and the implementation of the Expropriation Law, our ability to find partners or raise funding under our current control, the ability to maintain the Company&#146;s concessions, and general economic and business conditions in Argentina, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in &#147;Item 3. Key Information-Risk Factors&#148; below and &#147;Item 5. Operating and Financial Review and Prospects.&#148; YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected results or condition expressed or implied therein will not be realized.</font></p>
<a name="2"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Oil and Gas Terms</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Oil and gas reserves definitions used in this annual report are in accordance with Regulations S-X and S-K, as amended by the U.S. Securities and Exchange Commission&#146;s (&#147;SEC&#148;) final rule, Modernization of Oil and Gas Reporting (Release Nos. 33-8995; 34-59192; FR-78; File No. S7-15-08; December 31, 2008) and relevant guidance notes and letters issued by the SEC&#146;s Staff.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The reported reserves contained in this annual report include only our proved reserves and do not include probable reserves or possible reserves.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following terms have the meanings shown below unless the context indicates otherwise:</font></p></div>
<div style="text-indent:3%"><p><font size="2"><b><i>&#147;acreage&#148;:</i></b> The total area, expressed in acres or km2, over which YPF has interests in exploration or production. Net acreage is YPF&#146;s interest in the relevant exploration or production area.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><b><i>&#147;concession contracts&#148;:</i></b> A grant of access for a defined area and time period that transfers certain entitlements to produce hydrocarbons from the host country to an enterprise. The company holding the concession generally has rights and responsibilities for the exploration, development, production and sale of hydrocarbon, and typically, an obligation to make payments at the signing of the concession and once production begins pursuant to applicable laws and regulations.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><b><i>&#147;crude oil&#148;:</i></b> Crude oil with respect to YPF&#146;s production and reserves includes condensate and natural gas liquids (&#147;NGL&#148;).</font></p></div>
<div style="text-indent:3%"><p><font size="2"><b><i>&#147;gas&#148;: </i></b>Natural gas.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><b><i>&#147;hydrocarbons&#148;:</i></b> Crude oil and natural gas.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><b><i>&#147;surface conditions&#148;: </i></b>Represents the pressure and temperature conditions at which volumes of oil, gas, condensate and natural gas liquids are measured for report purpose. It is also referred to as standard conditions. For YPF these conditions are 14.7 psi for pressure and 60&#186;F for temperature. All volume units expressed in this report are at surface conditions.</font></p></div>
<p align="center"><font size="2">2</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_3"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Abbreviations:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;bbl&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Barrels.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;bcf&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Billion cubic feet.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;bcm&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Billion cubic meters.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;boe&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Barrels of oil equivalent.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;boe/d&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Barrels of oil equivalent per day.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;GWh&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Gigawatt hours.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;HP&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Horse Power.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;km&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Kilometers.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;km2&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Square kilometers.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;liquids&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Crude oil, condensate and natural gas liquids.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;LNG&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Liquefied natural gas.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;LPG&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Liquefied petroleum gas.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;m&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Thousand.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mbbl/d&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Thousand barrels per day.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mcf&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Thousand cubic feet.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mcm&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Thousand cubic meters.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mboe/d&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Thousand barrels of oil equivalent per
        day.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mm&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mmbbl&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million barrels.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mmboe&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million barrels of oil equivalent.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mmboe/d&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million barrels of oil equivalent per day.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mmBtu&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million British thermal units.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mmcf&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million cubic feet.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mmcf/d&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million cubic feet per day.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mmcm/d&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Million cubic meters per day.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;mtn&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Thousand tons.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;MW&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Megawatts.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;psi&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">Pound per square inch.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="21%"><font size="2">&#147;WTI&#148;</font></td>
    <td width="77%" align="right">
      <div align="left"><font size="2">West Texas Intermediate.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">3</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_4"></a></font></p>

<p align="center"><b><font size="4"><a name="4a"></a>PART I</font></b></p>

<a name="4b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 1. Identity of Directors, Senior Managers and Advisers</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Not applicable.</font></p></div>
<a name="4c"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 2. Offer Statistics and Expected Timetable</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Not applicable.</font></p></div>
<a name="4d"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 3. Key Information</b></font></td>
	</tr>
</table>
<br>
<a name="4e"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Selected Financial Data</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following tables present our selected financial and operating data. You should read this information in conjunction with our Audited Consolidated Financial Statements and related notes, and the information under &#147;Item 5. Operating and Financial Review and Prospects&#148; included elsewhere in this annual report.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The financial data as of December 31, 2011, 2010 and 2009 and for the years then ended is derived from our Audited Consolidated Financial Statements, which are included in this annual report. The financial data as of and for the years ended December 31, 2008 and 2007 is derived from our audited financial statements as of December 31, 2009, 2008 and 2007 (the &#147;Restated Audited Consolidated Financial Statements&#148;), included in our report on Form 6-K furnished to the SEC on March 14, 2011 (SEC Accession No. 0001208646-11-000114), which are not included in this annual report. The financial data as of December 31, 2009, 2008 and 2007 and for the years then ended included in this annual report reflects the effect of the restatement of our Argentine GAAP (as defined below) income tax expense, net income, earnings per ADS, accounts payable (when applicable), investments, other receivables, taxes payable and shareholders&#146; equity from the amounts originally presented to give retroactive effect to a change in Argentine GAAP introduced in 2010 requiring that a formerly off-balance sheet Ps.1,180 million as of December 31, 2009, deferred tax liability be recognized in our financial statements, which had the effect of increasing Argentine GAAP net income by Ps.203 million, Ps.261 million and Ps.290 million in 2009, 2008 and 2007, respectively, and decreasing shareholders&#146; equity by Ps 1,180 million, Ps.1,383 million and Ps.1,644 million at December 31, 2009, 2008 and 2007, respectively. Our net income and shareholders&#146; equity under U.S. GAAP were unaffected by this change in Argentine GAAP. For a discussion of this change, see Note 1(b) to our Audited Consolidated Financial Statements. Our audited financial statements have been prepared in accordance with generally accepted accounting principles in Argentina, which we refer to as Argentine GAAP and which differ in certain significant respects from generally accepted accounting principles in the United States, which we refer to as U.S. GAAP. Notes 12, 13 and 14 to our Audited Consolidated Financial Statements provide a description of the significant differences between Argentine GAAP and U.S. GAAP, as they relate to us, and a reconciliation to U.S. GAAP of net income and shareholders&#146; equity as of December 31, 2011, 2010 and 2009 and for the years then ended.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On March 20, 2009, the Argentine Federation of Professional Councils in Economic Sciences (&#147;FACPCE&#148;) approved Technical Resolution No. 26 on the &#147;Adoption of the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB)&#148;. Such resolution was approved by the CNV through General Resolution No. 562/09 on December 29, 2009 (modified by General Resolution No. 576/10 on July 1, 2010), with respect to certain publicly-traded entities subject to Law No. 17,811. Compliance with such rules is mandatory for YPF for the fiscal year beginning on January 1, 2012, with transition date of January 1, 2011. Disclosures concerning the transition from Argentine GAAP to IFRS are provided in Note 16 to our Audited Consolidated Financial Statements. As a result of YPF&#146;s transition from Argentine GAAP to IFRS, which is mandatory for YPF for the fiscal year beginning on January 1, 2012, in future filings we will present financial information prepared in accordance with IFRS as issued by the IASB. Accordingly, we will no longer include a reconciliation to U.S. GAAP.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In this annual report, except as otherwise specified, references to &#147;$,&#148; &#147;U.S.$&#148; and &#147;dollars&#148; are to U.S. dollars, and references to &#147;Ps.&#148; and &#147;pesos&#148; are to Argentine pesos. Solely for the convenience of the reader, peso amounts as of and for the year ended December 31, 2011 have been translated into U.S. dollars at the exchange rate quoted</font></p></div>
<p align="center"><font size="2">4</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_5"></a></font></p>

<p><font size="2">by the Argentine Central Bank (<i>Banco Central de la Rep&#250;blica
  Argentina</i> or Central Bank) on December 31, 2011 of Ps.4.30 to U.S.$1.00,
  unless otherwise specified. The exchange rate quoted by Central Bank on May
  11, 2012 was Ps.4.44 to U.S.$1.00. The U.S. dollar equivalent information should
  not be construed to imply that the peso amounts represent, or could have been
  or could be converted into U.S. dollars at such rates or any other rate. See
  &#147;&#151;Exchange Rates.&#148;</font></p>
<div style="text-indent:3%">
  <p><font size="2">Law No. 26,741, which was passed by the Argentine Congress
    on May 3, 2012 (the &#147;Expropriation Law&#148;), among other matters provided
    for the expropriation of 51% of the share capital of YPF represented by an
    identical stake of Class D shares owned, directly or indirectly, by Repsol
    YPF and its controlled or controlling entities. The expropriated shares, which
    have been declared of public interest, will be assigned as follows: 51% to
    the federal government and 49% to the governments of the provinces that compose
    the National Organization of Hydrocarbon Producing States. To ensure compliance
    with its objectives, the Expropriation Law provides that the National Executive
    Office, by itself or through an appointed public entity, shall exercise all
    the political rights associated with the shares subject to expropriation until
    the transfer of political and economic rights to the provinces that compose
    the National Organization of Hydrocarbon Producing States is completed. See
    &#147;&#151;Risk Factors&#151;Risks Relating to Argentina&#151;The Argentine
    federal government has taken control over the Company and will operate it
    according to domestic energy policies in accordance with the Expropriation
    Law,&#148; &#147;Item 4. Information on the Company&#151;Regulatory Framework
    and Relationship with the Argentine Government&#151;The Expropriation Law&#148;
    and &#147;Item 7. Major Shareholders and Related Party Transactions.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">Furthermore, on April 16, 2012, the Company was notified,
    through a notarial certification, of Decree No. 530/12 of the National Executive
    Power, which provides for the temporary intervention of YPF (the &#147;Intervention&#148;)
    for a period of thirty (30) days (which is expected to be extended up to our
    next Shareholders meeting to be held on June 4, 2012), with the aim of securing
    the continuity of its business and the preservation of its assets and capital,
    securing fuel provision and the satisfaction of the country&#146;s needs and
    guaranteeing that the goals of the Expropriation Law, are met. See &#147;Item
    4. Information on the Company-Regulatory Framework and Relationship with the
    Argentine Government-The Expropriation Law.&#148; In accordance with Article
    3 of Decree No. 530/2012, the powers conferred by YPF&#146;s bylaws on the
    Board and/or the President of the Company have been temporarily granted to
    Julio M. De Vido (the &#147;Intervenor&#148;). On May 7, 2012, through Decree
    No. 676/2012 of the National Executive Power, Mr. Miguel Mat&#237;as Galuccio
    was appointed General Manager of the Company during the Intervention. See
    &#147;Item 6. Directors, Senior Management and Employees-Management of the
    Company under the Intervention.&#148; Our next general shareholders&#146;
    meeting, expected to be held on June 4, 2012, will appoint the new members
    of our Board of Directors. Given the recent passage of the Expropriation Law,
    we are developing our new business plan and the related new investment, economic
    and dividend policy for the Company. Our new business plan will be designed
    in accordance with the goals set forth in the Expropriation Law. See &#147;Item
    4. Information on the Company&#151;Regulatory Framework and Relationship with
    the Argentine Government&#151;The Expropriation Law.&#148;</font></p>
  <p><font size="2">The information contained in this annual report for the three
    years ended December 31, 2011 has been derived from our Audited Consolidated
    Financial Statements, which were approved by our Board of Directors on March
    21, 2012, despite the fact that our Class A shareholder, the Argentine federal
    government, voted against such financial statements. Following the passage
    of the Expropriation Law, the Argentine federal government has taken control
    over the Company (see &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law&#148;) and the shareholders&#146; meeting which had been called to approve
    our Audited Consolidated Financial Statements has been postponed until further
    notice. In furtherance of Decree No. 530/12, the Intervenor has approved the
    preparation and filing of this annual report with the aim of securing the
    continuity of the Company&#146;s business and the preservation of its assets and
    capital based on the Audited Consolidated Financial Statements and internal
    reports existing as of the date prior to the Intervention, whose content has
    been ratified exclusively by the Company&#146;s business areas and departments
    as of the date of this annual report.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">In addition, certain of our concessions in Argentina have
    recently been revoked by the relevant authorities while the revocation of
    other concessions is currently being evaluated by the relevant authorities.
    See &#147;&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Certain
    provinces of Argentina have commenced proceedings to terminate some of our
    oil and gas production concessions&#148; and &#147;Item 8. Legal Proceedings-Argentina-Non-accrued,
    possible contingencies-Concessions on Hydrocarbon zones - Provincial claims.&#148;
    Depending on the outcome of the legal action brought by YPF to challenge these
    revocations and the negotiations initiated by the Intervenor and its delegates
    with the relevant provincial authorities, our past performance may not be
    indicative of future trends or results of the Company and the reserves and
    production amounts set forth in this annual report could be substantially
    reduced.</font></p>
</div>
<p align="center"><font size="2">5</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_6"></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=11  width="8%" align="center"><font size="2"><b>As of and for
      Year Ended December 31,</b></font></td>
    <td width="2%" align="left">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2008<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2007<sup>(1)</sup></b></font></div>
    </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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(in millions of U.S.$, except for
        per share and per ADS data)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>(in millions of
      pesos, except for per share and per ADS data)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Income Statement Data:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><i>Argentine GAAP</i><sup>(2)(5)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net sales<sup>(3)(4)</sup></font></td>
    <td width="8%" align="right"><font size="2">13,185</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">56,697</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34,320</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34,875</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">29,104</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Gross profit</font></td>
    <td width="8%" align="right"><font size="2">3,434</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,765</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,263</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10,862</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10,104</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Administrative expenses</font></td>
    <td width="8%" align="right"><font size="2">(443</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,905</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,429</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,102</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,053</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(805</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Selling expenses</font></td>
    <td width="8%" align="right"><font size="2">(866</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,723</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,015</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,490</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,460</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,120</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Exploration expenses</font></td>
    <td width="8%" align="right"><font size="2">(133</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(574</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(344</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(552</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(684</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(522</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Operating income</font></td>
    <td width="8%" align="right"><font size="2">1,992</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,563</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,475</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,999</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,665</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,657</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Income/(Loss) on long-term investments</font></td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">92</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(9</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Other (expense)/income, net</font></td>
    <td width="8%" align="right"><font size="2">(14</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(62</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(155</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">159</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(376</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(439</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Interest expense</font></td>
    <td width="8%" align="right"><font size="2">(255</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,095</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(931</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(958</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(492</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(292</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Other financial income/(expense) and holding
      gains/(losses), net</font></td>
    <td width="8%" align="right"><font size="2">174</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">748</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">552</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(284</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">318</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">810</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Income from sale of long-term investments</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Reversal/(impairment) of other current assets</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Income before income tax</font></td>
    <td width="8%" align="right"><font size="2">1,918</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,020</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,907</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,212</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,858</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income tax</font></td>
    <td width="8%" align="right"><font size="2">(686</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,950</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,230</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,218</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,311</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,482</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net income</font></td>
    <td width="8%" align="right"><font size="2">1,232</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,689</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,901</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,376</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Earnings per share and per ADS<sup>(6)</sup></font></td>
    <td width="8%" align="right"><font size="2">3.13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13.47</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14.72</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9.38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9.92</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11.13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Dividends per share and per ADS<sup>(6)</sup>
      (in pesos)</font></td>
    <td width="8%" align="right"><font size="2">n.a.</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14.15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11.30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12.45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">23.61</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Dividends per share and per ADS<sup>(6)(7)</sup>
      (in U.S. dollars)</font></td>
    <td width="8%" align="right"><font size="2">n.a.</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2.88</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7.37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1.93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><i>U.S. GAAP</i></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net sales</font></td>
    <td width="8%" align="right"><font size="2">12,648</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">54,385</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">42,459</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32,931</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33,103</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27,746</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Operating income</font></td>
    <td width="8%" align="right"><font size="2">1,546</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,650</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,690</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,385</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,230</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,176</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net income</font></td>
    <td width="8%" align="right"><font size="2">1,095</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,707</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,686</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,605</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,014</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,325</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Earnings per share and per ADS<sup>(6)</sup>)
      (in pesos)</font></td>
    <td width="8%" align="right"><font size="2">n.a.</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11.97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11.91</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6.62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7.66</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8.45</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Balance Sheet Data:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><i>Argentine GAAP</i><sup>(2)(5)</sup><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Cash</font></td>
    <td width="8%" align="right"><font size="2">209</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">899</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">669</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">391</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">196</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Working capital</font></td>
    <td width="8%" align="right"><font size="2">(1,792</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(7,707</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(4,299</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,086</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,758</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">4,077</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Total assets</font></td>
    <td width="8%" align="right"><font size="2">12,883</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">55,399</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">46,589</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">39,747</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38,418</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37,468</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total debt<sup>(8)</sup></font></td>
    <td width="8%" align="right"><font size="2">2,969</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,767</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,789</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,819</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,479</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">994</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Shareholders&#146; equity<sup>(9)</sup></font></td>
    <td width="8%" align="right"><font size="2">4,357</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18,735</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">19,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">17,701</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18,973</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">24,416</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><i>U.S. GAAP</i></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Total assets</font></td>
    <td width="8%" align="right"><font size="2">14,952</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">64,292</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">53,753</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">46,544</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,251</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">40,746</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Shareholders&#146; equity</font></td>
    <td width="8%" align="right"><font size="2">6,602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28,390</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27,092</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">25,717</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">25,492</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">29,067</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Other Consolidated Financial Data:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><i>Argentine GAAP</i></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Fixed assets depreciation</font></td>
    <td width="8%" align="right"><font size="2">1,271</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,466</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,273</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,832</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,775</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,139</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Cash used in fixed asset acquisitions</font></td>
    <td width="8%" align="right"><font size="2">2,858</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,289</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,729</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,636</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,035</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,163</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">As restated.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">The consolidated financial statements reflect the effect of changes in the purchasing power of money by the application of the method for remeasurement in constant Argentine pesos set forth in Technical Resolution No. 6 of the Argentine Federation of Professional Councils in Economic Sciences (&#147;F.A.C.P.C.E.&#148;) and taking into consideration General Resolution No. 441 of the National Securities Commission (&#147;CNV&#148;), which established the discontinuation of the remeasurement of financial statements in constant Argentine pesos as from March 1, 2003. See Note 1(a) to the Audited Consolidated Financial Statements.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Includes Ps.2,312 million for the year ended December 31, 2011, Ps.1,684 million for the year ended December 31, 2010, Ps.1,433 million for the year ended December 31, 2009, Ps.1,770 million for the year ended December 31, 2008 and Ps.1,350 million for the year ended December 31, 2007 corresponding to the proportional consolidation of the net sales of investees in which we hold joint control with third parties.</font></td>
	</tr>
</table>
<p align="center"><font size="2">6</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_7"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">Net sales are net to us after payment of a fuel transfer tax, turnover tax and customs duties on hydrocarbon exports. Royalty payments required to be made to a third party, whether payable in cash or in kind, which are a financial obligation, or are substantially equivalent to a production or similar tax, are accounted for as a cost of production and are not deducted in determining net sales. See Note 2(f) to the Audited Consolidated Financial Statements.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">Argentine GAAP income tax expense, net income, earnings per ADS, accounts payable (when applicable), investments, other receivables, taxes payable and shareholders&#146; equity at and for the years ended December 31, 2009, 2008 and 2007 have been restated to give retroactive effect to a change in Argentine GAAP introduced in 2010 requiring that a formerly off-balance sheet Ps.1,180 million deferred tax liability as of December 31, 2009, be recognized in our financial statements. This change had the effect of decreasing Argentine GAAP income tax expense and increasing Argentine GAAP net income by Ps.203 million, Ps.261 million and Ps.290 million in 2009, 2008 and 2007, respectively, and decreasing shareholders&#146; equity by Ps.1,180 million, Ps.1,383 million and Ps.1,644 million at December 31, 2009, 2008 and 2007, respectively. Our net income and shareholders&#146; equity under U.S. GAAP were unaffected by this change in Argentine GAAP. For a discussion of this change, see Note 1(b) to our Audited Consolidated Financial Statements.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(6)</font></td>
		<td><font size="1">Information has been calculated based on outstanding capital stock of 393,312,793 shares. Each ADS represents one Class D share. There were no differences between basic and diluted earnings per share and ADS for any of the years disclosed.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(7)</font></td>
		<td><font size="1">Amounts expressed in U.S. dollars are based on the exchange rate as of the date of payment.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(8)</font></td>
		<td><font size="1">Total debt under Argentine GAAP includes nominal amounts of long-term debt of Ps.4,654 million as of December 31, 2011, Ps.1,613 million as of December 31, 2010, Ps.2,140 million as of December 31, 2009, Ps.1,260 million as of December 31, 2008 and Ps.523 million as of December 31, 2007.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(9)</font></td>
		<td><font size="1">Our subscribed capital as of December 31, 2011 is represented by 393,312,793 shares of common stock and divided into four classes of shares, with a par value of Ps.10 and one vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Exchange Rates</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">From April 1, 1991 until the end of 2001, the Convertibility Law (Law No. 23,928) established a fixed exchange rate under which the Central Bank was obligated to sell U.S. dollars at one peso per U.S. dollar. On January 6, 2002, the Argentine Congress enacted the Public Emergency Law (Law No. 25,561, the Public Emergency and Foreign Exchange System Reform Law), formally putting an end to the Convertibility Law regime and abandoning over 10 years of U.S. dollar-peso parity. The Public Emergency Law, which has been extended until December 31, 2013 by Law 26,729, grants the executive branch of the Argentine government the power to set the exchange rate between the peso and foreign currencies and to issue regulations related to the foreign exchange market. Following a brief period during which the Argentine government established a temporary dual exchange rate system pursuant to the Public Emergency Law, the peso has been allowed to float freely against other currencies since February 2002 although the government has the power to intervene by buying and selling foreign currency for its own account, a practice in which it engages on a regular basis.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth the annual high, low, average and period-end exchange rates for U.S. dollars for the periods indicated, expressed in nominal pesos per U.S. dollar, based on rates quoted by the Central Bank. The Federal Reserve Bank of New York does not report a noon buying rate for Argentine pesos.</font></p></div>


<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">
      <div align="center"><font size="2"><b>Low</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>High</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Average</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Period End</b></font></div>
    </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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>(pesos per U.S.
      dollar)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Year ended December 31,</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">2007</font></td>
    <td width="8%" align="right"><font size="2">3.05</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.12<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.15</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2008</font></td>
    <td width="8%" align="right"><font size="2">3.01</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.18<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.45</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2009</font></td>
    <td width="8%" align="right"><font size="2">3.45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.75<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.80</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2010</font></td>
    <td width="8%" align="right"><font size="2">3.79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.99</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.92<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3.98</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2011</font></td>
    <td width="8%" align="right"><font size="2">3.97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.15<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Month</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">November 2011</font></td>
    <td width="8%" align="right"><font size="2">4.24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">December 2011</font></td>
    <td width="8%" align="right"><font size="2">4.28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">January 2012</font></td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.34</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">February 2012</font></td>
    <td width="8%" align="right"><font size="2">4.33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.36</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">March 2012</font></td>
    <td width="8%" align="right"><font size="2">4.34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.38</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">April 2012</font></td>
    <td width="8%" align="right"><font size="2">4.38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.40</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">May 2012<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">4.43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.44</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.44</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td><font size="1">Source: Central Bank</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Represents the average of the exchange rates on the last day of each month during the period.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Through May 11, 2012.</font></td>
	</tr>
</table>
<p align="center"><font size="2">7</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_8"></a></font></p>
<div style="text-indent:3%"><p><font size="2">No representation is made that peso amounts have been, could have been or could be converted into U.S. dollars at the foregoing rates on any of the dates indicated.</font></p></div>
<a name="8"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Exchange Controls</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Prior to December 1989, the Argentine foreign exchange market was subject to exchange controls. From December 1989 until April 1991, Argentina had a freely floating exchange rate for all foreign currency transactions, and the transfer of dividend payments in foreign currency abroad and the repatriation of capital were permitted without prior approval of the Central Bank. From April 1, 1991, when the Convertibility Law became effective, until December 21, 2001, when the Central Bank closed the foreign exchange market, the Argentine currency was freely convertible into U.S. dollars.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">On December 3, 2001, the Argentine government imposed a number
    of monetary and currency exchange control measures through Decree 1570/01,
    which included restrictions on the free disposition of funds deposited with
    banks and tight restrictions on transferring funds abroad (including the transfer
    of funds to pay dividends) without the Central Bank&#146;s prior authorization
    subject to specific exceptions for transfers related to foreign trade. Since
    January 2003, the Central Bank has gradually eased these restrictions and
    expanded the list of transfers of funds abroad that do not require its prior
    authorization (including the transfer of funds to pay dividends). In June
    2003, the Argentine government set restrictions on capital flows into Argentina,
    which mainly consisted of a prohibition against the transfer abroad of any
    funds until 180 days after their entry into the country. In June 2005, the
    government established new regulations on capital flows into Argentina, including
    increasing the period that certain incoming funds must remain in Argentina
    to 365 calendar days and requiring that 30% of incoming funds be deposited
    with a bank in Argentina in a non-assignable, non-interest-bearing account
    for 365 calendar days. Under the exchange regulations currently in force,
    restrictions exist in respect of the repatriation of funds or investments
    by non-Argentine residents. For instance, subject only to limited exceptions,
    the repatriation by non-Argentine residents of funds received as a result
    of the sale of the Class D shares in the secondary market is subject to a
    limit of U.S.$500,000 per person per calendar month. In order to repatriate
    such funds abroad, non-Argentine residents also are required to demonstrate
    that the funds used to make the investment in the Class D shares were transferred
    to Argentina at least 365 days before the proposed repatriation. The transfer
    abroad of dividend payments is currently authorized by applicable regulations
    to the extent that such dividend payments are made in connection with audited
    financial statements and are approved by a shareholders&#146; meeting.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">In recent months, additional foreign exchange regulations
    have been imposed to purchases of foreign currency and transfers of foreign
    currency abroad. Such regulations include the requirement for financial institutions
    to inform in advance and obtain approval from the Argentine Central Bank with
    respect to any foreign exchange transaction to be entered into through the
    foreign exchange market. See &#147;&#151;Risk Factors&#151;Risks Relating
    to Argentina&#151;We are subject to exchange and capital controls.&#148;</font></p>
</div>
<p align="center"><font size="2">8</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_9"></a></font></p>

<a name="9"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Risk Factors</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Risks Relating to Argentina</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Expropriation Law, which was passed by Congress on May 3, 2012, provided for the expropriation of 51% of the share capital of YPF represented by an identical stake of Class D shares owned, directly or indirectly, by Repsol YPF and its controlled or controlling entities. The expropriated shares, which have been declared of public interest, will be assigned as follows: 51% to the federal government and 49% to the governments of the provinces that compose the National Organization of Hydrocarbon Producing States. To ensure compliance with its objectives, the Expropriation Law provides that the National Executive Office, by itself or through an appointed public entity, shall exercise all the political rights associated with the shares subject to expropriation until the transfer of political and economic rights to the provinces that compose the National Organization of Hydrocarbon Producing States is completed. Moreover, pursuant to the Expropriation Law, each of the Argentine provinces receiving expropriated shares must enter a shareholder&#146;s agreement with the federal government which will provide for the unified exercise of its rights as a shareholder. See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148; In addition, the Argentine federal government is the sole holder of our Class A shares and the federal government and certain provincial governments are the holders of our Class B shares. See &#147;&#151;Risks Relating to Our Class D Shares and ADSs&#151;Certain strategic transactions require the approval of the holder of our Class A shares or may entail a cash tender offer for all of our outstanding capital stock.&#148; Consequently, the federal government and the governments of Argentine provinces will be able to determine substantially all matters requiring approval by a majority of our shareholders, including the election of a majority of our directors, and will be able to direct our operations and will be able to cause or prevent a change in our control.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Moreover, the Expropriation Law has declared achieving self-sufficiency
    in the supply of hydrocarbons as well as in the exploitation, industrialization,
    transportation and sale of hydrocarbons, a national public interest and a
    priority for Argentina. In addition, its stated goal is to guarantee socially
    equitable economic development, the creation of jobs, the increase of the
    competitiveness of various economic sectors and the equitable and sustainable
    growth of the Argentine provinces and regions. Given the recent passage of
    the Expropriation Law, we are developing our new business plan and the related
    new investment, economic and dividend policy for the Company. Our new business
    plan will be designed in accordance with the goals set forth in the Expropriation
    Law. See &#147;Item 4. Information on the Company&#151;Regulatory Framework
    and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">On April 16, 2012, the Company was notified, through a notarial
    certification, of Decree No. 530/12 of the National Executive Power, which
    provides for the Intervention of YPF for a period of thirty (30) days (which
    is expected to be extended up to our next Shareholders meeting to be held
    on June 4, 2012). See &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law&#148; and &#147;Item 6. Directors, Senior Management and Employees-Management
    of the Company under the Intervention.&#148; In accordance with Article 3
    of Decree No. 530/2012, the powers conferred by YPF&#146;s bylaws on the Board
    and/or the President of the Company have been temporarily granted to the Intervenor.
    On May 7, 2012, through Decree No. 676/2012 of the National Executive Power,
    Mr. Miguel Mat&#237;as Galuccio was appointed General Manager of the Company
    during the Intervention. Our next general shareholders&#146; meeting, expected
    to be held on June 4, 2012, will appoint the new members of our Board of Directors.
    Thirteen members of our senior management are suspended in their functions
    during the Intervention of the Company. We expect that the new Board of Directors
    to be appointed by our next general shareholders&#146; meeting, expected to
    be held on June 4, 2012, confirm them or replace them by appointing new senior
    managers.</font></p>
  <div style="text-indent:3%">
    <p><font size="2">The information contained in this annual report for the
      three years ended December 31, 2011 has been derived from our Audited Consolidated
      Financial Statements, which were approved by our Board of Directors on March
      21, 2012, despite the fact that our Class A shareholder, the Argentine federal
      government, voted against such financial statements. Following the passage
      of the Expropriation Law, the Argentine federal government has taken control
      over the Company (see &#147;Item 4. Information on the Company&#151;Regulatory
      Framework and Relationship with the Argentine Government&#151;The Expropriation
      Law&#148;) and the shareholders&#146; meeting which had been called to approve
      our Audited Consolidated Financial Statements has been postponed until further
      notice. In furtherance of Decree No. 530/12, the Intervenor has approved
      the preparation and filing of this annual report with the aim of securing
      the continuity of the Company&#146;s business and the preservation of its
      assets and capital based on the Audited Consolidated Financial Statements
      and internal reports existing as of the date prior to the Intervention,
      whose content has been ratified exclusively by the Company&#146;s business
      areas and departments as of the date of this annual report.</font></p>
  </div>
  <div style="text-indent:3%"></div>
  <p>&nbsp;</p>
</div>
<p align="center"><font size="2">9</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_10"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>A significant portion of our outstanding financial indebtedness contains covenants that prohibit a change in the control of the Company or a nationalization event and we may be required to repay some or all of our outstanding debt</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">A significant portion of our financial debt, totaling approximately
    U.S.$1,600 million as of the date of this annual report (U.S.$2,000 million
    as of December 31, 2011), provides that certain changes in control and/or
    nationalization events with respect to us may constitute an event of default.
    In addition, our outstanding financial indebtedness also contains cross-default
    provisions and/or cross-acceleration provisions that could cause all of our
    debt to be accelerated if the debt having changes in control and/or nationalization
    events provisions goes into default or is accelerated. While as of the date
    of this annual report we have not received any default notification or debt
    acceleration request, we may be required to repay some or all of our outstanding
    debt as a result of the passage of the Expropriation Law. Our management is
    actively pursuing formal waivers from the corresponding financial creditors.
    In case those waivers are not obtained and immediate repayment is required,
    the Company could face short-term liquidity problems. However Management expects
    that in such case it could obtain financing from several sources, including
    the Company&#146;s operating cash flows and available credit lines. See &#147;Item
    5. Operating and Financial Review and Prospects&#151;Liquidity and Capital
    Resources&#151;Covenants in our indebtedness.&#148; </font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Certain provinces of Argentina have commenced proceedings to terminate some of our oil and gas production concessions</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">As of May 14, 2012, the provinces of Chubut, Santa Cruz, Mendoza,
    Salta, R&#237;o Negro and Neuqu&#233;n had publicly announced that they would
    be terminating certain of our concessions there due to the Company&#146;s
    alleged failure to made adequate investments in exploration and production
    in those areas. Assets (net of deferred income tax liabilities and asset retirement
    obligations) related to the concessions revoked in 2012 totaled approximately
    Ps.283 million as of December 31, 2011 (0.51% of our total assets as of such
    date), had a production of approximately 13.5 mmboe in 2011 (7.6% of our production
    in 2011) and had proved reserves totaling approximately 88.3 mmboe as of December
    31, 2011 (8.8% of our total proved reserves as of such date). Assets (net
    of deferred income tax liabilities and asset retirement obligations) related
    to the concessions whose revocation is currently being evaluated by the relevant
    authorities totaled approximately Ps.3,654 million as of December 31, 2011
    (6.6% of our total assets as of such date), had a production of approximately
    22.9 mmboe in 2011 (12.87% of our production in 2011) and had proved reserves
    totaling approximately 129.7 mmboe as of December 31, 2011 (12.92% of our
    total proved reserves as of such date). In addition, prior to the passage
    of the Expropriation Law, the provincial government of Santa Cruz stated that
    it may withdraw additional of the Company's concessions.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">The Company has alleged that the revocation of these concessions was inappropriate. The Company has taken legal action to seek to prevent the termination of these concessions and management plans to continue to take such steps as necessary. See &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions on Hydrocarbon zones - Provincial claim.&#148; In addition, following the passage of the Expropriation Law, the Intervenor and its delegates have initiated negotiations with the relevant provincial authorities so that the revocations and intimations referred to above are withdrawn. The governors of certain of these provinces have publicly manifested that they will reconsider the matter in view of the stated objectives of the Intervention and the Expropriation Law. However, as of the date of this annual report, we have not been notified of the withdrawal of any of these revocations or intimations. There can be no assurance that the Company will prevail in these proceedings or negotiations or that additional concessions will not be revoked by these or additional provinces. The termination of the concessions identified above would have a material adverse effect on our reserves, production and earnings. Accordingly, oil and gas information presented in this annual report as of and for the year ended December 31, 2011 may not be indicative of our current operations or of our oil and gas information as of and for the year ending December 31, 2012.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Our business is largely dependent upon economic conditions in Argentina</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Substantially all of our operations, properties and customers
    are located in Argentina, and, as a result, our business is to a large extent
    dependent upon economic conditions prevailing in Argentina. The Argentine
    economy has experienced significant volatility in past decades, including
    numerous periods of low or negative growth and high and variable levels of
    inflation and devaluation. Since the most recent crisis of 2001 and 2002,
    Argentina&#146;s gross domestic product, or GDP, grew at an average annual
    real rate of approximately 8.5% from 2003 to 2008,</font></p>
</div>
<p align="center"><font size="2">10</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_11"></a></font></p>

<p><font size="2">although the growth rate decelerated to 0.9% in 2009 as a result of the global financial crisis, but recovered in 2010 and 2011, growing at an annual real rate of approximately 9%, according to preliminary official data. No assurances can be given that the current rate of growth will continue in 2012 or subsequent years or that the economy will not contract. Increased rates of inflation in Argentina could increase our costs of operation, in particular labor costs, and may negatively impact our results of operations and financial condition. See &#147;Item 5. Operating and Financial Review and Prospects&#151;Factors Affecting Our Operations&#151;Macroeconomic Conditions.&#148; If economic conditions in Argentina were to deteriorate, it would likely have an adverse effect on our financial condition and results of operations.</font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Our domestic operations are subject to extensive regulation</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">The oil and gas industry is subject to government regulation
    and control. As a result, our business is to a large extent dependent upon
    regulatory and political conditions prevailing in Argentina and our results
    of operations may be adversely affected by regulatory and political changes
    in Argentina. Therefore, we face risks and challenges relating to government
    regulation and control of the energy sector, including those set forth below
    and elsewhere in these risk factors:</font></p>
</div>
<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">&#149;</font></td>
		<td><font size="2">limitations on our ability to pass higher domestic taxes, increases in production costs, or increases in international prices of crude oil and other hydrocarbon fuels and exchange rate fluctuations through to domestic prices, or to increase local prices of natural gas (in particular for residential customers);</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">higher taxes on exports of hydrocarbons;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">restrictions on hydrocarbon export volumes driven mainly by the requirement to satisfy domestic demand;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">in connection with the Argentine government&#146;s policy to provide absolute priority to domestic demand, regulatory orders to supply natural gas and other hydrocarbon products to the domestic retail market in excess of previously contracted amounts;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">restrictions on imports of products which could affect our ability to meet our delivery commitments or growth plans, as the case may be; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">the implementation or imposition of stricter quality requirements for petroleum products in Argentina.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">The Argentine government has made certain changes in regulations
    and policies governing the energy sector to give absolute priority to domestic
    supply at stable prices in order to sustain economic recovery. As a result
    of the above-mentioned changes, for example, on days during which a gas shortage
    occurs, exports of natural gas (which are also affected by other government
    curtailment orders) and the provision of gas supplies to industries, electricity
    generation plants and service stations selling compressed natural gas are
    interrupted for priority to be given to residential consumers at lower prices.
    More recently, the Expropriation Law has declared achieving self-sufficiency
    in the supply of hydrocarbons as well as in the exploitation, industrialization,
    transportation and sale of hydrocarbons, a national public interest and a
    priority for Argentina. In addition, its stated goal is to guarantee socially
    equitable economic development, the creation of jobs, the increase of the
    competitiveness of various economic sectors and the equitable and sustainable
    growth of the Argentine provinces and regions. See &#147;Item 4. Information
    on the Company&#151;Regulatory Framework and Relationship with the Argentine
    Government-The Expropriation Law.&#148; See &#147;&#151;Risks Relating to
    Argentina&#151;The Argentine federal government has taken control over the
    Company and will operate it according to domestic energy policies in accordance
    with the Expropriation Law.&#148; Moreover, we cannot assure you that changes
    in applicable laws and regulations, or adverse judicial or administrative
    interpretations of such laws and regulations, will not adversely affect our
    results of operations. See &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">In January 2007, Law No. 26,197 was enacted, which, in accordance with Article 124 of the National Constitution, provided that Argentine provinces shall be the owners of the hydrocarbon reservoirs located within their territories. Pursuant to the law, the Argentine Congress is charged with enacting laws and regulations aimed at developing mineral resources within Argentina, while the provincial governments are responsible for enforcing</font></p></div>
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<p><font size="2">these laws and administering hydrocarbon fields that fall within the territories of their respective provinces. Certain provincial governments, however, have construed the provisions of Law No. 26,197 and Article 124 to empower the provinces to enact their own regulations concerning exploration and production of oil and gas within their territories. There can be no assurance that regulations or taxes (including royalties) enacted or administered by the provinces will not conflict with federal law, and such taxes or regulations may adversely affect our operations and financial condition.</font></p>
<div style="text-indent:3%">
  <p><font size="2">During 2012, the Argentine authorities have adopted a number
    of measures that have adversely affected our operations, including the revocation
    of certain of our concessions (see &#147;&#151;Certain provinces of Argentina
    have commenced proceedings to terminate some of our oil and gas production
    concessions&#148;), the temporary suspension of the benefits granted under
    the &#147;Refining Plus&#148; and &#147;Petroleum Plus&#148; programs (the
    effects of which extend to benefits accrued and not yet redeemed by YPF at
    the time of such suspension) and the implementation of a new procedure on
    jet fuel prices charged to certain domestic companies and fuel prices charged
    to public bus transportation companies (though the effects of the resolution
    relating to the fuel prices charged to public bus transportation companies
    have been temporarily suspended, see &#147;Item 8. Financial Information&#151;Legal
    proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;CNDC
    investigation&#148;).</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Limitations on local pricing in Argentina may adversely affect our results of operations</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In recent years, due to regulatory, economic and government policy factors, our domestic gasoline, diesel and other fuel prices have frequently lagged substantially behind prevailing international and regional market prices for such products. Likewise, the prices at which we sell natural gas in Argentina (particularly to the residential sector) are subject to government regulations and currently are substantially below regional market prices for natural gas. For additional information on domestic pricing for our products, see &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Market Regulation.&#148; We cannot assure you that we will be able to increase the domestic prices of our products, and limitations on our ability to do so would adversely affect our financial condition and results of operations. Similarly, we cannot assure you that hydrocarbon prices in Argentina will match the increases or decreases in hydrocarbon prices at the international or regional levels.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On March 13, 2012, YPF was notified of Resolution No. 17/2012, issued by the Argentine Secretariat of Domestic Commerce, pursuant to which each of YPF, Shell Compa&#241;&#237;a Argentina de Petr&#243;leo, S.A. and ESSO Petrolera Argentina S.R.L were ordered to supply jet fuel for domestic and international air transport (whose price had previously tracked international prices) at a price net of taxes not to exceed 2.7% of the price net of taxes of medium octane gasoline (not premium) offered at its closest service station to the relevant airport, while maintaining its existing supply logistics and its usual supply quantities. According to a later clarification from the Secretary of Domestic Commerce, the beneficiaries of this measure are Aerol&#237;neas Argentinas, S.A., Andes L&#237;neas A&#233;reas S.A., Austral - Cielos del Sur, LAN Argentina, S.A. and Sol S.A. L&#237;neas A&#233;reas. In addition, in said resolution, the Argentine Secretariat of Domestic Commerce indicated that it considered convenient to implement a price surveillance system to be implemented by the CNDC.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>We are subject to direct and indirect export restrictions, which have affected our results of operations and caused us to declare force majeure under certain of our export contracts</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Argentine Hydrocarbons Law (Law No. 17,319) allows for hydrocarbon exports as long as they are not required for the domestic market and are sold at reasonable prices. In the case of natural gas, Law 24,076 and related regulations require that the needs of the domestic market be taken into account when authorizing long term natural gas exports.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">During the last several years, the Argentine authorities have
    adopted a number of measures that have resulted in restrictions on exports
    of natural gas from Argentina. Due to the foregoing, we have been obliged
    to sell a part of our natural gas production previously destined for the export
    market in the local Argentine market and have not been able to meet our contractual
    gas export commitments in whole or, in some cases, in part, leading to disputes
    with our export clients and forcing us to declare <i>force majeure</i> under
    our export sales agreements. We believe that the measures mentioned above
    constitute <i>force majeure</i> events that relieve us from any contingent
    liability for the failure to comply with our contractual obligations, although
    no assurance can be given that this position will prevail.</font></p>
</div>
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<p><font size="2">See &#147;Item 4. Information on the Company&#151;Exploration and Production&#151;Delivery commitments-Natural gas supply contracts,&#148; &#147;Item 4. Information on the Company&#151;Exploration and Production-The Argentine natural gas market,&#148; and &#147;Item 8. Financial Information&#151;Legal Proceedings.&#148;</font></p>
<div style="text-indent:3%"><p><font size="2">Crude oil exports, as well as the export of most of our hydrocarbon products, currently require prior authorization from the Argentine Secretariat of Energy (pursuant to the regime established under Resolution S.E. No. 1679/04 as amended and supplemented by other regulation). Oil companies seeking to export crude oil or LPG must first demonstrate that the local demand for such product is satisfied or that an offer to sell the product to local purchasers has been made and rejected. Oil refineries seeking to export diesel fuel must also first demonstrate that the local demand of diesel is duly satisfied. Because domestic diesel production does not currently satisfy Argentine domestic consumption needs, we have been prevented since 2005 from selling diesel production in the export market, and thereby obliged to sell in the local market at prevailing domestic prices.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We are unable to predict how long these export restrictions will be in place, or whether any further measures will be adopted that adversely affect our ability to export gas, crude oil and diesel fuel or other products and, accordingly, our results of operations.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>The implementation of new export duties
      and other taxes could adversely affect our results</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Since 2002, new duties have been implemented on exports, and
    have been progressively increased over the years. Resolution 394/2007 of the
    Ministry of Economy and Production, published on November 16, 2007, amended
    the export duties on crude oil and other crude derivative products imposed
    in previous years. The new regime provides that when the WTI international
    price exceeds the reference price, which is fixed at U.S.$60.9/barrel, the
    producer shall be allowed to collect at U.S.$42/barrel, with the remainder
    being withheld by the Argentine government as an export tax. If the WTI international
    price is under the reference price but over U.S.$45/barrel, a 45% withholding
    rate will apply. If such price is under U.S.$45/barrel, the applicable export
    tax is to be determined by the Argentine government within a term of 90 business
    days. The withholding rate determined as indicated above also currently applies
    to diesel, gasoline and other crude derivative products. In addition, the
    calculation procedure described above also applies to other petroleum products
    and lubricants based upon different withholding rates, reference prices and
    prices allowed to producers. See &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;Market Regulation.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">With respect to natural gas products, Resolution No. 127/2008 of the Ministry of Economy and Production increased export duties applicable to natural gas exports from 45% to 100%, mandating a valuation basis for the calculation of the duty as the highest price established in any contract of any Argentine importer for the import of gas. Resolution No. 127/2008 provides with respect to LPG products (including butane, propane and blends thereof) that if the international price of the relevant LPG product, as notified daily by the Argentine Secretariat of Energy, is under the reference price established for such product in the Resolution (U.S.$338/m3 for propane, U.S.$393/m3 for butane and U.S.$363/m3 for blends of the two), the applicable export duty for such product will be 45%. If the international price exceeds the reference price, the producer shall be allowed to collect the maximum amount established by the Resolution for the relevant product (U.S.$233/m3 for propane, U.S.$271/m3 for butane and U.S.$250/m3 for blends of the two), with the remainder being withheld by the Argentine government as an export tax.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As a result of the aforementioned export tax increases, we may be and, in certain cases, have already been forced to seek the renegotiation of export contracts which had previously been authorized by the Argentine government. We cannot provide assurances that we will be able to renegotiate such contracts on terms acceptable to us.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The imposition of these export taxes has adversely affected our results of operations. We cannot assure you that these taxes will not continue or be increased in the future or that other new taxes will not be imposed.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>We may be exposed to fluctuations in foreign exchange rates</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our results of operations are exposed to currency fluctuation and any devaluation of the peso against the U.S. dollar and other hard currencies may adversely affect our business and results of operations. The value of the peso</font></p></div>
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<p><font size="2">has fluctuated significantly in the past and may do so in the future. We are unable to predict whether, and to what extent, the value of the peso may further depreciate or appreciate against the U.S. dollar and how any such fluctuations would affect our business.</font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>We are subject to exchange and capital controls</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In 2001 and 2002, as a result of the economic crisis, Argentina imposed exchange controls and transfer restrictions substantially limiting the ability of companies to retain foreign currency or make payments abroad. Decree No. 1722/2011, of October 26, 2011, reestablished Decree No. 2581/64 and requires oil and gas companies (including YPF), among other entities, to repatriate 100% of their foreign currency export receivables. See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Repatriation of Foreign Currency.&#148; In recent months, additional foreign exchange restrictions have been imposed which restrict purchases of foreign currency and transfers of foreign currency abroad. Such restrictions include the requirement for financial institutions to inform in advance and obtain approval from the Argentine Central Bank with respect to any foreign exchange transaction to be entered into through the foreign exchange market. There can be no assurances regarding future modifications to exchange and capital controls. Exchange and capital controls could adversely affect our financial condition or results of operations and our ability to meet our foreign currency obligations and execute our financing plans.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Our access to international capital markets and the market price of our shares are influenced by the perception of risk in Argentina and other emerging economies.</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">International investors consider Argentina to be an emerging market. Economic and market conditions in other emerging market countries, especially those in Latin America, influence the market for securities issued by Argentine companies. Volatility in securities markets in Latin America and in other emerging market countries may have a negative impact on the trading value of our securities and on our ability and the terms on which we are able to access international capital markets.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Moreover, recent regulatory and policy developments in Argentina, including the passage of the Expropriation Law and the revocation of certain of our concessions, have led to considerable volatility in the market price of our shares and ADSs. YPF&#146;s share price has declined by approximately 50% since January 1, 2012. See &#147;&#151;The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law.&#148; These developments may have a material adverse effect on our ability to raise capital and the trading values of our securities. In addition, the recent downgrades in our credit ratings by Moody&#146;s and Fitch Ratings could further impair our capacity to raise capital in the international capital markets, in terms of access and cost, and limit the range of counterparties willing to enter into transactions with us.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">A significant portion of our financial debt, totaling approximately
    U.S.$1,600 million as of the date of this annual report (U.S.$2,000 million
    as of December 31, 2011), provides that certain changes in control and/or
    nationalization events with respect to us may constitute an event of default.
    In addition, our outstanding financial indebtedness also contains cross-default
    provisions and/or cross-acceleration provisions that could cause all of our
    debt to be accelerated if the debt having changes in control and/or nationalization
    events provisions goes into default or is accelerated. While as of the date
    of this annual report we have not received any default notification or debt
    acceleration request, we may be required to repay some or all of our outstanding
    debt as a result of the passage of the Expropriation Law. Our management is
    actively pursuing formal waivers from the corresponding financial creditors.
    In case those waivers are not obtained and immediate repayment is required,
    the Company could face short-term liquidity problems. However Management expects
    that in such case it could obtain financing from several sources, including
    the Company&#146;s operating cash flows and available credit lines.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>We may not be able to pay, maintain or increase dividends</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our ability to pay, maintain or increase dividends is based on many factors, including but not limited to the dividend amount distributed in respect of the previous financial year, our net income, anticipated levels of capital expenditures and expected levels of growth. A change in any such factor could affect our ability to pay, maintain or increase dividends, and the exact amount of any dividend paid may vary from year to year. Prior to the passage of the Expropriation Law, the Argentine government made repeated public statements that YPF has paid too much of</font></p></div>
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<p><font size="2">its earnings in dividends and requested the Company to withhold
  dividend payments for 2010 and 2011 and invest the related funds in exploration
  and production activities in Argentina. In this context, in March 2012, our
  Board of Directors decided not to pay a cash dividend but rather offer a scrip
  dividend with respect to 2011 and remaining undistributed prior years&#146;
  earnings. This proposal as well as our accounting documentation corresponding
  to Fiscal Year N&#186; 35, ended December 31, 2011, are expected to be evaluated
  by our shareholders. On April 23, 2012 the Intervention of the Company has decided
  to suspend, until further notice, the call notice of the General Ordinary Shareholders&#146;
  Meeting to be held on April 25, 2012, in order to guarantee the normality of
  the meeting and protect the interests of the Company and its shareholders and
  the transparency in the market. The agenda for that meeting includes the evaluation
  of our accounting documentation corresponding to Fiscal Year N&#186; 35. We
  expect that the new members of our Board of Directors to be appointed at the
  General Ordinary Shareholders&#146; Meeting of June 4, 2012 lift the aforementioned
  suspension. Our ability to pay cash dividend, irrespective of the level of our
  earnings, is uncertain in the current environment, including as a result of
  the passage of the Expropriation Law, and we may not pay cash dividends for
  the short term. See &#147;&#151;The Argentine federal government has taken control
  over the Company and will operate it according to domestic energy policies in
  accordance with the Expropriation Law.&#148;</font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Risks Relating to the Argentine Oil and Gas Business and Our Business</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Oil and gas prices could affect our level of capital expenditures</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We budget capital expenditures related to exploration, development, refining and distribution activities by taking into account, among other things, market prices for our hydrocarbon products. In the event that current domestic prices for certain products prevail or decrease, our ability to improve our hydrocarbon recovery rates, find new reserves and carry out certain of our other capital expenditure plans is likely to be adversely affected, which in turn would have an adverse effect on our results of operations.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Our reserves and production are likely to decline</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Argentina&#146;s oil and gas fields are mature and our reserves and production are likely to decline as reserves are depleted. While our efforts to replace reserves have allowed us to increase our proved reserves by 2.1% during 2011 after declining by 3.1% in 2010, our production has continued to decline in 2011 (production declined by approximately 8.4% and 5.7% in 2011 and 2010, respectively, on a boe basis). We are engaged in efforts to mitigate declines in our reserves and production by adding reserves through technological enhancements aimed at improving our recovery factors as well as through deepwater offshore exploration and development of tight gas. These efforts are subject to material risks and may prove unsuccessful due to risks inherent to the oil and gas industry.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">In addition, in 2012, our reserves and production have been
    affected by the revocation of certain of our concessions in Argentina by the
    relevant provincial authorities. Assets (net of deferred income tax liabilities
    and asset retirement obligations) related to the concessions revoked in 2012
    totaled approximately Ps.283 million as of December 31, 2011 (0.51% of our
    total assets as of such date), had a production of approximately 13.5 mmboe
    in 2011 (7.6% of our production in 2011) and had proved reserves totaling
    approximately 88.3 mmboe as of December 31, 2011 (8.8% of our total proved
    reserves as of such date). In addition, the revocation of other concessions
    in Argentina is currently being evaluated by the relevant provincial authorities.
    Assets (net of deferred income tax liabilities and asset retirement obligations)
    related to the concessions whose revocation is currently being evaluated by
    the relevant authorities totaled approximately Ps.3,654 million as of December
    31, 2011 (6.6% of our total assets as of such date), had a production of approximately
    22.9 mmboe in 2011 (12.87% of our production in 2011) and had proved reserves
    totaling approximately 129.7 mmboe as of December 31, 2011 (12.92% of our
    total proved reserves as of such date). In addition, prior to the passage
    of the Expropriation Law, the provincial government of Santa Cruz stated that
    it may withdraw additional of the Company's concessions. See &#147;&#151;Certain
    provinces of Argentina have commenced proceedings to terminate some of our
    oil and gas production concessions&#148; and Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued,
    possible contingencies&#151;Concessions on Hydrocarbon zones&#151;Provincial
    claims.&#148; While we have initiated legal action to protect our interests
    and the Intervenor and its delegates are in negotiations with the relevant
    provincial authorities, we cannot provide assurances that such action or negotiations
    will be successful or that additional concessions beyond those currently identified
    will not be revoked. In addition, the governors of certain of these provinces
    have publicly manifested that they will reconsider the matter in view of the
    stated objectives of the Intervention and the Expropriation Law. However,
    as of the date of this annual report, we have not been notified of the withdrawal
    of any of these revocations or intimations. Accordingly, oil and</font></p>
</div>
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<p><font size="2">gas information presented in this annual report as of and for the year ended December 31, 2011 may not be indicative of our current operations or of our oil and gas information as of and for the year ending December 31, 2012.</font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Our oil and natural gas reserves are estimates</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our oil and gas proved reserves are estimated using geological and engineering data to determine with reasonable certainty whether the crude oil or natural gas in known reservoirs is recoverable under existing economic and operating conditions. The accuracy of proved reserve estimates depends on a number of factors, assumptions and variables, some of which are beyond our control. Factors susceptible to our control include drilling, testing and production after the date of the estimates, which may require substantial revisions to reserves estimates; the quality of available geological, technical and economic data used by us and our interpretation thereof; the production performance of our reservoirs and our recovery rates, both of which depend in significant part on available technologies as well as our ability to implement such technologies and the relevant know-how; the selection of third parties with which we enter into business; and the accuracy of our estimates of initial hydrocarbons in place, which may prove to be incorrect or require substantial revisions. Factors mainly beyond our control include changes in prevailing oil and natural gas prices, which could have an effect on the quantities of our proved reserves (since the estimates of reserves are calculated under existing economic conditions when such estimates are made); changes in the prevailing tax rules, other government regulations and contractual conditions after the date estimates are made (which could make reserves no longer economically viable to exploit); and certain actions of third parties, including the operators of fields in which we have an interest.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As a result of the foregoing, measures of reserves are not precise and are subject to revision. Any downward revision in our estimated quantities of proved reserves could adversely impact our financial results by leading to increased depreciation, depletion and amortization charges and/or impairment charges, which would reduce earnings and shareholders&#146; equity.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>The oil and gas industry is subject to particular economic and operational risks</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Oil and gas exploration and production activities are subject to particular economic and industry-specific operational risks, some of which are beyond our control, such as production, equipment and transportation risks, and natural hazards and other uncertainties, including those relating to the physical characteristics of onshore and offshore oil or natural gas fields. Our operations may be curtailed, delayed or cancelled due to bad weather conditions, mechanical difficulties, oil or natural gas spills or leaks, shortages or delays in the delivery of equipment, compliance with governmental requirements, fire, explosions, blow-outs, pipe failure, abnormally pressured formations, and environmental hazards, such as oil spills, gas leaks, ruptures or discharges of toxic gases. If these risks materialize, we may suffer substantial operational losses and disruptions to our operations and harm to our reputation. Drilling may be unprofitable, not only with respect to dry wells, but also with respect to wells that are productive but do not produce sufficient net revenues to return a profit after drilling, operating and other costs are taken into account.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>We may not have sufficient insurance to cover all the operating hazards that we are subject to</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">As discussed under &#147;&#151;The oil and gas industry is subject to particular economic and operational risks&#148; and &#147;&#151;We may incur significant costs and liabilities related to environmental, health and safety matters,&#148; our exploration and production operations are subject to extensive economic, operational, regulatory and legal risks. We maintain insurance covering us against certain risks inherent in the oil and gas industry in line with industry practice, including loss of or damage to property and equipment, control-of well incidents, loss of production or income incidents, removal of debris, sudden and accidental seepage pollution, contamination and clean up and third-party liability claims, including personal injury and loss of life, among other business risks. However, our insurance coverage is subject to deductibles and limits that in certain cases may be materially exceeded by our liabilities. In addition, certain of our insurance policies contain exclusions that could leave us with limited coverage in certain events. See &#147;Item 4. Information on the Company&#151;Insurance.&#148; In addition, we may not be able to maintain adequate insurance at rates or on terms that we consider reasonable or acceptable or be able to obtain insurance against certain risks that materialize in the future. If we experience an incident against which we are not insured, or</font></p></div>
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<p><font size="2">the costs of which materially exceed our coverage, it could have a material adverse effect on our business, financial condition and results of operations.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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		<td valign=top ><font size="2"><b><i>Argentine oil and gas production concessions and exploration permits are subject to certain conditions and may not be renewed</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Hydrocarbons Law provides for oil and gas concessions to remain in effect for 25 years as from the date of their award, and further provides for the concession term to be extended for up to 10 additional years, subject to terms and conditions approved by the grantor at the time of the extension. The authority to extend the terms of current and new permits, concessions and contracts has been vested in the governments of the provinces in which the relevant area is located (and the federal government in respect of offshore areas beyond 12 nautical miles). In order to be eligible for the extension, any concessionaire and permit holder must have complied with its obligations under the Hydrocarbons Law and the terms of the particular concession or permit, including evidence of payment of taxes and royalties, the supply of the necessary technology, equipment and labor force and compliance with various environmental, investment and development obligations. Under the Hydrocarbons Law, non-compliance with these obligations and standards may also result in the imposition of fines and in the case of material breaches, following the expiration of applicable cure periods, the revocation of the concession or permit. The expiration of part of our concessions occurs in 2017. We cannot provide assurances that these concessions will be extended or that additional investment, royalty payment or other requirements will not be imposed on us in order to obtain extensions. The termination of, or failure to obtain the extension of, a concession or permit, our its revocation, could have a material adverse effect on our business and results of operations. See &#147;&#151;Certain provinces of Argentina have commenced proceedings to terminate some of our oil and gas production concessions.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b><i>Our acquisition of exploratory acreage and crude oil and natural gas reserves is subject to heavy competition</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We face intense competition in bidding for crude oil and natural gas production areas, which are typically auctioned by governmental authorities, especially those areas with the most attractive crude oil and natural gas reserves. Some provinces of Argentina, including La Pampa, Neuqu&#233;n and Chubut, have created provincial government-owned companies to develop activities in the oil and gas industry. Energ&#237;a Argentina S.A. (ENARSA), the Argentine state-owned energy company, has also entered the market, particularly in the context of offshore exploration. As a result, the conditions under which we are able to access new exploratory or productive areas could be adversely affected.</font></p></div>
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		<td valign=top ><font size="2"><b><i>We may incur significant costs and liabilities related to environmental, health and safety matters</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our operations, like those of other companies in the oil and gas industry, are subject to a wide range of environmental, health and safety laws and regulations in the countries in which we operate. These laws and regulations have a substantial impact on our operations and those of our subsidiaries, and could result in material adverse effects on our financial position and results of operation. A number of events related to environmental, health and safety matters, including changes in applicable laws and regulations, adverse judicial or administrative interpretations of such laws and regulations, changes in enforcement policy, the occurrence of new litigation or development of pending litigation, and the development of information concerning these matters, could result in new or increased liabilities, capital expenditures, reserves, losses and other impacts that could have a material adverse effect on our financial condition and results of operations. See &#147;Item 8. Financial Information?Legal Proceedings,&#148; &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Argentine Environmental Regulations&#148; and &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;U.S. Environmental Regulations.&#148; Environmental, health and safety regulation and jurisprudence in Argentina is developing at a rapid pace and no assurance can be provided that such developments will not increase our cost of doing business and liabilities. In addition, due to concern over the risk of climate change, a number of countries have adopted, or are considering the adoption of, new regulatory requirements to reduce greenhouse gas emissions, such as carbon taxes, increased efficiency standards, or the adoption of cap and trade regimes. If adopted in Argentina, these requirements could make our products more expensive as well as shift hydrocarbon demand toward relatively lower-carbon sources such as renewable energies.</font></p></div>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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		<td valign=top ><font size="2"><b><i>We are party to a number of legal proceedings</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">As described under &#147;Item 8. Financial Information&#151;Legal Proceedings,&#148; we are party to a number of labor, commercial, civil, tax, criminal, environmental and administrative proceedings that, either alone or in combination with other proceedings, could, if resolved in whole or in part adversely to us, result in the imposition of material costs, fines, judgments or other losses. While we believe that we have provisioned such risks appropriately based on the opinions and advice of our external legal advisors and in accordance with applicable accounting rules, certain loss contingencies, particularly those relating to environmental matters, are subject to change as new information develops and it is possible that losses resulting from such risks, if proceedings are decided in whole or in part adversely to us, could significantly exceed any accruals we have provided.</font></p></div>

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		<td valign=top ><font size="2"><b><i>Our business depends to a significant extent on our production and refining facilities and logistics network</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our oil and natural gas field facilities, refineries and logistics network are our principal production facilities and distribution network on which a significant portion of our revenues depends. Although we insure our properties on terms we consider prudent and have adopted and maintain safety measures, any significant damage to, accident or other production stoppage at our facilities or network could materially and adversely affect our production capabilities, financial condition and results of operations.</font></p></div>
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		<td valign=top ><font size="2"><b><i>We could be subject to organized labor action</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Although we consider our current relations with our workforce to be good, our operations have been affected by organized work disruptions and stoppages in the past and we cannot assure you that we will not experience them in the future, which could adversely affect our business and revenues. Labor demands are commonplace in Argentina&#146;s energy sector and unionized workers have blocked access to and damaged our plants in the recent past. Our operations were affected occasionally by labor strikes in recent years. See &#147;Item 5. Operating and Financing Review and Prospects&#151;Factors Affecting Our Operations&#151;Macroeconomic Conditions.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b>Risks Relating to Our Class D Shares and ADSs</b></font></td>
	</tr>
</table>
<br>
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		<td valign=top ><font size="2"><b><i>The market price for our shares and ADSs may be subject to significant volatility</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The market price of our ordinary shares and ADSs may fluctuate significantly due to a number of factors, including, among others, our actual or anticipated results of operations and financial condition; speculation over the impact of the Expropriation Law in our business and operations, investor perceptions of investments relating to Argentina and political and regulatory developments affecting our industry or the Company. In addition, recent regulatory and policy developments in Argentina, including the passage of the Expropriation Law and the revocation of certain of our concessions, have led to considerable volatility in the market price of our shares and ADSs. YPF&#146;s share price has declined by approximately 50% since January 1, 2012. These developments, as well as concerns about the implementation of new measures or decisions which further adversely affect our interests, may have a material adverse effect on the trading values of our securities.</font></p></div>
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		<td valign=top ><font size="2"><b><i>We are currently not in compliance with NYSE continued listing requirements regarding our Audit Committee and are at risk of being delisted from the NYSE</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Since the passage of Decree No. 530/12 of the National Executive
    Power, which provides for the Intervention of YPF, all powers, duties and
    responsibilities of the Audit Committee of the Company have been transferred
    to the government-appointed Intervenor. See &#147;Item 6. Directors, Senior
    Management and Employees-Management of the Company under the Intervention&#148;
    and &#147;Item 6. Directors, Senior Management and Employees-The Audit Committee.&#148;
    Accordingly, since April 16, 2012, the Company no longer has an audit committee
    that satisfies the requirements of Rule 10A-3 under the Securities Exchange
    Act of 1934, as amended. If we fail to cure this deficiency, NYSE rules provide
    that the NYSE may initiate suspension and delisting procedures with respect
    to our securities. The delisting of our ADSs would require any trading in
    these securities to occur in the over-the-counter market and could adversely
    affect the market prices and liquidity of the markets for these securities.
    If our ADSs are delisted from the NYSE, there may be a limited market for
    our ADSs, trading in our ADSs may become more difficult and the price of our
    ADSs could decrease even further. Specifically, you may not be able to resell
    your</font></p>
</div>
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<p><font size="2">ADSs at or above the price you paid for such ADSs or at all. In addition, if our ADSs are delisted, our ability to raise additional capital would likely be impaired.</font></p>

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		<td valign=top ><font size="2"><b><i>Certain strategic transactions require the approval of the holder of our Class A shares or may entail a cash tender offer for all of our outstanding capital stock</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under our by-laws, the approval of the Argentine government, the sole holder of our Class A shares, is required to undertake certain strategic transactions, including a merger, an acquisition that results in the purchaser holding 15% or more of our capital stock or an acquisition that results in the purchaser holding a majority of our capital stock, requiring consequently the approval of the National State (the holder of our Class A share) for such decisions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, under our by-laws, an acquisition that results in the purchaser holding 15% or more of our capital stock would require such purchaser to make a public cash tender offer for all of our outstanding shares and convertible securities, which could discourage certain investors from acquiring significant stakes in our capital stock. See &#147;Item 10. Additional Information&#151;Certain Provisions Relating to Acquisitions of Shares.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b><i>Restrictions on the movement of capital out of Argentina may impair your ability to receive dividends and distributions on, and the proceeds of any sale of, the Class D shares underlying the ADSs</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Argentine law currently permits the government to impose temporary
    restrictions on capital movements in circumstances where a serious imbalance
    develops in Argentina&#146;s balance of payments or where there are reasons
    to foresee such an imbalance. Although the transfer of funds abroad in order
    to pay dividends currently does not require Central Bank approval, restrictions
    on the movement of capital to and from Argentina may, if imposed, impair or
    prevent the conversion of dividends, distributions, or the proceeds from any
    sale of Class D shares, as the case may be, from pesos into U.S. dollars and
    the remittance of the U.S. dollars abroad. The Argentine government has recently
    tightened U.S. dollar exchange regulations.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">Under the terms of our deposit agreement with the depositary
    for the ADSs, the depositary will convert any cash dividend or other cash
    distribution we pay on the shares underlying the ADSs into U.S. dollars, if
    it can do so on a reasonable basis and can transfer the U.S. dollars to the
    United States. If this conversion is not possible for any reason, including
    regulations of the type described in the preceding paragraph, the deposit
    agreement allows the depositary to distribute the foreign currency only to
    those ADR holders to whom it is possible to do so. If the exchange rate fluctuates
    significantly during a time when the depositary cannot convert the foreign
    currency, you may lose some or all of the value of the dividend distribution.</font></p>
</div>
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		<td valign=top ><font size="2"><b><i>Under Argentine law, shareholder rights may be different from other jurisdictions</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our corporate affairs are governed by our by-laws and by Argentine corporate law, which differ from the legal principles that would apply if we were incorporated in a jurisdiction in the United States or in other jurisdictions outside Argentina. In addition, rules governing the Argentine securities markets are different and may be subject to different enforcement in Argentina than in other jurisdictions.</font></p></div>
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		<td valign=top ><font size="2"><b><i>Actual or anticipated sales of a substantial number of Class D shares could decrease the market prices of our Class D shares and the ADSs</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Petersen Group owns ADSs representing approximately 25.46% of our capital stock. In addition, as described in greater detail under &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Registration Rights and Related Agreements,&#148; we have filed and undertaken to maintain an effective shelf registration statement for the benefit of the lenders under the senior secured term loan facility provided to Petersen Energ&#237;a to enable it to enter into the Petersen Transaction (as defined in &#147;Item 7. Major Shareholders and Related Party Transactions&#148;). The lenders under the senior secured term loan facility, upon the acceleration of such facility following the occurrence and continuation of an event of default under such facility, will be able to freely sell up to approximately 25% of our outstanding capital stock under the shelf registration statement. Sales of a substantial number of Class D shares or ADSs by the Petersen Group, such lenders or any other present or future significant shareholder, or the anticipation of such sales, could decrease the trading price of our Class D shares and the ADSs. See &#147;Item 7. Major Shareholders</font></p></div>
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<p><font size="2">and Related Party Transactions.&#148; The Petersen Group&#146;s ability to service its indebtedness under the senior secured term loan facility may be substantially adversely affected by our inability to pay cash dividends.</font></p>

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		<td valign=top ><font size="2"><b><i>You may be unable to exercise preemptive, accretion or other rights with respect to the Class D shares underlying your ADSs</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">You may not be able to exercise the preemptive or accretion rights relating to the shares underlying your ADSs (see &#147;Item 10. Additional Information&#151;Preemptive and Accretion Rights&#148;) unless a registration statement under the U.S. Securities Act of 1933 (the &#147;Securities Act&#148;) is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available. We are not obligated to file a registration statement with respect to the shares relating to these preemptive rights, and we cannot assure you that we will file any such registration statement. Unless we file a registration statement or an exemption from registration is available, you may receive only the net proceeds from the sale of your preemptive rights by the depositary or, if the preemptive rights cannot be sold, they will be allowed to lapse. As a result, U.S. holders of Class D shares or ADSs may suffer dilution of their interest in our company upon future capital increases.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, under the Argentine Corporations Law, foreign companies that own shares in an Argentine corporation are required to register with the Superintendency of Corporations (<i>Inspecci&#243;n General de Justicia</i>, or &#147;IGJ&#148;) in order to exercise certain shareholder rights, including voting rights. If you own our Class D shares directly (rather than in the form of ADSs) and you are a non-Argentine company and you fail to register with IGJ, your ability to exercise your rights as a holder of our Class D shares may be limited.</font></p></div>
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		<td valign=top ><font size="2"><b><i>You may be unable to exercise voting rights with respect to the Class D shares underlying your ADSs at our shareholders&#146; meetings</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The depositary will be treated by us for all purposes as the shareholder with respect to the shares underlying your ADSs. As a holder of ADRs representing the ADSs being held by the depositary in your name, you will not have direct shareholder rights and may exercise voting rights with respect to the Class D shares represented by the ADSs only in accordance with the deposit agreement relating to the ADSs. There are no provisions under Argentine law or under our by-laws that limit the exercise by ADS holders of their voting rights through the depositary with respect to the underlying Class D shares. However, there are practical limitations on the ability of ADS holders to exercise their voting rights due to the additional procedural steps involved in communicating with these holders. For example, holders of our shares will receive notice of shareholders&#146; meetings through publication of a notice in an official gazette in Argentina, an Argentine newspaper of general circulation and the bulletin of the BASE, and will be able to exercise their voting rights by either attending the meeting in person or voting by proxy. ADS holders, by comparison, will not receive notice directly from us. Instead, in accordance with the deposit agreement, we will provide the notice to the depositary. If we ask it to do so, the depositary will mail to holders of ADSs the notice of the meeting and a statement as to the manner in which instructions may be given by holders. To exercise their voting rights, ADS holders must then instruct the depositary as to voting the Class D shares represented by their ADSs. Due to these procedural steps involving the depositary, the process for exercising voting rights may take longer for ADS holders than for holders of Class D shares, and Class D shares represented by ADSs may not be voted as you desire. Class D shares represented by ADSs for which the depositary fails to receive timely voting instructions may, if requested by us, be voted as we instruct at the corresponding meeting.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition to the limitations referred to above, the Company has been recently notified of the preliminary injunction granted by a First Instance Labor Court in Tierra del Fuego Province, which provides for the temporal suspension of the exercise of the voting and economic rights attached to 45,215,888 of our ADSs. See &#147;Item 10. Additional Information&#151;Capital Stock.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b><i>Shareholders outside of Argentina may face additional investment risk from currency exchange rate fluctuations in connection with their holding of our Class D shares or the ADSs</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We are an Argentine company and any future payments of dividends on our Class D shares will be denominated in pesos. The peso has historically fluctuated significantly against many major world currencies, including the U.S. dollar. A depreciation of the peso would likely adversely affect the U.S. dollar or other currency equivalent of any</font></p></div>
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<p><font size="2">dividends paid on our Class D shares and could result in a decline in the value of our Class D shares and the ADSs as measured in U.S. dollars.</font></p>
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<a name="22a"></a>
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		<td valign=top ><font size="2"><b>ITEM 4. Information on the Company</b></font></td>
	</tr>
</table>
<br>
<a name="22b"></a>
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		<td valign=top ><font size="2"><b>History and Development of YPF</b></font></td>
	</tr>
</table>
<br>
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		<td valign=top ><font size="2"><b><i>Overview</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF is a limited liability company (<i>sociedad an&#243;nima</i>), incorporated under the laws of Argentina for an unlimited term. Our address is Macacha G&#252;emes 515, C1106BKK Ciudad Aut&#243;noma de Buenos Aires, Argentina and our telephone number is (011-54-11) 5441-2000. Our legal name is YPF Sociedad An&#243;nima and we conduct our business under the commercial name &#147;YPF&#148;.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We are Argentina&#146;s leading energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream and downstream segments. Our upstream operations consist of the exploration, development and production of crude oil, natural gas and LPG. Our downstream operations include the refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. Additionally, we are active in the gas separation and natural gas distribution sectors both directly and through our investments in several affiliated companies. In 2011, we had consolidated net sales of Ps.56,697 million (U.S.$13,185 million) and consolidated net income of Ps.5,296 million (U.S.$1,232 million).</font></p></div>
<div style="text-indent:3%"><p><font size="2">Most of our predecessors were state-owned companies with operations dating back to the 1920s. In November 1992, the Argentine government enacted the Privatization Law (Law No. 24,145), which established the procedures for our privatization. In accordance with the Privatization Law, in July 1993, we completed a worldwide offering of 160 million Class D shares that had previously been owned by the Argentine government. As a result of that offering and other transactions, the Argentine government&#146;s ownership interest in our capital stock was reduced from 100% to approximately 20% by the end of 1993.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Since 1999 and until the passage of the Expropriation Law (Law No. 26,741), we were controlled by Repsol YPF, an integrated oil and gas company headquartered in Spain with global operations. Repsol YPF owned approximately 99% of our capital stock from 2000 until 2008, when the Petersen Group purchased, in different stages, shares representing 15.46% of our capital stock. In addition, Repsol YPF granted certain affiliates of Petersen Energ&#237;a an option to purchase up to an additional 10% of our outstanding capital stock, which was exercised in May 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On May 3, 2012, the Argentine Congress passed the Expropriation Law. Among other matters, the Expropriation Law provided for the expropriation of 51% of the share capital of YPF represented by an identical stake of Class D shares owned, directly or indirectly, by Repsol YPF and its controlled or controlling entities. The expropriated shares, which have been declared of public interest, will be assigned as follows: 51% to the federal government and 49% to the governments of the provinces that compose the National Organization of Hydrocarbon Producing States. To ensure compliance with its objectives, the Expropriation Law provides that the National Executive Office, by itself or through an appointed public entity, shall exercise all the political rights associated with the shares subject to expropriation until the transfer of political and economic rights to the provinces that compose the National Organization of Hydrocarbon Producing States is completed. See &#147;Item 3. Key Information&#151;Risk Factors-Risks Relating to Argentina&#151;The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law,&#148; &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law&#148; and &#147;Item 7. Major Shareholders and Related Party Transactions.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">Furthermore, on April 16, 2012, the Company was notified, through a notarial certification, of Decree No. 530/12 of the National Executive Power, which provides for the Intervention of YPF for a period of thirty (30) days (which is expected to be extended up to our next Shareholders meeting to be held on June 4, 2012), with the aim of securing the continuity of its business and the preservation of its assets and capital, securing fuel provision and the satisfaction of the country&#146;s needs, and guaranteeing that the goals of the Expropriation Law, are met. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148; In accordance with Article 3 of Decree No. 530/2012, the powers conferred by YPF&#146;s bylaws on the Board and/or the President of the Company have been temporarily granted to the Intervenor. On May 7, 2012, through Decree No. 676/2012 of the</font></p></div>
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<p><font size="2">National Executive Power, Mr. Miguel Mat&#237;as Galuccio was
  appointed General Manager of the Company during the Intervention. Our next general
  shareholders&#146; meeting, expected to be held on June 4, 2012, will appoint
  the new members of our Board of Directors. See &#147;Item 6. Directors, Senior
  Management and Employees-Management of the Company under the Intervention.&#148;
  Given the recent passage of the Expropriation Law, we are developing our new
  business plan and the related new investment, economic and dividend policy for
  the Company. Our new business plan will be designed in accordance with the goals
  set forth in the Expropriation Law. See &#147;&#151;Regulatory Framework and
  Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p>
<div style="text-indent:3%">
  <p><font size="2">The information contained in this annual report for the three
    years ended December 31, 2011 has been derived from our Audited Consolidated
    Financial Statements, which were approved by our Board of Directors on March
    21, 2012, despite the fact that our Class A shareholder, the Argentine federal
    government, voted against such financial statements. Following the passage
    of the Expropriation Law, the Argentine federal government has taken control
    over the Company (see &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law&#148;) and the shareholders&#146; meeting which had been called to approve
    our Audited Consolidated Financial Statements has been postponed until further
    notice. In furtherance of Decree No. 530/12, the Intervenor has approved the
    preparation and filing of this annual report with the aim of securing the
    continuity of the Company&#146;s business and the preservation of its assets
    and capital based on the Audited Consolidated Financial Statements and internal
    reports existing as of the date prior to the Intervention, whose content has
    been ratified exclusively by the Company&#146;s business areas and departments
    as of the date of this annual report.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">In addition, certain of our concessions in Argentina have
    recently been revoked by the relevant authorities while the revocation of
    other concessions is currently being evaluated by the relevant authorities.
    See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to
    Argentina&#151;Certain provinces of Argentina have commenced proceedings to
    terminate some of our oil and gas production concessions&#148; and &#147;Item
    8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions
    on Hydrocarbon zones&#151;Provincial claims.&#148; Depending on the outcome
    of the legal action brought by YPF to challenge these revocations and the
    negotiations initiated by the Intervenor and its delegates with the relevant
    provincial authorities, our past performance may not be indicative of future
    trends or results of the Company and the reserves and production amounts set
    forth in this annual report could be substantially reduced.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Upstream Operations</i></b></font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">As of December 31, 2011, we held interests in more than 90 oil and gas fields in Argentina, accounting for approximately 39% of the country&#146;s total production of crude oil, excluding natural gas liquids, and approximately 37% of its total natural gas production, including natural gas liquids, in 2011, according to information provided by the Argentine Secretariat of Energy.</font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">We had proved reserves, as estimated as of December 31, 2011, of approximately 585 mmbbl of oil, including condensates and natural gas liquids, and approximately 2,361 bcf of gas, representing aggregate reserves of approximately 1,004 mmboe.</font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">In 2011, we produced approximately 100 mmbbl of oil (274 mbbl/d), including condensates and natural gas liquids, and approximately 441 bcf of gas (1,208 mmcf/d).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Downstream Operations</i></b></font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">We are Argentina&#146;s leading refiner with operations conducted at three wholly-owned refineries with combined annual refining capacity of approximately 116 mmbbl (319.5 mbbl/d). We also have a 50% interest in Refiner&#237;a del Norte, S.A. (&#147;Refinor&#148;), an entity jointly controlled with and operated by Petrobras Energ&#237;a S.A., which has a refining capacity of 26.1 mbbl/d.</font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Our retail distribution network for automotive petroleum products as of December 31, 2011 consisted of 1,557 YPF-branded service stations, and we estimate we held approximately 31% of all gasoline service stations in Argentina.</font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">We are one of the leading petrochemical producers in Argentina and in the Southern Cone of Latin America, with operations conducted through our Ensenada and Plaza Huincul sites. In addition, Profertil S.A. (&#147;Profertil&#148;), a company that we jointly control with Agrium Holdco Spain S.L. (&#147;Agrium&#148;), is one of the leading producers of urea in the Southern Cone.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following chart illustrates our organizational structure, including our principal subsidiaries, as of the date of this annual report.</font></p></div>
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<p><font size="2"><img src="org_structure.jpg" width="1370" height="985"></font></p>
<div style="text-indent:3%"><p><font size="2">The map below illustrates the location of our productive basins, refineries, storage facilities and crude oil and multi-product pipeline networks as of December 31, 2011.</font></p>
</div>
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<p><font size="2"><img src="map.jpg" width="843" height="989"></font></p>
<div style="text-indent:3%"><p><font size="2">For a description of our principal capital expenditures and divestitures, see &#147;Item 5. Operating and Financial Review and Prospects-Liquidity and Capital Resources-Capital investments, expenditures and divestitures.&#148;</font></p></div>
<a name="25"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>The Argentine Market</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Argentina is the second largest producer of natural gas and the fourth largest producer of crude oil in Central and South America, based on 2010 production, according to the 2010 edition of the BP Statistical Review of World Energy, published in June 2011.</font></p></div>
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<div style="text-indent:3%">
  <p><font size="2">In response to the economic crisis of 2001 and 2002, the Argentine
    government, pursuant to the Public Emergency Law (Law No. 25,561), established
    export taxes on certain hydrocarbon products. In subsequent years, in order
    to satisfy growing domestic demand and abate inflationary pressures, this
    policy was supplemented by constraints on domestic prices, temporary export
    restrictions and subsidies on imports of natural gas and diesel. As a result,
    until 2008, local prices for oil and natural gas products had remained significantly
    below those prevalent in neighboring countries and international commodity
    exchanges.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">After declining during the economic crisis of 2001 and 2002,
    Argentina&#146;s gross domestic product, or GDP, grew at an average annual
    real rate of approximately 8.5% from 2003 to 2008, although the growth rate
    decelerated to 0.9% in 2009 as a result of the global financial crisis, but
    recovered in 2010 and 2011, growing at an annual real rate of approximately
    9%, according to preliminary official data. Driven by this economic expansion
    and stable domestic prices, energy demand has increased significantly during
    the same period, outpacing energy supply (which in the case of oil declined).
    For example, Argentine natural gas and diesel consumption grew at average
    annual rates of approximately 4.7% and 2.8%, respectively, during the period
    2003-2010, according to the BP Statistical Review and the Argentine Secretariat
    of Energy.<b> </b>As a result of this increasing demand and actions taken
    by the Argentine regulatory authorities to support domestic supply, exported
    volumes of hydrocarbon products, especially natural gas, diesel and gasoline,
    declined steadily over this period. At the same time, Argentina has increased
    hydrocarbon imports, becoming a net importer of certain products, such as
    diesel, and increased imports of gas (including NGL). In 2003, Argentina&#146;s
    net exports of diesel amounted to approximately 1,349 mcm, while in 2011 its
    net imports of diesel amounted to approximately 1,995 mcm, according to information
    provided by the Argentine Secretariat of Energy. Significant investments in
    the energy sector are being carried out, and additional investments are expected
    to be required in order to support continued economic growth, as the industry
    is currently operating near capacity.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">Demand for diesel in Argentina exceeds domestic production.
    In addition, the import prices of refined products have been in general substantially
    higher than the average domestic sales prices of such products, rendering
    the import and resale of such products less profitable. As a result, service
    stations experience temporary shortages and are required to suspend or curtail
    diesel sales. While we are engaged in efforts to operate our refineries near
    their capacity, during peak demand periods we are forced to prorate supplies
    among our service stations according to historical sales levels.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">On May 3, 2012, the Expropriation Law was passed by Congress. The Expropriation Law has declared achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation, industrialization, transportation and sale of hydrocarbons, a national public interest and a priority for Argentina. In addition, its stated goal is to guarantee socially equitable economic development, the creation of jobs, the increase of the competitiveness of various economic sectors and the equitable and sustainable growth of the Argentine provinces and regions. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p></div>
<a name="26"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>History of YPF</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Beginning in the 1920s and until 1990, both the upstream and downstream segments of the Argentine oil and gas industry were effectively monopolies of the Argentine government. During this period, we and our predecessors were owned by the state, which controlled the exploration and production of oil and natural gas, as well as the refining of crude oil and marketing of refined petroleum products. In August 1989, Argentina enacted laws aimed at the deregulation of the economy and the privatization of Argentina&#146;s state-owned companies, including us. Following the enactment of these laws, a series of presidential decrees were promulgated, which required, among other things, us to sell majority interests in our production rights to certain major producing areas and to undertake an internal management and operational restructuring program.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In November 1992, Law No. 24,145 (referred to as the Privatization Law), which established the procedures by which we were to be privatized, was enacted. In accordance with the Privatization Law, in July 1993, we completed a worldwide offering of 160 million Class D shares that had previously been owned by the Argentine government.</font></p></div>
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<p><font size="2">As a result of that offering and other transactions, the Argentine government&#146;s ownership percentage in our capital stock was reduced from 100% to approximately 20% by the end of 1993.</font></p>
<div style="text-indent:3%"><p><font size="2">In January 1999, Repsol YPF acquired 52,914,700 Class A shares in block (14.99% of our shares) which were converted to Class D shares. Additionally, on April 30, 1999, Repsol YPF announced a tender offer to purchase all outstanding Class A, B, C and D shares (the &#147;Offer&#148;). Pursuant to the Offer, in June 1999, Repsol YPF acquired an additional 82.47% of our outstanding capital stock. Repsol YPF acquired additional stakes in us from minority shareholders and other transactions in 1999 and 2000.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Between 2004 and 2005 we made non-strategic asset divestitures totaling U.S.$239.5 million.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On February 21, 2008, Petersen Energ&#237;a purchased 58,603,606 of our ADSs, representing 14.9% of our capital stock, from Repsol YPF for U.S.$2,235 million. In addition, Repsol YPF granted certain affiliates of Petersen Energ&#237;a options to purchase up to an additional 10.1% of our outstanding capital stock within four years. On May 20, 2008, PEISA exercised an option to purchase shares representing 0.1% of our capital stock. Additionally, PEISA launched a tender offer to purchase all of the shares of YPF that were not already owned by them at a price of U.S.$49.45 per share or ADS. Repsol YPF, pursuant to its first option agreement with Petersen Energ&#237;a, had stated that it would not tender YPF shares to PEISA. A total of 1,816,879 shares (including Class D shares and ADSs), representing approximately 0.462% of our total shares outstanding, were tendered. On May 3, 2011, PEISA exercised an option to acquire from Repsol YPF shares or ADSs representing 10.0% of our capital stock and on May 4, 2011, Repsol YPF acknowledged and accepted such exercise.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On May 3, 2012, the Argentine Congress passed the Expropriation Law. Among other matters, the Expropriation Law provided for the expropriation of 51% of the share capital of YPF represented by an identical stake of Class D shares owned, directly or indirectly, by Repsol YPF and its controlled or controlling entities. The expropriated shares, which have been declared of public interest, will be assigned as follows: 51% to the federal government and 49% to the governments of the provinces that compose the National Organization of Hydrocarbon Producing States. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law.&#148; As of the date of this annual report, the transfer of the expropriated shares between National Excecutive Office and the provinces that compose the National Organization of Hydrocarbon Producing States is still pending. According to Article 8 of the Expropriation Law, the distribution of the shares among the provinces that accept their transfer must be conducted in an equitable manner, considering their respective levels of hydrocarbon production and proved reserves. To ensure compliance with its objectives, the Expropriation Law provides that the National Executive Office, by itself or through an appointed public entity, shall exercise all the political rights associated with the shares subject to expropriation until the transfer of political and economic rights to the provinces that compose the National Organization of Hydrocarbon Producing States is completed. In addition, in accordance with Article 9 of the Expropriation Law, each of the Argentine provinces to which expropriated shares are allocated must enter a shareholder&#146;s agreement with the federal government which will provide for the unified exercise of its rights as a shareholder. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law&#148; and &#147;Item 7. Major Shareholders and Related Party Transactions.&#148;</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Furthermore, on April 16, 2012, the Company was notified,
    through a notarial certification, of Decree No. 530/12 of the National Executive
    Power, which provides for the Intervention of YPF for a period of thirty (30)
    days (which is expected to be extended up to our next Shareholders meeting
    to be held on June 4, 2012), with the aim of securing the continuity of its
    business and the preservation of its assets and capital, securing fuel provision
    and the satisfaction of the country&#146;s needs, and guaranteeing that the
    goals of the Expropriation Law, are met. See &#147;&#151;Regulatory Framework
    and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;
    In accordance with Article 3 of Decree No. 530/2012, the powers conferred
    by YPF&#146;s bylaws on the Board and/or the President of the Company have
    been temporarily granted to the Intervenor. On May 7, 2012, through Decree
    No. 676/2012 of the National Executive Power, Mr. Miguel Mat&#237;as Galuccio
    was appointed General Manager of the Company during the Intervention. Our
    next general shareholders&#146; meeting, expected to be held on June 4, 2012,
    will appoint the new members of our Board of Directors. See &#147;Item 6.
    Directors, Senior Management and Employees&#151;Management of the Company
    under the Intervention.&#148; Given the recent passage of the Expropriation
    Law, we are developing our new business plan and the related new investment,
    economic and dividend policy for the Company.</font></p>
</div>
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<p><font size="2">Our new business plan will be designed in accordance with the goals set forth in the Expropriation Law. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p>
<div style="text-indent:3%"><p><font size="2">In addition, certain of our concessions in Argentina have recently been revoked by the relevant authorities while the revocation of other concessions is currently being evaluated by the relevant authorities. See &#147;Item 3. Key Information-Risk Factors-Risks Relating to Argentina-Certain provinces of Argentina have commenced proceedings to terminate some of our oil and gas production concessions&#148; and &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions on Hydrocarbon zones&#151;Provincial claims.&#148; Depending on the outcome of the legal action brought by YPF to challenge these revocations and the negotiations initiated by the Intervenor and its delegates with the relevant provincial authorities, our past performance may not be indicative of future trends or results of the Company and the reserves and production amounts set forth in this annual report could be substantially reduced.</font></p></div>
<a name="28"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Business Organization</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We currently conduct our business according to the following organization:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">Upstream, which consists of our &#147;Exploration and Production&#148; segment;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Downstream, which consists of our &#147;Refining and Marketing&#148; and &#147;Chemicals&#148; segments; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Corporate and other, which consists of our &#147;Corporate and Other&#148; segment.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Exploration and Production segment&#146;s sales to third parties in Argentina and abroad include sales of natural gas and services fees (primarily for the transportation, storage and treatment of hydrocarbons and products). In addition, crude oil produced by us in Argentina, or received from third parties in Argentina pursuant to service contracts, is transferred from Exploration and Production to Refining and Marketing at transfer prices established by us, which generally seek to approximate Argentine market prices.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Refining and Marketing segment purchases crude oil from the Exploration and Production segment and from third parties. Refining and Marketing activities include crude oil refining and transportation, as well as the marketing and transportation of refined fuels, lubricants, LPG, compressed natural gas and other refined petroleum products in the domestic wholesale and retail markets and the export markets.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Chemicals segment sells petrochemical products both in the domestic and export markets.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Additionally, we record certain assets, liabilities and costs under the Corporate and Other segment, including corporate administration costs and assets and certain construction activities, mainly related to the oil and gas industry, through our subsidiary A-Evangelista S.A. and its subsidiaries.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Substantially all of our operations, properties and customers are located in Argentina. However, we carry out exploration activities in the United States and Guyana, and hold an interest in a producing field in the United States and in two exploratory areas in Uruguay (see &#147;&#151;Exploration and Production&#151;Principal properties&#151;International properties&#148;). Additionally, we market lubricants and specialties in Brazil and Chile and carry out some construction activities related to the oil and gas industry in Uruguay, Bolivia, Brazil and Peru, through our 100% owned company A-Evangelista S.A. and its subsidiaries.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth net sales and operating income for each of our lines of business for the years ended December 31, 2011, 2010 and 2009:</font></p></div>


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    <td align="left">&nbsp;</td>

    <td colspan=5  width="8%" align="center"><font size="2"><b>For the Year Ended
      December 31,</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>
		<td colspan=5  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"><b>2011</b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td width="8%" align="right"><font size="2"><b>2010</b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td width="8%" align="right"><font size="2"><b>2009</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>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>

    <td colspan=5  width="8%" align="center"><font size="2"><b>(in millions of
      pesos)</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Net Sales<sup>(1)</sup></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">Exploration and Production<sup>(2)</sup></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To unrelated parties</font></td>
		<td width="8%" align="right"><font size="2">3,814</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,611</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,757</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To related parties</font></td>
		<td width="8%" align="right"><font size="2">1,166</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">981</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">751</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
</table>
<br>
<p align="center"><font size="2">28</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_29"></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=5  width="8%" align="center"><font size="2"><b>For the Year Ended
      December 31,</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>
		<td colspan=5  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"><b>2011</b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td width="8%" align="right"><font size="2"><b>2010</b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td width="8%" align="right"><font size="2"><b>2009</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>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>

    <td colspan=5  width="8%" align="center"><font size="2"><b>(in millions of
      pesos)</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Intersegment sales and fees<sup>(3)</sup></font></td>
		<td width="8%" align="right"><font size="2">20,129</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">17,428</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">14,473</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Exploration and Production</font></td>
		<td width="8%" align="right"><font size="2">25,109</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">23,020</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">19,981</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Refining and Marketing<sup>(4)</sup></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To unrelated parties</font></td>
		<td width="8%" align="right"><font size="2">46,774</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">34,209</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">25,733</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To related parties</font></td>
		<td width="8%" align="right"><font size="2">1,004</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">917</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">627</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales and fees</font></td>
		<td width="8%" align="right"><font size="2">1,766</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,668</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,202</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Refining and Marketing</font></td>
		<td width="8%" align="right"><font size="2">49,544</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">36,794</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">27,562</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Chemicals</font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To unrelated parties</font></td>
		<td width="8%" align="right"><font size="2">2,632</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,445</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,932</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales and fees</font></td>
		<td width="8%" align="right"><font size="2">2,188</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,871</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,105</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Chemicals</font></td>
		<td width="8%" align="right"><font size="2">4,820</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,316</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,037</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Corporate and Other</font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To unrelated parties</font></td>
		<td width="8%" align="right"><font size="2">1,307</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">999</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">520</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales and fees</font></td>
		<td width="8%" align="right"><font size="2">651</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">358</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">350</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Total Corporate and Others</font></td>
		<td width="8%" align="right"><font size="2">1,958</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,357</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">870</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Less intersegment sales and fees</font></td>
		<td width="8%" align="right"><font size="2">(24,734</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(21,325</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(17,130</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Total net sales<sup>(5)</sup></font></td>
		<td width="8%" align="right"><font size="2">56,697</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">44,162</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">34,320</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Operating Income (Loss)</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and Production</font></td>
		<td width="8%" align="right"><font size="2">4,977</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">6,210</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,379</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refining and Marketing</font></td>
		<td width="8%" align="right"><font size="2">3,649</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,313</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,896</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals</font></td>
		<td width="8%" align="right"><font size="2">1,451</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">874</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">559</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other</font></td>
		<td width="8%" align="right"><font size="2">(1,383</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(952</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(820</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidation adjustments</font></td>
		<td width="8%" align="right"><font size="2">(131</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">30</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(15</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating income</font></td>
		<td width="8%" align="right"><font size="2">8,563</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">9,475</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">6,999</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>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Net sales are net to us after payment of a fuel transfer tax, turnover tax and customs duties on exports. Royalty payments required to be made to a third party, whether payable in cash or in kind, which are a financial obligation, or are substantially equivalent to a production or severance tax, are accounted for as a cost of production and are not deducted in determining net sales. See &#147;-Exploration and Production-Oil and gas production, production prices and production costs&#148; and Note 2 (f) to the Audited Consolidated Financial Statements.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Includes exploration costs in Argentina, Guyana and the United States and production operations in Argentina and the United States.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Intersegment sales of crude oil to Refining and Marketing are recorded at transfer prices established by us, which generally seek to approximate Argentine market prices.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">Includes LPG activities.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">Total net sales include export sales of Ps.6,770 million, Ps.5,678 million and Ps.4,904 million, for the years ended December 31, 2011, 2010 and 2009, respectively. The export sales were mainly to Chile and Brazil.</font></td>
	</tr>
</table>
<br>
<a name="29"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Exploration and Production</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Principal properties</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our production is concentrated in Argentina and our domestic operations are subject to numerous risks. See &#147;Item 3. Key Information&#151;Risk Factors.&#148; Certain provinces in Argentina have recently requested YPF to submit statements of discharge in relation to the Company&#146;s alleged breach of its investment obligations with respect to</font></p></div>
<p align="center"><font size="2">29</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_30"></a></font></p>

<p><font size="2">certain concessions. As of the date of this annual report, certain
  of these concessions have been revoked by the relevant authorities while the
  revocation of other concessions is currently being evaluated by the relevant
  authorities. Assets (net of deferred income tax liabilities and asset retirement
  obligations) related to the concessions revoked in 2012 totaled approximately
  Ps.283 million as of December 31, 2011 (0.51% of our total assets as of such
  date), had a production of approximately 13.5 mmboe in 2011 (7.6% of our production
  in 2011) and had proved reserves totaling approximately 88.3 mmboe as of December
  31, 2011 (8.8% of our total proved reserves as of such date). Assets (net of
  deferred income tax liabilities and asset retirement obligations) related to
  the concessions whose revocation is currently being evaluated by the relevant
  authorities totaled approximately Ps.3,654 million as of December 31, 2011 (6.6%
  of our total assets as of such date), had a production of approximately 22.9
  mmboe in 2011 (12.87% of our production in 2011) and had proved reserves totaling
  approximately 129.7 mmboe as of December 31, 2011 (12.92% of our total proved
  reserves as of such date). In addition, prior to the passage of the Expropriation
  Law, the provincial government of Santa Cruz stated that it may withdraw additional
  of the Company's concessions. The Company has initiated legal action to challenge
  these revocations. In addition, following the passage of the Expropriation Law,
  the Intervenor and its delegates have initiated negotiations with the relevant
  provincial authorities so that the revocations and intimations referred to above
  are withdrawn. The governors of certain of these provinces have publicly manifested
  that they will reconsider the matter in view of the stated objectives of the
  Intervention and the Expropriation Law. However, as of the date of this annual
  report, we have not been notified of the withdrawal of any of these revocations
  or intimations. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks
  Relating to Argentina&#151;Certain provinces of Argentina have commenced proceedings
  to terminate some of our oil and gas production concessions&#148; and &#147;Item
  8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions
  on Hydrocarbon zones&#151;Provincial claims.&#148;</font></p>
<div style="text-indent:3%">
  <p><font size="2">In addition, on May 3, 2012, the Expropriation Law was passed
    by Congress. The Expropriation Law has declared achieving self-sufficiency
    in the supply of hydrocarbons as well as in the exploitation, industrialization,
    transportation and sale of hydrocarbons, a national public interest and a
    priority for Argentina. Its stated goal is to guarantee socially equitable
    economic development, the creation of jobs, the increase of the competitiveness
    of various economic sectors and the equitable and sustainable growth of the
    Argentine provinces and regions. There may be changes in our business strategy
    and operations as a result of the Expropriation Law or otherwise resulting
    from the ongoing changes in our management. See &#147;Item 3. Key Information&#151;Risk
    Factors-Risks Relating to Argentina&#151;The Argentine federal government
    has taken control over the Company and will operate it according to domestic
    energy policies in accordance with the Expropriation Law&#148; and &#147;&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth information with regard to YPF&#146;s developed and undeveloped acreage by geographic area as of December 31, 2011:</font></p></div>


<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"><b>At December 31,
      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=3  width="8%" align="center"><font size="2"><b>Developed<sup>(1)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>Undeveloped<sup>(2)</sup></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>
    <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">
      <div align="center"><font size="2"><b>Gross<sup>(3)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net<sup>(4)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gross<sup>(3)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net<sup>(4)</sup></b></font></div>
    </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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>(thousands of acres)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">South America</font></td>
    <td width="8%" align="right"><font size="2">1,494</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">50,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28,707</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td width="8%" align="right"><font size="2">1,494</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">42,520</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">23,419</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of South
      America<sup>(5)</sup></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,001</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,288</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">North America<sup>(6)</sup></font></td>
    <td width="8%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">282</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">160</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">Total</font></td>
    <td width="8%" align="right"><font size="2">1,511</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">50,803</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28,867</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>
<br>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Developed acreage is spaced or assignable to productive wells.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Undeveloped acreage encompasses those leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil or gas regardless of whether such acreage contains proved reserves.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">A &#147;gross acre&#148; is an acre in which YPF owns a working interest.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">&#147;Net&#148; acreage equals gross acreage after deducting third party interests.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">Relates to Guyana, Uruguay and Paraguay. In the case of Paraguay, YPF&#146;s undeveloped acreage totaled 3,825 thousand acres as of December 31, 2011 and was related to a prospecting permit granted to YPF by Resolution 1703 of the Ministry</font></td>
	</tr>
</table>
<p align="center"><font size="2">30</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_31"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td><font size="1">of Public Works and Communications of Paraguay (<i>Ministerio de Obras P&#250;blicas y Comunicaciones</i>). The permit will expire on September 16, 2012, prior to which date YPF will have to communicate to the Directorate of Hydrocarbons of Paraguay its decision to extend for one year the referred permit, convert the related area into an exploration block or leave the area.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(6)</font></td>
		<td><font size="1">Relates only to the United States.</font></td>
	</tr>
</table>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, none of our exploratory undeveloped acreage corresponded to exploration permits which will expire in 2012 in accordance with Law 17,319. However, as a result of the expiration in 2012 of the first, second or third exploration terms of certain of our exploration permits, we will be required to relinquish a fixed portion of the acreage related to each such expiring permit, as set forth in Law 17,319, as long as exploitable quantities of oil or gas are not discovered in such areas (in which case we may seek to obtain a declaration of their commercial viability from the relevant authorities, and the related areas would then be subject to exploitation concessions). Provided no such discoveries are made in 2012, we will be required to relinquish approximately 1.9 thousand square kilometers of exploratory undeveloped acreage (approximately 2.6% of our 73 thousand square kilometers of net exploratory undeveloped acreage as of December 31, 2011) during 2012. We are entitled to decide, according to our best interest, which portions of each of the exploration permits to keep, within the required relinquishment percentage. Therefore, the areas to be relinquished consist usually of acreage were drilling has not been successful and that are considered non-core lease acreage.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We do not have any material undeveloped acreage related to our production concessions expiring in the near term.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Additionally, as of May 14, 2012, the provinces of Chubut,
    Santa Cruz, Mendoza, Salta, R&#237;o Negro and Neuqu&#233;n had publicly announced
    that they would be terminating certain of our concessions there due to the
    Company&#146;s alleged failure to made adequate investments in exploration
    and production in those areas. Net acreage related to the concessions revoked
    in 2012 totaled approximately 259 thousands of acres as of December 31, 2011.
    Net acreage related to the concessions whose revocation is currently being
    evaluated by the relevant authorities totaled approximately 2,231 thousands
    of acres as of December 31, 2011.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Argentine properties</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Argentina is the second largest gas and fourth largest oil producing nation in Central and South America according to the 2010 edition of the BP Statistical Review of World Energy, published in June 2011. Oil has historically accounted for the majority of the country&#146;s hydrocarbon production and consumption, although the relative share of natural gas has increased rapidly in recent years. As of the date of this annual report, a total of 24 sedimentary basins have been identified in the country, according to the &#147;Plan Exploratorio Argentina&#148; (Argentina Exploratory Plan) described below. Six of these are combined onshore/offshore and three are entirely offshore. Argentina&#146;s total onshore acreage is composed of approximately 408 million acres, and total offshore acreage consists of 194 million acres on the South Atlantic shelf within the 200-meter depth line. A substantial portion of the country&#146;s estimated 602 million acres in sedimentary basins has yet to be evaluated by exploratory drilling. Commercial production is concentrated in five basins: Neuquina, Cuyana and Golfo San Jorge in central Argentina, Austral in southern Argentina (which includes onshore and offshore fields), and the Noroeste basin in northern Argentina. The Neuquina and Golfo San Jorge basins are the most significant basins for our activities in Argentina.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following table shows our gross and net interests in productive oil and gas wells in Argentina by basin, as of December 31, 2011:</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>Wells<sup>(1)(2)(3)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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 align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>Oil</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>Gas</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Basin</b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gross</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gross</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net</b></font></div>
    </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 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"><i>Onshore</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,559</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,818</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">828</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">529</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuquina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,620</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,050</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">681</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">466</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golfo San Jorge</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,975</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,119</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cuyana</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">797</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">700</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">31</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_32"></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 align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>Wells<sup>(1)(2)(3)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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 align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>Oil</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>Gas</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Basin</b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gross</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gross</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net</b></font></div>
    </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 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noroeste</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austral</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">137</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">41</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">53</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><i>Offshore</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">Total</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,559</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,919</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">836</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">533</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">In addition to productive oil and gas wells located in Argentina, we have interests in oil wells located in the United States (7 gross wells and 1 net well, as of December 31, 2011). </font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">A &#147;gross well&#148; is a well in which YPF owns a working interest. A &#147;net well&#148; is deemed to exist when the sum of fractional ownership working interests in gross wells equals one. The number of net wells is the sum of the fractional working interests owned in gross wells expressed as whole numbers and fractions of whole numbers.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3) </font></td>
		<td><font size="1">Gross and net wells include one oil well and three gas wells with multiple completions. </font></td>
	</tr>
</table><div style="text-indent:3%"><p><font size="2">The table below provides certain information with respect to our net working interests in our principal oil and gas fields in Argentina at December 31, 2011, all of which are mature:</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td 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>Production 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="11%" align="center"><font size="2"><b>Proved Reserves
      as of <br>
      December 31, 2011</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 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=5  width="11%" 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">
      <div align="center"><font size="2"><b>Areas<sup>(1)</sup></b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Interest<br>
        %</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Oil<br>
        (mbbl)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gas <br>
        (mmcf)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Oil<br>
        (mbbl)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gas <br>
        (mmcf)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>BOE (mboe)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="11%" align="right">
      <div align="center"><font size="2"><b>Basin / Location</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="11%" align="right">
      <div align="center"><font size="2"><b>Development Stage of the area</b></font></div>
    </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 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="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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Loma La Lata</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">14,870</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">182,496</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">78,813</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,083,583</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">271,793</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Los Perales<sup>(2)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">4,364</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,377</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38,140</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">55,288</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">47,987</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Golfo San Jorge</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">San Roque</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2,735</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">39,684</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,032</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">178,514</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">42,824</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Chihuido La Salina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">4,569</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13,921</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">19,604</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">80,733</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33,982</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">El Port&#243;n</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2,612</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15,362</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,902</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">112,673</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32,968</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Chihuido Sierra Negra</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">6,523</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,702</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28,616</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,838</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30,190</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Seco Le&#243;n<sup>(3)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">3,302</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,007</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">24,758</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13,161</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27,102</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Golfo San Jorge</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Barranca Baya<sup>(3)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">3,103</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">644</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,088</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,759</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,935</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Golfo San Jorge</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Puesto Hern&#225;ndez</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">3,036</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,731</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,731</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Acambuco</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">371</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">16,994</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">135,226</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,379</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Noroeste</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Manantiales Behr<sup>(3)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">6,841</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,467</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22,815</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10,717</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">24,723</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Golfo San Jorge</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Aguada Toledo &#150; Sierra Barrosa</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">824</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,932</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,966</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">89,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">23,984</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Vizcacheras</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2,937</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">437</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22,396</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,176</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22,962</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Cuyana</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">CNQ 7A</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">50</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">4,493</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22,361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22,361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Magallanes</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">56</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,364</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,137</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">97,204</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21,449</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Austral</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Barrancas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2,065</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,167</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,057</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,356</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Cuyana</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">La Ventana Central</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(4</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">1,498</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">177</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">19,429</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,776</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">19,924</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Cuyana</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Cerro Fortunoso</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">1,657</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18,848</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18,848</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Desfiladero Bayo</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2,897</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">126</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18,094</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,578</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18,375</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Aguada Pichana</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">1,986</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33,021</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">77,985</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18,055</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Tierra del Fuego</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">784</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,989</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,482</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">74,951</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">16,830</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Austral</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Chihuido La Salina Sur</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">1,473</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10,611</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,777</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">40,318</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,957</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Neuquina</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Lomas del Cuy<sup>(3)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2,024</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">630</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,627</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,528</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Golfo San Jorge</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">Mature Field</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">32</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_33"></a></font></p>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Exploitation areas.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>

    <td><font size="1">The concession relating to this area has been revoked by
      the relevant authorities. See &#147;Item 3. Key Information&#151;Risk Factors-Risks
      Relating to Argentina&#151;Certain provinces of Argentina have commenced
      proceedings to terminate some of our oil and gas production concessions&#148;
      and &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible
      contingencies&#151;Concessions on Hydrocarbon zones &#150; Provincial claims.&#148;</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>

    <td><font size="1">The revocation of the concession relating to this area
      is currently being evaluated by the relevant authorities. See &#147;Item
      3. Key Information-Risk Factors&#151;Risks Relating to Argentina&#151;Certain
      provinces of Argentina have commenced proceedings to terminate some of our
      oil and gas production concessions&#148; and &#147;Item 8. Legal Proceedings-Argentina&#151;Non-accrued,
      possible contingencies&#151;Concessions on Hydrocarbon zones &#150; Provincial
      claims.&#148;</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">69.6% for crude oil and 60% for natural gas liquids and natural gas.</font></td>
	</tr>
</table>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, approximately 82% of our proved crude oil reserves in Argentina were concentrated in the Neuquina (48%) and Golfo San Jorge (34%) basins, and approximately 94% of our proved gas reserves in Argentina were concentrated in the Neuquina (76%), Noroeste (11%) and Austral (7%) basins.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, YPF held 141 exploration permits and production concessions in Argentina. YPF directly operates 103 of them, including 43 exploration permits and 60 production concessions.</font></p></div>
<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">&#149;</font></td>
		<td><font size="2"><i>Exploration permits</i>. As of December 31, 2011, YPF held 48 exploration permits in Argentina, 44 of which were onshore exploration permits and four of which were offshore exploration permits. YPF had 100% ownership of three onshore permits, and its participating interests in the rest varied between 40% and 90%. YPF had 100% ownership of one offshore permit, and its participating interests in the rest varied between 30% and 35%.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>

    <td><font size="2"><i>Production concessions</i>. As of December 31, 2011,
      YPF had 93 production concessions in Argentina. YPF had a 100% ownership
      interest in 54 production concessions, and its participating interests in
      the remaining 39 production concessions varied between 12.2% and 98%. As
      of the date of this annual report, 7 of these production concessions have
      been revoked by the relevant authorities, and the revocation of 21 of these
      production concessions is currently being evaluated by the relevant authorities.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our production declines in recent periods are attributable mainly to the continuing maturity of our fields, although work stoppages and pipeline issues have on occasion also contributed to production declines and capital project delays. During the year 2011, a series of labor and community conflicts resulted in lost production of approximately 9.6 mmboe in areas we operate.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><i>Joint ventures and contractual arrangements in Argentina.</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">As of December 31, 2011, we participated in 44 exploration
    and 27 production joint ventures and contractual arrangements (24 of which
    were not operated by YPF) in Argentina. Our interests in these joint ventures
    and contractual arrangements ranged from 12.2% to 98%, and our obligations
    to share exploration and development costs varied under these agreements.
    In addition, under the terms of some of these joint ventures, we have agreed
    to indemnify our joint venture partners in the event that our rights with
    respect to such areas are restricted or affected in such a way that the purpose
    of the joint venture cannot be achieved. For a list of the main exploration
    and production joint ventures in which we participated as of December 31,
    2011, see Note 6 to the Audited Consolidated Financial Statements. We are
    also a party to a number of other contractual arrangements that arose through
    the renegotiation of service contracts and risk contracts. The concession
    relating to one of our joint ventures was terminated by the authorities of
    Chubut. While we have initiated legal action to challenge this revocation,
    if we do not prevail in the relevant proceedings we expect this joint venture
    to terminate. Assets (net of deferred income tax liabilities and asset retirement
    obligations) related to such joint venture (and the related concession) totaled
    approximately Ps.66 million as of December 31, 2011 (0.12% of our total assets
    as of such date), had a production of approximately 0.9 mmboe in 2011 (0.50%
    of our production in 2011) and had proved reserves totaling 4.9 mmboe as of
    December 31, 2011 (0.49% of our total proved reserves as of such date). See
    &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Certain
    provinces of Argentina have commenced proceedings to terminate some of our
    oil and gas production concessions&#148; and &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued,
    possible contingencies&#151;Concessions on Hydrocarbon zones </font><font size="1">&#150;</font><font size="2">
    Provincial claims.&#148;</font></p>
</div>
<p align="center"><font size="2">33</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_34"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>International properties</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2"><i>United States</i>. As of December 31, 2011, we had mineral rights in 54 blocks in the United States, comprised of 49 exploratory blocks, with a net surface area of 647 square kilometers and five development blocks, with a net surface area of 17 square kilometers. Our U.S. subsidiaries&#146; net proved reserves in these properties in the United States as of December 31, 2011 were 0.9 mmboe. Our U.S. subsidiaries&#146; net hydrocarbon production in these properties in the United States for 2011 was 0.5 mmboe.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Neptune Field is located approximately 120 miles from the Louisiana coast within the deepwater region of the Central Gulf of Mexico. The unitized field area comprises Atwater Valley Blocks 573, 574, 575, 617 and 618. Our indirect subsidiary, Maxus U.S. Exploration Company, has a 15% working interest in the field. The other joint venture participants are BHP Billiton (35%), Marathon Oil Corp. (30%) and Woodside Petroleum Ltd (20%). BHP Billiton is the operator of the Neptune Field and the associated production facilities. The Neptune reserves are being produced using a standalone, tension leg platform (TLP) located in Green Canyon Block 613 within 4,230 feet of water. Production began on July 8, 2008. The platform supports seven sub-sea development wells which are tied back to the TLP via a subsea gathering system.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2011, YPF Holdings Inc. (&#147;YPF Holdings&#148;) participated in the drilling of the Coronado exploration prospect in the Gulf of Mexico with a net interest of 15%. YPF Holdings&#146; total net investment was U.S.$21.2 million. The well was abandoned due to technical reasons.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, YPF Holdings has entered into various operating agreements and capital commitments associated with the exploration and development of its oil and gas properties. Such contractual, financial and/or performance commitments are not material, except for commitments related to the Neptune Project located in the vicinity of the Atwater Valley Area, Blocks 573, 574, 575, 617 and 618. Total commitments remaining as of December 31, 2011 for the Neptune Project are minimum pipeline transportation payment obligations of U.S.$9 million.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our operations in the United States, through YPF Holdings, are subject to certain environmental claims. See &#147;&#151;Environmental Matters&#151;YPF Holdings&#151;Operations in the United States.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Guyana</i>. As of December 31, 2011, YPF held, through YPF Guyana Ltd., a wholly-owned subsidiary of YPF International, S.A., a 30% working interest in a petroleum prospecting license (the &#147;Petroleum Prospecting License&#148;) as part of a petroleum agreement (the &#147;Petroleum Agreement&#148;) in connection with the Georgetown block, offshore Guyana. The surface exploratory area attributable to YPF Guyana Ltd.&#146;s working interest is 2,520 square kilometers, which represents approximately 622.7 thousand undeveloped acres. The Petroleum Prospecting License expires on November 25, 2012 and, in accordance with an Addendum to the Petroleum Agreement entered into with the Guyana government on September 28, 2011, YPF agreed to begin drilling an exploration well before the end of 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In October 2011, the Georgetown block consortium approved the 2012 Budget that included U.S.$159.13 million (U.S.$47.74 million, considering YPF Guyana Ltd.&#146;s working interest)for the Jaguar-1 exploration well. The consortium has agreed on the location of the Jaguar-1 well, with a total depth of 21,450 ft. The Georgetown block consortium agreed to contract a jackup drilling rig (Atwood Beacon, from Atwood Oceanics), and upgrade it for a high pressure/high temperature well. The Atwood Beacon drilling jackup commenced drilling operations on December 5, 2011, fulfilling the contractual obligation of the Petroleum Agreement and the subsequent Addendum; and drilling operations are ongoing. The entire operation is expected to take approximately 180 days to complete, including hydrocarbon appraisal, plug and abandonment.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Peru.</i> After participating in exploratory rounds, we expect that blocks 180, 182 and 184 in Huallaga basin and 176 in Ucayali basin will be officially allocated by the Peruvian Government to the Consortium to which YPF belongs. YPF holds a 25% share in the Consortium formed with Repsol YPF (which is the operator with a 25% interest) and Ecopetrol (50%). During the first two exploratory periods (30 months) following the official allocation of these blocks, the activity to be performed will consist in the re-processing of existing seismic data and the recording of 1,150 km of 2D seismic data.</font></p></div>
<p align="center"><font size="2">34</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_35"></a></font></p>


<div style="text-indent:3%"><p><font size="2"><i>Colombia</i>. Our participation in five blocks was negotiated in Colombia during 2011: Catguas A and B, Carboneras, COR12, COR14 and COR33. The first two blocks are located in Catatumbo basin, while the remaining three are located in the Cordillera Oriental basin.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, the official allocation of these blocks and the required approvals of the competent state bodies are pending. YPF&#146;s share in these blocks will range from 10% to 60% and is expected to be the operator of four of them. The total surface of the new mining domain is 3,398 km2. The exploratory activity to be performed in the two years following the official allocation of these blocks will be the acquisition of 180 km of 2D seismic and 50 km2 of 3D seismic data and the drilling of two boreholes.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Paraguay</i>. The Manduvira Prospecting Permit was awarded 100% to YPF in September 2011. It covers a total surface of 15,475 km2 and is located in the Eastern area of Paraguay, within the scope of the Chacoparan&#225; basin. YPF&#146;s goal in this area is to explore unconventional resources and the scheduled activity includes the acquisition of 100 km of 2D seismic data towards the end of 2012 and the drilling of an appraisal well in 2013.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Chile Onshore</i>. In 2011, YPF submitted proposals to participate in the farm out arrangement offered by ENAP in connection with Chile&#146;s Magallanes basin. YPF was declared winner of the following two exploration blocks: (i) San Sebasti&#225;n, where YPF (40%) will act as operator, in partnership with Wintershall (10%) and ENAP (50%), and (ii) Marazzi / Lago Mercedes, where YPF (50%) will act as operator, in partnership with ENAP (50%).</font></p></div>
<div style="text-indent:3%"><p><font size="2">Total commitments with respect to the awarded exploration blocks during the first exploratory period includes the acquisition of 672 km2 of 3D seismic data and the drilling of 8 exploratory wells. Activities are expected to begin by the end of 2012.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><i>Uruguay </i></font><font size="1">&#150;</font><i><font size="2">
    </font></i><font size="2"><i>(i) Deep Water Offshore- Punta del Este basin:</i></font></p>
</div>
<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">&#149;</font></td>
		<td><font size="2">Area 3: YPF (40%) acts as operator, in partnership with Petrobras Uruguay(40%) and Galp (20%). Exploration is in the first geological and geophysical evaluation stage.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Area 4: YPF (40%) has two partners in this block, Petrobras Uruguay (40%), which acts as operator, and Galp (20%). Exploration is in the first geological and geophysical evaluation stage.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>(ii)</i></font></td>
		<td><font size="2"><i>Onshore:</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">On January 19, 2012, the Arapey block was awarded entirely to YPF<b> </b>through a prospect agreement. The block is located onshore and has a surface area of 9,700 km2. YPF&#146;s goal in this block is to explore unconventional resources. Scheduled activity for 2012 includes seismic data reprocessing and the performance of geological studies.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Oil and Gas Reserves</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations) prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within reasonable time. In some cases, substantial investments in new wells and related facilities may be required to recover proved reserves.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Information on net proved reserves as of December 31, 2011, 2010 and 2009 was calculated in accordance with the SEC rules and FASB&#146;s ASC 932 as amended. Accordingly, crude oil prices used to determine reserves were calculated at the beginning of each month, for crude oils of different quality produced by the Company. The Company considered the realized prices for crude oil in the domestic market taking into account the effect of exports taxes as in effect as of each of the corresponding years (until 2011 for the years ended December 31, 2010 and 2009, in accordance with Law No. 26,217, and until 2016 for the year ended December 31, 2011, in accordance with Law No. 26,732). For the years beyond the mentioned periods, the Company considered the unweighted average price of</font></p></div>
<p align="center"><font size="2">35</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_36"></a></font></p>
<p><font size="2">the first-day-of-the-month for each month within the twelve-month period ended December 31, 2011, 2010 and 2009, respectively, which refers to the WTI prices adjusted by each different quality produced by the Company. Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company used average realized gas prices during the year to determine its gas reserves. Information on net proved reserves as of January 1, 2009 was calculated using year-end prices and costs, respectively.</font></p>
<div style="text-indent:3%"><p><font size="2">Net reserves are defined as that portion of the gross reserves attributable to the interest of YPF after deducting interests owned by third parties. In determining net reserves, the Company excludes from its reported reserves royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and is able to make lifting and sales arrangements independently. By contrast, to the extent that royalty payments required to be made to a third party, whether payable in cash or in kind, are a financial obligation, or are substantially equivalent to a production or severance tax, the related reserves are not excluded from the reported reserves despite the fact that such payments are referred to as &#147;royalties&#148; under local rules. The same methodology is followed in reporting our production amounts.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Gas reserves exclude the gaseous equivalent of liquids expected to be removed from the gas on concessions and leases, at field facilities and at gas processing plants. These liquids are included in net proved reserves of crude oil and natural gas liquids.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Technology used in establishing proved reserves additions</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF&#146;s estimated proved reserves as of December 31, 2011, are based on estimates generated through the integration of available and appropriate data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results. Data used in these integrated assessments include information obtained directly from the subsurface via wellbore, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data utilized also include subsurface information obtained through indirect measurements, including high quality 2-D and 3-D seismic data, calibrated with available well control. Where applicable, surface geological information was also utilized. The tools used to interpret and integrate all these data included both proprietary and commercial software for reservoir modeling, simulation and data analysis. In some circumstances, where appropriate analog reservoir models are available, reservoir parameters from these analog models were used to increase the reliability of our reserves estimates.</font></p></div>
<div style="text-indent:3%"><p><font size="2">For further information on the estimation process of our proved reserves, see &#147;-Internal controls on reserves and reserves audits.&#148;</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Net Proved Developed and Undeveloped Reserves as of December 31, 2011</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table sets forth our estimated net proved developed and undeveloped reserves of crude oil and natural gas at December 31, 2011.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Proved Developed Reserves</b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Oil<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right" nowrap>
      <div align="center"><font size="2"><b>Natural Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total<sup>(2)</sup></b></font></div>
    </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 align="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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmbbl)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(bcf)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmboe)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">436</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,758</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">750</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
      States</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consolidated
      Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">437</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,760</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">751</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Equity-Accounted Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
      States</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity-Accounted
      Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Total Proved Developed Reserves<sup>(3)</sup></b></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,797</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">759</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<p align="center"><font size="2">36</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_37"></a></font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Proved Undeveloped Reserves</b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Oil<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Natural Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total<sup>(2)</sup></b></font></div>
    </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 align="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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmbbl)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(bcf)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmboe)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
      States</font></td>
    <td 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">&nbsp;</td>
    <td width="2%" align="left"><font size="2">*</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2">*</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total Consolidated Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Equity-Accounted Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
      States</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity-Accounted
      Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Total Proved Undeveloped Reserves<sup>(4)</sup></b></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Total Proved Reserves<sup>(5)</sup></b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Oil<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right" nowrap>
      <div align="center"><font size="2"><b>Natural Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total<sup>(2)</sup></b></font></div>
    </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 align="left">&nbsp;</td>
    <td width="8%" align="right"> <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right"> <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right"> <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmbbl)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(bcf)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmboe)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed
      Reserves</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">437</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,760</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">751</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undeveloped
      Reserves</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consolidated
      Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">584</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,362</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,005</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Equity-Accounted entities</b></font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed
      Reserves</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undeveloped
      Reserves</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity-Accounted
      Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Total Proved Reserves<sup>(6)</sup></b></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,399</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,013</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">*</font></td>
    <td><font size="1">Not material</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes crude oil, condensate and natural gas liquids.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Volumes of natural gas in the table above and elsewhere in this annual report have been converted to boe at 5.615 mcf per barrel.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Includes approximately 59 mmboe of natural gas liquids (58 mmboe of which relate to consolidated entities).</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">Includes approximately 14 mmboe of natural gas liquids (which relate to consolidated entities).</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">Proved oil reserves of consolidated entities include an estimated approximately 76 mmbbl of crude oil, condensate and natural gas liquids in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Proved reserves of natural gas of consolidated entities include an estimated approximately 254 bcf of natural gas in respect of such payments. Equity-accounted entities&#146; reserves in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, are not material.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(6)</font></td>
		<td><font size="1">Includes approximately 74 mmboe of natural gas liquids (73 mmboe of which relate to consolidated entities).</font></td>
	</tr>
</table>
<div style="text-indent:3%">
  <p><font size="2">As of May 14, 2012, concessions representing 7.6% of our production
    in 2011 and 8.8% of our proved reserves as of December 31, 2011 have been
    revoked by the relevant authorities. In addition, the revocation of concessions
    representing 12.92% of our production in 2011 and 12.93% of our proved reserves
    as of December 31, 2011 is currently being evaluated by the relevant authorities.
    See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to
    Argentina&#151;Certain provinces of Argentina have commenced proceedings to
    terminate some of our oil and gas production concessions&#148; and &#147;Item
    8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions
    on Hydrocarbon zones &#150; Provincial claims.&#148;</font></p>
</div>
<p align="center"><font size="2">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 ><font size="2"><i>Changes in our proved undeveloped reserves during 2011</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF had estimated net proved undeveloped reserves of 254 mmboe at December 31, 2011, which represented approximately 25% of the 1,005 mmboe total reported proved reserves as of such date. This compares to estimated net proved undeveloped reserves of 231 mmboe at December 31, 2010 (approximately 24% of the 982 mmboe total reported proved reserves as of such date).</font></p></div>
<div style="text-indent:3%"><p><font size="2">The 10% increase in net proved undeveloped reserves in 2011 is mainly attributable to the addition of new proved undeveloped reserves related to extensions and discoveries (33.0 mmboe) and new development studies for primary and secondary recovery projects (23.6 mmboe), which exceeded reductions of our proved undeveloped reserves in 2011, which primarily relate to the transfer from proved undeveloped to proved developed reserves resulting from our development activity and revisions to previous estimates. The largest transfers were associated with the drilling of new wells (17.6 mmboe), gas compression (9.2 mmboe) and improved recovery projects (6.2 mmboe).</font></p></div>
<div style="text-indent:3%"><p><font size="2">YPF&#146;s total expenditure to advance the development of reserves was approximately U.S.$1,510 million during 2011, of which U.S.$454 million was allocated to projects related to proved undeveloped reserves.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As at December 31, 2011, we did not have material amounts of proved undeveloped reserves in individual fields or countries that have remained undeveloped for five years or more after being disclosed as proved undeveloped reserves.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Internal controls on reserves and reserves audits</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">All of our oil and gas reserves held in consolidated companies have been estimated by our petroleum engineers. In order to meet the high standard of &#147;reasonable certainty,&#148; reserves estimates are stated taking into consideration additional guidance as to reservoir economic producibility requirements, acceptable proved area extensions, drive mechanisms and improved recovery methods, marketability under existing economic and operating conditions and project maturity.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Where applicable, the volumetric method is used to determine the original quantities of petroleum in place. Estimates are made by using various types of logs, core analysis and other available data. Formation tops, gross thickness, and representative values for net pay thickness, porosity and interstitial fluid saturations are used to prepare structural maps to delineate each reservoir and isopachous maps to determine reservoir volume. Where adequate data is available and where circumstances are justified, material-balance and other engineering methods are used to estimate the original hydrocarbon in place.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Estimates of ultimate recovery are obtained by applying recovery factors to the original quantities of petroleum in place. These factors are based on the drive mechanisms inherent in the reservoir, analysis of the fluid and rock properties, the structural position of the reservoir and its production history. In some instances, comparisons are made with similar production reservoirs in the areas where more complete data is available.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Where adequate data is available and where circumstances are justified, material-balance and other engineering methods are used to estimate ultimate recovery. In these instances, reservoir performance parameters such as cumulative production, production rate, reservoir pressure, gas oil ratio behavior and water production are considered in estimating ultimate recovery.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In certain cases where the above methods could not be used, proved reserves are estimated by analogy to similar reservoirs where more complete data are available.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Prior to the Intervention and the passage of the Expropriation Law, we followed an established process to control the quality of reserves booking (including with respect to our reserves as of December 31, 2011). This process was integrated into the internal control system of YPF and had the components described below. We cannot assure you that our new management, which we expect to be appointed by our next general shareholders&#146; meeting, on June 4, 2012, will not change or replace this process.</font></p></div>
<p align="center"><font size="2">38</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_39"></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">(a)</font></td>
		<td><font size="2">The Reserves Control Direction (RCD) was separate and independent from the Exploration and Production segment. RCD&#146;s activity was overseen by YPF&#146;s Audit Committee, which was also responsible for supervising the procedures and systems used in the recording of and internal control over the Company&#146;s hydrocarbon reserves. The primary objectives of the RCD were to ensure that YPF&#146;s proved reserves estimates and disclosure were in compliance with the rules of the SEC, the Financial Accounting Standard Board (FASB), and the Sarbanes-Oxley Act, and to review annual changes in reserves estimates and the reporting of YPF&#146;s proved reserves. The RCD was responsible for preparing the information to be publicly disclosed concerning YPF&#146;s reported proved reserves of crude oil and natural gas. In addition, the RCD was also responsible for providing training to personnel involved in the reserves estimation and reporting process within YPF. The RCD was managed by and staffed with individuals that had an average of more than 20 years of technical experience in the petroleum industry, including in the classification and categorization of reserves under the SEC guidelines. The RCD staff included several individuals who hold advanced degrees in either engineering or geology, as well as individuals who hold bachelor&#146;s degrees in various technical studies. Several members of the RCD were registered with or affiliated to the relevant professional bodies in their fields of expertise.</font></td>
	</tr>
</table>
<br>
<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">(b)</font></td>
		<td><font size="2">Until April 16, 2012, when the Company was notified of the Intervention, the Reserves Control Director, head of the RCD, was responsible for overseeing the preparation of the reserves estimates and reserves audits conducted by third party engineers. Such former director has over 30 years of experience in reservoir-engineering, geology and geophysics, reserves estimates, project development, finance and general accounting regulation and with well-rounded exposure to international operations. Over the past five years, he had been responsible for the supervision over YPF&#146;s governance and compliance procedures in respect of reserves estimates. He is an active member of the Society of Petroleum Engineers (SPE) and serves on its Editorial Committee for Reservoir Engineering and Evaluation. In addition, he holds a petroleum engineering degree from Universidad Central de Venezuela, MSc and PhD degrees in petroleum engineering from Pennsylvania State University in the United States, and an MBA from Instituto de Estudios Superiores de Administraci&#243;n in Venezuela. Consistent with our internal control system requirements, the Reserves Control Director&#146;s compensation was not affected by changes in reported reserves.</font></td>
	</tr>
</table>
<br>
<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">(c)</font></td>
		<td><font size="2">A quarterly internal review by the RCD of changes in proved reserves submitted by the Exploration and Production business unit and associated with properties where technical, operational or commercial issues had arisen.</font></td>
	</tr>
</table>
<br>
<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">(d)</font></td>
		<td><font size="2">A Quality Reserve Coordinator (QRC) was assigned at each Exploration and Production business unit of YPF to ensure that there were effective controls in the proved reserves estimation and approval process of the estimates of YPF and the timely reporting of the related financial impact of proved reserves changes. Our QRCs were responsible for reviewing proved reserves estimates. The qualification of each QRC was made on a case-by-case basis with reference to the recognition and respect of such QRC&#146;s peers. YPF would normally consider a QRC to be qualified if such person (i) had a minimum of 10 years of practical experience in petroleum engineering or petroleum production geology, with at least five years of such experience in charge of the estimate and evaluation of reserves information, and (ii) had either (A) obtained, from a college or university of recognized stature, a bachelor&#146;s or advanced degree in petroleum engineering, geology or other related discipline of engineering or physical science, or (B) received, and was maintaining in good standing, a registered or certified professional engineer&#146;s license or a registered or certified professional geologist&#146;s license, or the equivalent thereof, from an appropriate governmental authority or professional organization.</font></td>
	</tr>
</table>
<br>
<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">(e)</font></td>
		<td><font size="2">A formal review through technical review committees to ensure that both technical and commercial criteria were met prior to the commitment of capital to projects.</font></td>
	</tr>
</table>
<br>
<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">(f)</font></td>
		<td><font size="2">Our internal audit team, which examined the effectiveness of YPF&#146;s financial controls, designed to ensure the reliability of reporting and safeguarding of all the assets and examining YPF&#146;s compliance with the law, regulations and internal standards.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">39</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_40"></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">(g)</font></td>
		<td><font size="2">All volumes booked were submitted to a third party reserves audit on a periodic basis. The properties selected for a third party reserves audit in any given year were selected on the following basis:</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">i.</font></td>
		<td><font size="2">all properties on a three year cycle, and</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">ii.</font></td>
		<td><font size="2">recently acquired properties not submitted to a third party reserves audit in the previous cycle and properties with respect to which there is new information which could materially affect prior reserves estimates.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">For those areas submitted to third party reserves audit, YPF&#146;s proved reserves figures had to be within 7% of the third party reserves audit figures for YPF to declare that the volumes have been ratified by a third party reserves audit. In the event that the difference was greater than the tolerance, YPF would reestimate its proved reserves to achieve this tolerance level or should disclose the third party figures.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In 2011, DeGolyer &amp; MacNaughton audited areas operated by YPF in the Golfo San Jorge and Neuquina basins, Gaffney, Cline &amp; Associates Inc. audited non-operated areas in Argentina and Ryder Scott Petroleum Consultants audited unconventional reserves in the Loma La Lata field and surrounding blocks. The audits of DeGolyer &amp; MacNaughton and Gaffney, Cline &amp; Associates Inc. were performed as of September 30, 2011, in fields which, according to our estimates, contained, in the aggregate, 435 mmboe proved reserves (51 mmboe of which were proved undeveloped reserves) as of such date, which represented approximately 43% of our proved reserves and 23% of our proved undeveloped reserves in Argentina as of that date. The audit of Ryder Scott Petroleum Consultants was performed as of December 31, 2011, in fields which contained, in the aggregate, 33 mmboe proved reserves (29 mmboe of which were proved undeveloped reserves) as of such date, which represented approximately 3% of our proved reserves and 11% of our proved undeveloped reserves in Argentina as of that date. A copy of the related reserves audit reports are filed as Exhibits to this annual report.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We are required, in accordance with Resolution S.E. No. 324/06 of the Argentine Secretariat of Energy, to file annually and by March 31 of every year details of our estimates of our oil and gas reserves and resources with the Argentine Secretariat of Energy, as defined in that resolution and certified by an external auditor. The aforementioned certification and external audit only have the meaning established by Resolution S.E. No. 324/06, and are not to be interpreted as a certification or external audit of oil and gas reserves under SEC rules. We last filed such a report for the year ended December 31, 2011 and the estimates of our proved oil and gas reserves filed with the Argentine Secretariat of Energy are materially higher than the estimates of our proved oil and gas reserves contained in this annual report mainly because: (i) information filed with the Argentine Secretariat of Energy includes all properties of which we are operators, irrespective of the level of our ownership interests in such properties; (ii) information filed with the Argentine Secretariat of Energy includes other categories of reserves and resources different to proved reserves that are not included in this annual report, which contains estimates of proved reserves consistent with the SEC&#146;s guidance; and (iii) the definition of proved reserves under Resolution S.E. No. 324/06 is different from the definition of &#147;proved oil and gas reserves&#148; established in Rule 4-10(a) of Regulation S-X. Accordingly, all proved oil and gas reserve estimates included in this annual report reflect only proved oil and gas reserves consistent with the rules and disclosure requirements of the SEC.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Oil and gas production, production prices and production costs</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table shows our oil (including crude oil, condensate and natural gas liquids) and gas production on an as sold and daily basis for the years indicated. In determining net production, we exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in such production and is able to make lifting and sales arrangements independently. By contrast, to the extent that royalty payments required to be made to a third party, whether payable in cash or in kind, are a financial obligation, or are substantially equivalent to a production or severance tax, they are not excluded from our net production amounts despite the fact that such payments are referred to as &#147;royalties&#148; under local rules. This is the case for our production in Argentina, where royalty expense is accounted for as a production cost.</font></p></div>
<p align="center"><font size="2">40</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_41"></a></font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Oil production<sup>(1)(2)</sup></b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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 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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(mbbl/d)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Entities</b></font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South America</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">272</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">291</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
      States</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total Consolidated Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">273</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">293</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">302</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Equity-Accounted Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South
      America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total Equity-Accounted Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Total Oil Production<sup>(3)</sup></b></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">303</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Natural gas production<sup>(2)</sup></b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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 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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(mmcf/d)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Entities</b></font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South America</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,049</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,170</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,289</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
      States</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consolidated
      Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,052</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,172</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,291</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Equity-Accounted Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South America</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">43</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity-Accounted
      Entities</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">43</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Total Natural Gas Production<sup>(4)(5)</sup></b></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,090</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,335</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Oil equivalent production<sup>(2)(6)</sup></b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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 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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(mmboe/d)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Consolidated Entities</b></font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">273</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">293</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">302</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">187</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">209</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">230</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Equity-Accounted Entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil</font></td>
    <td 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">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Total Oil Equivalent Production</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">467</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">510</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">541</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes crude oil, condensate and natural gas liquids.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Loma La Lata field in Argentina contains over 27% of our total proved reserves expressed on an oil equivalent barrel basis. Oil production in this field was 15, 16 and 17 mbbl for the years ended December 31, 2011, 2010 and 2009 respectively. Natural gas production in the Loma La Lata field was 182, 194 and 207 bcf for the years ended December 31, 2011, 2010 and 2009 respectively.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Oil production for the years 2011, 2010 and 2009 includes an estimated approximately 12, 13 and 12 mmbbl, respectively, of crude oil, condensate and natural gas liquids in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax. Equity-accounted entities&#146; production of crude oil, condensate and natural gas liquids in respect of royalty payment which are a financial obligation, or are substantially equivalent to a production or similar tax, is not material.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">Natural gas production for the years 2011, 2010 and 2009 includes an estimated approximately 48, 50 and 54 bcf, respectively, of natural gas in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax. Equity-accounted entities production of natural gas in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, is not material.</font></td>
	</tr>
</table>
<p align="center"><font size="2">41</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_42"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">Does not include volumes consumed or flared in operation and inventory changes (whereas sale volumes shown in the reserves table included in &#147;Supplemental Information on Oil and Gas Exploration and Production Activities-Oil and Gas Reserves&#148; include such amounts).</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(6)</font></td>
		<td><font size="1">Volumes of natural gas been converted to an oil equivalent basis at 5.615 mcf per barrel.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">As of May 14, 2012, concessions representing 7.6% of our production
    in 2011 and 8.8% of our proved reserves as of December 31, 2011 have been
    revoked by the relevant authorities. In addition, the revocation of concessions
    representing 12.87% of our production in 2011 and 12.92% of our proved reserves
    as of December 31, 2011 is currently being evaluated by the relevant authorities.
    See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to
    Argentina&#151;Certain provinces of Argentina have commenced proceedings to
    terminate some of our oil and gas production concessions&#148; and &#147;Item
    8. Legal Proceedings-Argentina&#151;Non-accrued, possible contingencies&#151;Concessions
    on Hydrocarbon zones &#150; Provincial claims.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">The composition of the crude oil produced by us in Argentina varies by geographic area. Almost all crude oil produced by us in Argentina has very low or no sulfur content. We sell substantially all the crude oil we produce in Argentina to our Refining and Marketing business segment. Most of the natural gas produced by us is of pipeline quality. All of our gas fields produce commercial quantities of condensate, and substantially all of our oil fields produce associated gas.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth the average production costs and average sales price by geographic area for 2011, 2010 and 2009:</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Production costs and sales price</b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>United States</b></font></div>
    </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 align="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 align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(Ps./boe)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Year ended December 31, 2011</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Lifting costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">48.24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">48.24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">48.93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Local taxes and similar payments<sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2.03</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2.04</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Transportation and other costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15.25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15.23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18.07</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Average production costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">65.52</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">65.51</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Average oil sales price</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">245.86</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">244.69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">412.19</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Average natural gas sales price</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">55.24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">55.21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">111.74</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Year ended December 31, 2010</b></font></td>
    <td align="left">&nbsp;</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">Lifting costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32.94</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32.85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">54.89</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Local taxes and similar payments<sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1.43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Transportation and other costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11.32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11.27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21.29</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Average production costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">45.68</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">45.55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">76.18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Average oil sales price</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">193.62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">193.53</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">289.59</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Average natural gas sales price</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">50.54</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">50.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">113.26</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Year ended December 31, 2009</b></font></td>
    <td align="left">&nbsp;</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">Lifting costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">24.48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">24.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37.17</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Local taxes and similar payments<sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1.05</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1.05</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Transportation and other costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7.02</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6.96</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">19.07</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Average production costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32.55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32.43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">56.24</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Average oil sales price</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">157.28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">157.05</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">201.12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Average natural gas sales price</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">46.49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">46.18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">109.22</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Does not include <i>ad valorem</i> and severance taxes, including the effect of royalty payments which are a financial obligation or are substantially equivalent to such taxes, in an amount of approximately Ps.19.50 per boe, Ps.15.40 per boe and Ps.12.97 per boe for the years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<p align="center"><font size="2">42</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_43"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Drilling and other exploratory and development activities</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table shows the number of wells drilled by us or consortiums in which we had a working interest in Argentina during the periods indicated.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Wells Drilled in Argentina<sup>(1)</sup></b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>For the Year Ended
      December 31,</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 align="left">&nbsp;</td>
    <td colspan=5  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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Gross wells drilled<sup>(1)</sup></b></font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploratory</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Productive</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dry</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Productive</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">553</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">709</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">494</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">529</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">680</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">456</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dry</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">561</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">717</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">512</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Net wells drilled<sup>(2)</sup></b></font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploratory</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Productive</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dry</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development</font></td>
    <td align="left">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Productive</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">494</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">616</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">402</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">485</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">601</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">380</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dry</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">502</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">623</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">420</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">&#147;Gross&#148; wells include all wells in which we have an interest. In addition to wells drilled in Argentina, we participated in the drilling of the following &#147;gross&#148; wells in North America: one dry exploratory well in 2009, one exploratory well which was abandoned due to technical reasons in 2011, and nine development wells during the last three years, seven of which were productive. </font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">&#147;Net&#148; wells equals gross wells after deducting third party interests. In addition to wells drilled in Argentina, &#147;net&#148; wells drilled in North America round to one well.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Drilling and other activities in Argentina</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our project portfolio, updated in May 2011, included more than 1,400 projects to develop proved, probable and possible reserves, in addition to exploration and development resources, all focused mainly on crude oil and the evaluation and development of unconventional resources in the Neuquina basin. The financial viability of these investments and reserves recovery efforts, however, will generally depend on the prevailing economic and regulatory conditions in Argentina, as well as the market prices of hydrocarbon products.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Historically, we have been fully dedicated to identifying new opportunities in both infill potential and improved sweep efficiency in our mature fields. These efforts are guided by subsurface modeling conducted by in-house multidisciplinary teams. Furthermore a strong emphasis has been placed in surveillance activities to improve current</font></p></div>
<p align="center"><font size="2">43</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_44"></a></font></p>
<p><font size="2">mature water injection projects. Tertiary recovery is being pursued with polymer and surfactant flooding in mature reservoirs in both Golfo San Jorge and Neuqu&#233;n basins.</font></p>
<div style="text-indent:3%"><p><font size="2">On May 3, 2012, the Expropriation Law was passed by Congress. The Expropriation Law has declared achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation, industrialization, transportation and sale of hydrocarbons, a national public interest and a priority for Argentina. In addition, its stated goal is to guarantee socially equitable economic development, the creation of jobs, the increase of the competitiveness of various economic sectors and the equitable and sustainable growth of the Argentine provinces and regions. There may be changes in our business strategy and operations as a result of the Expropriation Law or resulting from the introduction of our new management. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina-The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law&#148; and &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">During 2011, our main exploratory activities in Argentina have had the following principal focuses:</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Offshore</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2"><i>Shallow water. </i>Following the drilling campaign performed during 2008 and 2009, YPF has re-evaluated the E2 block area of the Austral Basin (currently operated by ENAP Sipetrol which holds a 33% working interest and where YPF and ENARSA have a 33% working interest each), in search of new exploratory well opportunities. The Company, together with its partners, is currently carrying out the relevant regional studies in order to support the new prospects under evaluation. The Company is also evaluating the remaining areas of the Austral Basin which are not assigned by the Government to any other company with the intention of preparing its participation in future bids.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Deep water. </i>YPF currently participates in four blocks:</font></p></div>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2"><i>CAA-40 and CAA-46.</i> The drilling of the Malvinas well x-1 in the Malvinas basin, which reached a True Vertical Depth (TVD) of 2,000 meters, revealed no evidence of the presence of hydrocarbons. Since the well drilled was sterile, it was subsequently abandoned. In December 2011, the CAA-40 area was reverted to the Secretariat of Energy. With respect to the CAA-46 area, 50% was reverted to the Government in accordance with the law and, following the withdrawal of its partners in December 2011, YPF&#146;s share increased from 33.5% to 100%.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2"><i>E-1.</i> YPF holds a 35% working interest in this Colorado basin block, where ENARSA holds a 35% interest, Petrobras Argentina a 25% interest, and Petrouruguay a 5% interest. Geological and geophysical activity is underway to determine the probable location of a well.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2"><i>E3.</i> YPF holds a 30% working interest in this Colorado basin block, where ENARSA holds a 35% interest and Petrobras Argentina holds a 35% interest. During 2011, geological and geophysical studies were carried out in order to define the design of the seismic to be registered. The 2D seismic registration is planned for 2012.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Onshore</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Unconventional oil and gas</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top width="3%"><font size="2"><i>(i)</i></font></td>
		<td><font size="2"><i>Shale oil</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2"><i>Neuquina Basin</i>. Within the framework of the Exploratory and Production Development Program 2010/2014, the first development stage has been completed with 15 vertical wells in the northern area of Loma La Lata and Loma Campana, in the province of Neuqu&#233;n, all of them with initial productions varying from 200 to 600 boe/d. Our main focus in this area is the shale oil in the Vaca Muerta formation. As a result of our exploratory efforts, 22.83 mmbbl (net) of oil proved reserves and 55,220 mmcf (net) of gas proved reserves were incorporated during 2011 from the Loma La Lata and the Loma Campana blocks.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Furthermore, and continuing with the exploratory project in the area of the Vaca Muerta formation, the drilling of two vertical wells was completed in the Bajada de A&#241;elo and La Amarga Chica blocks. The BA&#241;.x-2 well yielded an average daily high quality production of approximately 250 boe/d (48&deg; API), while the LACh.x-3 well yielded 400 boe/d (35&deg; API) during initial tests. The result of these wells is in line with prior results and increases the Vaca Muerta production area&#146;s potential. As a result, 41 mmbbl (net) of oil proved reserves and 51.8 mmcf (net) of gas proved reserves were incorporated during 2011 from the Bajada del A&#241;elo and the La Amarga Chica blocks.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Concerning the activity outside the northern area of Loma La Lata and adjacent blocks, the ChSN.xp-623 well was completed in the Chihuido de la Sierra Negra block. This borehole confirmed a 300 meters thickness in the Vaca Muerta formation. The bottom 150 meters were stimulated, obtaining up to 100 boe/d of high quality oil (37&deg; API). Currently, we are awaiting the analysis of crown data concerning this well in order to adjust future stimulation programs. Nevertheless, oil production in the lower half area of Vaca Muerta has already been tested.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Additionally, drillings continued in wells LCav.x-2 (in the Bandurria Block), MMo.x-1 (in Mata Mora) and LAm.x-2 (in the Loma Amarilla block), while drillings were initiated in Corr.x-1 (in the Corralera block).</font></p></div>
<div style="text-indent:3%"><p><font size="2">Within the Exploratory and Production Development Program 2010/2014, the commencement of the BdT.x-3 boreholes in the Bajo del Toro block and the LoAm.x-3 well in the Loma Amarilla block, both aimed at shale oil in the Vaca Muerta formation, are planned for the first quarter of 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">With respect to blocks which are not operated by YPF, the drilling of boreholes LA.x-137 and LA.x-138 in the Lindero Atravesado block (which is operated by Pan American Energy) was finished. These wells are expecting completion, and are expected to enable the outline of the southern area of Loma La Lata.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>San Jorge Gulf Basin. </i>During 2011, the evaluation of the D-129 well formation was carried out in the north, south and west flanks of the San Jorge Gulf Basin, aimed at shale oil. Samples extracted from 21 existing wells in the basin were sent for analysis in order to obtain relevant geochemical data. Based on the results of these tests, three locations were selected for drilling, among which the following two commenced activity during the last quarter of 2011:</font></p></div>
<div style="text-indent:3%"><p><font size="2">The first well drilled was ECh.xp-159 (drilled in December 2011), in the Ca&#241;ad&#243;n Yatel block, which drilling stage was concluded in December 2011. The well is currently expecting stimulation and assay.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The LP.xp-2529 well (drilled started in December 2011), in the Los Perales - Las Mesetas block, was drilled subsequently. The well is currently expecting stimulation and assay.</font></p></div>
<div style="text-indent:3%"><p><font size="2">There are plans to begin drilling well LC.xp-818, in the Lomas del Cuy block, during the first half of 2012. The stimulation of the wells referred to above involve massive hydraulic fracturing such as that performed in the Vaca Muerta formation in the Neuquina basin.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top width="3%"><font size="2"><i>(ii)</i></font></td>
		<td><font size="2"><i>Shale gas</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2"><i>Neuquina Basin.</i> Within the Exploratory and Production Development Program 2010/2014, the drilling of well CA.x-5 was initiated in the Cerro Arena block, and exploration is planned to start in the first half of 2012 with wells CLMi.x-1 in the Cerro Las Minas block, EOr.x-2 in El Orejano and LDMo.x-1 in the Lomas del Molle block. </font></p></div>
<div style="text-indent:3%"><p><font size="2">At the end of 2011, the extended production assay of the LLLK.x-2h well started in the Loma La Lata block. This is the first horizontal well in the Vaca Muerta formation and has a horizontal extension of 600 m. During 2011, seven fracturing stages were performed. This well, which target is shale gas, is not in production yet.</font></p></div>
<div style="text-indent:3%"><p><font size="2">With respect to blocks which are not operated by YPF, the drilling of the AP.x-1001 well in the Aguada Pichana block was completed.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, commencement of the drilling of the well ACas.x-1, in the Aguada de Castro block (which is operated by Total Austral and contains shale gas resources) started in the first quarter of 2012.</font></p></div>
<p align="center"><font size="2">45</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_46"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Conventional oil and gas</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top width="3%"><font size="2"><i>(i)</i></font></td>
		<td><font size="2"><i>Productive basins</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2"><i>Chachahu&#233;n block. </i>The first exploratory boreholes were performed in the Chachahu&#233;n block. The results were positive and are now under production evaluation for potential reserves incorporation. The initial exploratory campaign consisted in the drilling of three wells with depths between 1,500 and 1,000 meters. The boreholes documented the development of an average useful thickness of 10 meters, corresponding to conventional reservoirs in the Rayoso formation (<i>Miembro Cl&#225;stico</i>). After drilling and starting production in the first of the wells, initial outflows of 200 boe/d (24 API&deg;) were recorded. The Company has also confirmed an area of extension towards the southeast of the abovementioned discovery with conditions that are similar to the evaluated area. </font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Incorporation of exploratory acreage.</i> During 2011, the Company participated actively in the bidding processes of exploratory blocks, which resulted in the incorporation of approximately 45,000 km2 of surface corresponding to the Neuquina, Cuyo and San Jorge Gulf basins.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Papagayos formation.</i> During 2011, the evaluation of the Papagayos play in mature exploitation areas of the Cuyo basin was started. During January 2012, we started drilling the Vizcacheras Oeste x-2 well, which reached a TVD of 2,060 meters. The borehole documented the development of hydrocarbon-impregnated sandy layers corresponding to the Papagayos formation, which is currently expecting completion.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Li&#225;sico Inferior. </i>The geological and structural models are under review in order to define exploratory opportunities.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Ramos xp-1012.</i> The evaluation phase was completed producing negative results. </font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Quintuco Formation. </i>The LLL No x-1 well in the Loma La Lata block and L Cav.x-2 in the Bandurria Block were completed and both are currently in production. </font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top width="3%"><font size="2"><i>(ii)</i></font></td>
		<td><font size="2"><i>Border areas</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2"><i>Los Tordillos Oeste block. </i>Based on the analysis of the 3D seismic data acquired in the last quarter of 2010, the location of two exploratory wells was established in the Los Tordillos Oeste block (in the province of Mendoza) in partnership with Sinopec Argentina (formerly Occidental Exploration and Production, Inc.), with a 50% interest each. The pertinent environmental certificates have been processed by the enforcement authorities for both of these wells. We expect the certificates to be granted by mid-2012, at which point we will be able to begin drilling. These new project should allow us to fulfill our investment commitments, the term for which was extended based on article 1 of Resolution 546/09 of the province of Mendoza.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Tamber&#237;as block. </i>During the first quarter of 2011, the first Ansilta es-1 well was drilled in the Tamber&#237;as block (in the province of San Juan), in which YPF holds a 100% interest. Approximately 2,507 meters of the stratigraphic column of the basin were researched, with no evidence of hydrocarbons presence. Consequently, the block was returned to the Government authorities at the end of the second exploratory period on March 12, 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>CGSJ V/A and Gan Gan blocks.</i> YPF operates the CGSJ V/A and the CCA-1 (Gan Gan) blocks in the Ca&#241;ad&#243;n Asfalto basin (in the province of Chubut) in partnership with Wintershall, which holds a 25% working interest. With respect to CGSJ V/A, we have committed to reprocess the 724 km of existing 2D seismic data in connection with the continuation of the second exploration period. In the Gan Gan block, the Las Coloradas es-1 well was drilled in the last quarter of 2011, with the objective of investigating the Ca&#241;ad&#243;n Asfalto formation at a deeper basin position than the Gorro Frigio es-1 well, which is located 70 km to the southwest and proved the existence of oil of low maturity. The Gorro Frigio es-1 well, with a final depth of 2,067 meters, confirmed the presence of volcanic rocks; however, oil was not identified in the column drilled in the Ca&#241;ad&#243;n Asfalto formation and the well was abandoned. The result of the Las Coloradas es-1 well will allow us to reevaluate the exploratory potential of the rest of the block.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>R&#237;o Barrancas block.</i> In the R&#237;o Barrancas block, the drilling of the Puesto Chacaico x-1 well was completed, reaching a depth of 836 m. The well showed fresh hydrocarbon impregnations in several units of Lower Cretaceous, thus confirming the existence of an active oil system in this border area of the Neuquina basin. The completion of the well was performed in the Agrio and Huitin formation with negative results.</font></p></div>
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<div style="text-indent:3%"><p><font size="2"><i>Bols&#243;n del Oeste block. </i>In the Bols&#243;n del Oeste block (in the province of La Rioja), which is operated by YPF (100%), 310 km of 2D seismic were recorded in order to enhance our knowledge of the subsurface of both the northern area of Bols&#243;n del Bermejo and the central area of Bols&#243;n de Pagancillo. The location of the well to be drilled during 2012 will be defined based on this information, which constitutes part of the commitment undertaken for the second exploratory period.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Argentina Exploratory Plan</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">During 2011, the third phase of the &#147;Argentina Exploratory Plan&#148;, announced in December 2009, was completed. Its main purpose was to perform an analysis of the exploratory play level in the existing sedimentary basins within the territories of the 12 provinces which are party to such plan: Entre R&#237;os, Formosa, Chaco, C&#243;rdoba, San Juan, Buenos Aires, Santa Cruz, Santa Fe, La Rioja, Tucum&#225;n, Salta and Misiones. Moreover, five new specific agreements were signed with public and private universities in order to perform surface geological studies and apply potential geophysical methods in these provinces.</font></p></div>
<div style="text-indent:3%"><p><font size="2">During 2010, in the Loma La Lata Field, we continued implementing our comprehensive plan for the improvement and optimization of our oil and gas production facilities through the interconnection of our primary separation units by means of a low pressure gas pipe line. This seeks to minimize losses incurred in the production process and support our pipe infrastructure. We also initiated Ultra Low Pressure pilot production, through the installation of mobile motor compressors at the wellhead. Furthermore, as part of our comprehensive plan for secondary recovery, in an area comprising Aguada Toledo - Sierra Barrosa, we implemented a drilling program comprising of 10 new wells, the repair of 14 existing wells, producers and injectors, and improvements to our surface facilities. In this region we also initiated unconventional gas development activities with respect to tight gas in the Lajas formation by means of workover operations (the fracture of existing wells) and began to drill new wells in the last quarter of 2011, in conjunction with Vale do Rio Dolce, our joint venture partner at Lajas.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In the El Medanito oilfield (100% owned by YPF), subsequent to our aggressive delineation drilling campaign and second generation waterflooding pilot in the central west region, and a further drilling campaign and waterflooding pilot in the southwest region in 2010 and 2011, respectively, our drilling activities planned for 2012 include the continued extensive re-development throughout this area and the finalization of facilities we began constructing in 2010. Our waterflooding pilot in the southwest region, if successful, would facilitate the incorporation of proved reserves from secondary recovery, further to our incorporation of primary reserves in 2010 and 2011. In 2013, we plan to continue our extensive drilling project in the south region and conduct prospecting activities to assess the remaining potential throughout the rest of the region.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2011, in the Llancanelo field, we continued production testing and delineation activities with the drilling of two new wells in distinct areas of the field and deeper reservoirs. We completed our drilling activities planned for Loma de la Mina, completing eight new wells in distinct positions of the block. We also continued the targeted drilling of eight wells at Cerro Fortunoso and drilled two new wells in Valle del R&#237;o Grande, from one of which we have obtained data critical to our non-conventional oil exploration in 2012. Our continued development of the Desfiladero Bayo field included the drilling of five new productive wells and four water injection wells, as well as four well conversions at the Desfiladero Bayo Infill, which seek to improve the injectivity profile of this field for its prospective development. We continued our Vizcacheras Pinch Out project in Mendoza Norte drilling 10 wells, completing workovers and their associated facilities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Manantiales Behr Integral Development project includes the El Alba, La Carolina, Grimbeek and Sur Manantiales projects. Currently, the area has 840 oil production wells and 15 gas production wells. In 2011, we drilled 196 wells across various projects, which represented a total estimated investment of U.S.$283 million for this period. The overall objective of this new project is the comprehensive development of new areas, to facilitate the construction of new wells, the implementation of new enhanced oil recovery projects and to provide developmental support through the relevant surface facilities. We have identified our greatest development potential at our Grimbeek, El Alba and La Carolina projects, our pilot polymer injection project at Grimbeek II, our surfactant injection project at Sur Manantiales Behr and further potential infill drilling opportunities that we have detected in some areas. The development group is formed of 15 experts comprised, among others, of geologists, geophysicists, engineers, petrophysicists, technicians and a team leader. As of May ___, 2012, the revocation of the concession relating to this area was being evaluated by the relevant authorities. See &#147;Item 3. Key Information&#151;Risk Factors&#151;</font></p></div>
<p align="center"><font size="2">47</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_48"></a></font></p>
<p><font size="2">Risks Relating to Argentina-Certain provinces of Argentina have
  commenced proceedings to terminate some of our oil and gas production concessions&#148;
  and &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible
  contingencies&#151;Concessions on Hydrocarbon zones &#150; Provincial claims.&#148;</font></p>
<div style="text-indent:3%">
  <p><font size="2">At Santa Cruz in 2011, we implemented 13 integral development
    projects across four development areas (Las Heras, El Guadal, Los Perales
    and Ca&#241;ad&#243;n Seco), comprising a total portfolio of 79 projects.
    The principal integral projects include Cerro Grande, Maurek, Seco Le&#243;n
    and Los Perales. 65 wells have been drilled in connection with these projects,
    which, inclusive of associated facilities costs, represent a total estimated
    investment of U.S.$150 million. The main objective of these integral projects
    is the comprehensive development of such areas through the construction of
    new wells, the implementation of new enhanced oil recovery projects and the
    provision of development support through the appropriate surface facilities.
    On April 18, 2012, YPF was notified of Decree No. 575/12, which declares the
    expiration of the concessions relating to the areas Los Perales &#150; Las
    Mesetas, Ca&#241;adon Vasco y Pico Truncado &#150; El Cord&#243;n Los Monos
    and Cerro Piedra-Cerro Guadal Norte. On May 4, 2012, YPF filed a motion of
    reconsideration of Decree No. 575/12 with the governor of the Santa Cruz Province.
    See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to
    Argentina&#151;Certain provinces of Argentina have commenced proceedings to
    terminate some of our oil and gas production concessions&#148; and &#147;Item
    8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions
    on Hydrocarbon zones &#150; Provincial claims.&#148;</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Non-operated areas</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In the CNQ7A block, operated by Petro Andina Resources Argentina S.A. (PAR) (in which we have a 50% working interest), the delineation of the El Corcobo Norte, Jag&#252;el Casa de Piedra, Cerro Huanul Sur and Puesto Pinto Reservoirs was completed in 2011 and development of these reservoirs has begun. In December 2011, a pilot polymer injection project was initiated at the El Corcobo Norte reservoir.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2011, the drilling of exploratory wells at both JCPE-x1 and JCPE-x2 proved economically feasible. Both wells are currently in production though they did not incorporate reserves in 2011 as completion occurred at the end of such year at which time they remained under evaluation. Development plans for 2012 with respect to these wells are not finalized and remain under review.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In Aguada Pichana block, operated by Total Austral S.A. (in which we have a 27.27% working interest), the completion of the exploration and delineation phases of the Las C&#225;rceles project has been achieved and development of the area has commenced, with 18 wells having been drilled to date.</font></p></div>
<div style="text-indent:3%"><p><font size="2">3D seismic imaging has been undertaken in Las C&#225;rceles Oeste, and analysis of the data is underway. An exploratory well AP.xp-1001 is being drilled to target Shale Gas in Vaca Muerta (our first shale drilling operation joint venture) and it is awaiting completion.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In the Tierra del Fuego area, operated by Apache Corp, (where YPF holds a 30% working interest), some brownfield exploration activity has been undertaken. The interpretation of the 3D seismic data retrieved has provoked numerous prospective drilling projects, mainly in the block&#146;s southern area.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Activities in rest of the world</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">For information regarding our exploration and development activities in the United States, Guyana, Uruguay, Colombia, Peru, Paraguay and Chile, see &#147;&#151;Principal properties&#151;International properties&#148;.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Additional information on our present activities</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table shows the number of wells in the process of being drilled as of December 31, 2011.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">

    <td align="left"><font size="2"><b>Number of wells in the process of being
      drilled</b></font></td>

    <td colspan=3  width="8%" align="center"><font size="2"><b>As of December
      31, 2011</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"><b>Gross</b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td width="8%" align="right"><font size="2"><b>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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Argentina</font></td>
		<td width="8%" align="right"><font size="2">52</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">51</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Rest of South America</font></td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">North America</font></td>
		<td width="8%" align="right"><font size="2">1</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">0.15</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">Total</font></td>
		<td width="8%" align="right"><font size="2">53</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">51.15</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>
<br>
<p align="center"><font size="2">48</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_49"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Delivery commitments</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We are committed to providing fixed and determinable quantities of crude oil and natural gas in the near future under a variety of contractual arrangements.</font></p></div>
<div style="text-indent:3%"><p><font size="2">With respect to crude oil, we sell substantially all of our Argentine production to our Refining and Marketing business segment to satisfy our refining requirements. As of December 31, 2011, we were not contractually committed to deliver any barrel of crude oil in the future.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, we were contractually committed to deliver 42,485 mmcm of natural gas in the future, of which approximately 18,719, mmcm will have to be delivered in the period from 2012 through 2014. According to our estimates as of December 31, 2011, our contractual delivery commitments for the next three years could be met with our own production<b> </b>and, if necessary, with purchases from third parties.</font></p></div>
<div style="text-indent:3%"><p><font size="2">However, since 2004 the Argentine government has established regulations for both the export and internal natural gas markets which have affected Argentine producers&#146; ability to export natural gas. Consequently, since 2004 we have been forced in many instances to partially or fully suspend natural gas export deliveries that are contemplated by our contracts with export customers. Charges to income totaling Ps.88 million, Ps.411 million and Ps.139 million have been recorded in 2011, 2010 and 2009, respectively, in connection with our contractual commitments in the natural gas export market.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Among the regulations adopted by the Argentine government, on June 14, 2007, the Argentine Secretariat of Energy passed Resolution No. 599/07, according to which we were compelled to enter into an agreement with the Argentine government regarding the supply of natural gas to the domestic market during the period 2007 through 2011 (the &#147;Agreement 2007-2011&#148;). On January 5, 2012, the Official Gazette published Resolution S.E. No. 172, which temporarily extends the rules and criteria established by Resolution No. 599/07 until new legislation is passed replacing such rules and criteria. On February 17, 2012, we filed a motion for reconsideration of Resolution S.E. No. 172 with the Argentine Secretariat of Energy.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">YPF has not entered into any contractual commitment to supply
    natural gas to the domestic market. The purpose of the Agreement 2007-2011
    is to guarantee the supply of natural gas to the domestic market at the demand
    levels registered in 2006, plus the growth in demand by residential and small
    commercial customers. See &#147;&#151;Regulatory Framework and Relationship
    with the Argentine Government&#151;Market Regulation&#148; and &#147;Item
    3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;We
    are subject to direct and indirect export restrictions, which have affected
    our results of operations and caused us to declare force majeure under certain
    of our export contracts.&#148; According to our estimates as of December 31,
    2011, supply requirements under the Agreement 2007-2011 (which we were compelled
    to enter into and which was approved by a resolution that has been challenged
    by us) could be met with our own production and, if necessary, with purchases
    from third parties. Additionally, on October 4, 2010, the National Gas Regulatory
    Authority (&#147;ENARGAS&#148;) issued Resolution No. 1410/2010, which approves
    the &#147;<i>Procedimiento para Solicitudes, Confirmaciones y Control de Gas</i>&#148;
    setting new rules for natural gas dispatch applicable to all participants
    in the gas industry and imposing new and more severe priority demand gas restrictions
    on producers. See &#147;&#151;Regulatory Framework and Relationship with the
    Argentine Government&#151;Market Regulation.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">We have appealed the validity of the aforementioned regulations
    and have invoked the occurrence of a force majeure event (government action)
    under our export natural gas purchase and sales agreements, although certain
    counterparties to such agreements have rejected our position. See &#147;Item
    8. Financial Information&#151;Legal Proceedings-Argentina-Accrued, probable
    contingencies&#151;Alleged defaults under natural gas supply contracts&#148;,
    &#147;Item 8. Financial Information&#151;Legal Proceedings&#151;Argentina&#151;Non-accrued,
    possible contingencies&#151;Claims related to the gas market and others&#148;
    and &#147;Item 8. Financial Information&#151;Legal Proceedings&#151;Argentina&#151;Non-</font></p>
</div>
<p align="center"><font size="2">49</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_50"></a></font></p>
<p><font size="2">accrued, remote contingencies&#151;Arbitration with AES Uruguaiana Empreendimentos S.A. (AESU), Companhia de G&#225;s do Estado do R&#237;o Grande do Sul (Sulg&#225;s) and Transportadora de Gas del Mercosur S.A. (TGM).&#148;</font></p>
<div style="text-indent:3%">
  <p><font size="2">In addition, on May 3, 2012, the Expropriation Law was passed
    by Congress. The Expropriation Law has declared achieving self-sufficiency
    in the supply of hydrocarbons as well as in the exploitation, industrialization,
    transportation and sale of hydrocarbons, a national public interest and a
    priority for Argentina. In addition, its stated goal is to guarantee socially
    equitable economic development, the creation of jobs, the increase of the
    competitiveness of various economic sectors and the equitable and sustainable
    growth of the Argentine provinces and regions. We cannot assure you that the
    implementation of the Expropriation Law will not further impact on our ability
    to meet our delivery commitments. See &#147;Item 3. Key Information&#151;Risk
    Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government
    has taken control over the Company and will operate it according to domestic
    energy policies in accordance with the Expropriation Law&#148; and &#147;&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">Moreover, certain of our concessions in Argentina have recently
    been revoked by the relevant provincial authorities while the revocation of
    other concessions is currently being evaluated by the relevant authorities.
    See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to
    Argentina&#151;Certain provinces of Argentina have commenced proceedings to
    terminate some of our oil and gas production concessions&#148; and &#147;Item
    8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions
    on Hydrocarbon zones &#150; Provincial claims.&#148; Our ability to meet our
    delivery obligations could be affected if additional concessions were revoked.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Natural gas supply contracts</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Argentine government has established regulations for both the export and internal natural gas markets which have affected Argentine producers&#146; ability to export natural gas under their contracts. YPF&#146;s principal supply contracts are briefly described below.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We are currently committed to supply a daily quantity of 125 mmcf/d to the Methanex plant in Cabo Negro, Punta Arenas, in Chile (under four agreements which expire between 2017 and 2025). Pursuant to instructions from the Argentine government, deliveries were interrupted from 2007. </font></p></div>
<div style="text-indent:3%"><p><font size="2">We currently have several supply contracts with Chilean electricity producers (through the Gas Andes pipeline linking Mendoza, Argentina to Santiago, Chile, which has a transportation capacity of 353 mmcf/d (designed capacity with compression plants)), including:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">a 15-year contract (signed in 1998) to provide 63 mmcf/d to the San Isidro Electricity Company (Endesa) in Quillota, Chile (all of this plant&#146;s natural gas needs);</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">a 15-year contract (signed in 1999) to supply 20% of the natural gas requirements of the electricity company, Colbun (approximately 11 mmcf/d); and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">a 15-year contract (signed in 2003) to supply 35 mmcf/d to Gas Valpo, a distributor of natural gas in Chile. This contract has been modified, becoming an interruptible supply contract.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We also have a 21-year contract (entered into in 1999) to deliver 93 mmcf/d of natural gas to a Chilean distribution company (Innergy) that distributes natural gas to residential and industrial clients through a natural gas pipeline (with a capacity of 318 mmcf/d) connecting Loma La Lata (Neuqu&#233;n, Argentina) with Chile.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Finally, in Chile we also have natural gas supply contracts with certain thermal power plants in northern Chile (Edelnor, Electroandina, Nopel and Endesa) utilizing two natural gas pipelines (with a carrying capacity of 300 mmcf/d each) connecting Salta, Argentina, to Northern Chile (Regi&#243;n II). The contracts with Edelnor and Electroandina have been modified, becoming interruptible supply contracts.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In Brazil, we entered into a 20-year supply contract in 2000 to provide 99 mmcf/d of natural gas to the thermal power plant of AES Uruguaiana Empreendimentos S.A. (AESU) through a pipeline linking Aldea Brasilera, Argentina, to Uruguaiana, Brazil (with a capacity of 560 mmcf/d). In May 2009, AESU notified us of the termination of the contract. We are currently in arbitration with AESU. See &#147;Item 8. Financial Information&#151;Legal</font></p></div>
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<p><font size="2">Proceedings&#151;Argentina&#151;Accrued, probable contingencies&#151;Alleged defaults under natural gas supply contracts&#148; and &#147;Item 8. Financial Information&#151;Legal Proceedings-Argentina&#151;Non-accrued, remote contingencies&#151;Arbitration with AES Uruguaiana Empreendimentos S.A. (AESU), Companhia de G&#225;s do Estado do R&#237;o Grande do Sul (Sulg&#225;s) and Transportadora de Gas del Mercosur S.A. (TGM).&#148;</font></p>
<div style="text-indent:3%">
  <p><font size="2">Because of certain regulations implemented by the Argentine
    government (see &#147;&#151;The Argentine natural gas market,&#148; below),
    we could not meet our export commitments and were forced to declare <i>force
    majeure</i> under our natural gas export sales agreements, although certain
    counterparties have rejected our position (see &#147;Item 8. Financial Information&#151;Legal
    Proceedings&#148;). As a result of actions taken by the Argentine authorities,
    through measures described in greater detail under &#147;&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;Market Regulation&#151;Natural
    gas&#148;, we have been forced to reduce the export volumes authorized to
    be provided under the relevant agreements and permits as shown in the chart
    below:</font></p>
</div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Year</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Maximum Contracted Volumes (MCV)<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Restricted Volumes<sup>(2)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Percentage of Restricted Volumes vs.
        MCV</b></font></div>
    </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 align="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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmcm)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(mmcm)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2009</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,920.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,835.5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">47.9%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2010</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,120.4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,842.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">62.8%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2011</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,120.4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,785.3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">45.5%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font size="2">
<hr noshade align="left" width="100" size=1>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Reflects the maximum quantities committed under our natural gas export contracts. Includes all of our natural gas export contracts pursuant to which natural gas is exported to Chile.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Reflects the volume of contracted quantities of natural gas for export that were not delivered.</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%"><font size="2"><b><i>&nbsp;</i></b></font></td>
    <td valign=top><font size="2"><b><i>The Argentine natural gas market</i></b></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We estimate (based on preliminary reports of amounts delivered by transport companies) that natural gas consumption in Argentina totaled approximately 1,629 bcf in 2011. We estimate that the number of users connected to distribution systems throughout Argentina amounted to approximately 7.8 million as of December 31, 2011. The domestic natural gas market has grown significantly over recent years, driven by the forces of economic growth and domestic price constraints. We believe that the natural gas market will continue to grow, though not at the same rate as it has recently done.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2011, we sold approximately 41% of our natural gas to local residential distribution companies, approximately 10% to NGV (Natural Gas Vehicle), approximately 48% to industrial users (including Mega and Profertil) and power plants, and approximately 1% in exports to foreign markets ( Chile). Sales are affected by increased consumption by residential consumers during winter months (June-August). During 2011, approximately 80% of our natural gas sales were produced in the Neuquina basin. In 2011, our domestic natural gas sales volumes were 4 % less than those in 2010, primarily as a result of the decrease in our production. See &#147;Item 5. Operating and Financial Review and Prospects&#151;Factors Affecting Our Operations&#151;Relative maturity of our oil and gas assets.&#148;</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">The Argentine government has taken a number of steps aimed
    at satisfying domestic natural gas demand, including pricing regulations,
    export controls and higher export taxes and domestic market injection requirements.
    These regulations were applied to all Argentine exporting producers, affecting
    natural gas exports from every producing basin. See &#147;&#151;Delivery commitments&#151;Natural
    gas supply contracts&#148;. Exporting producers, such as us, complied with
    the Argentine government&#146;s directions to curtail exports in order to
    supply gas to the domestic market, whether such directions are issued pursuant
    to resolutions or otherwise. Resolutions adopted by the Argentine government
    provide penalties for non-compliance. Rule SSC No. 27/2004 issued by the Undersecretary
    of Fuels (&#147;Rule 27&#148;), for example, punishes the violation of any
    order issued thereunder by suspending or revoking the production concession.
    Resolutions No. 659 and No. 752 also provide that producers not complying
    with injection orders will have their concessions and export permits suspended
    or revoked and state that pipeline operators are prohibited from shipping
    any natural gas injected by a non-complying exporting producer.</font></p>
</div>
<p align="center"><font size="2">51</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_52"></a></font></p>
<div style="text-indent:3%"><p><font size="2">The Argentine government began suspending natural gas export permits pursuant to Rule 27 in April 2004, and in June 2004 the Argentine government began issuing injection orders to us under Resolution No. 659. Thereafter, the volumes of natural gas required to be provided to the domestic market under the different mechanisms described above have continued to increase substantially. The regulations pursuant to which the Argentine government has restricted natural gas export volumes in most cases do not have an express expiration date. Likewise, we have not received any documentation indicating that the Argentine government will suspend or withdraw these actions. Accordingly, we are unable to predict how long these measures will be in place, or whether such measures or any further measures adopted will affect additional volumes of natural gas.</font></p></div>
<div style="text-indent:3%"><p><font size="2">See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#148; for additional information on these and other related regulations.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Argentine natural gas supplies</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Most of our proved natural gas reserves in Argentina are situated in the Neuquina basin (approximately 76% as of December 31, 2011), which is strategically located in relation to the principal market of Buenos Aires and is supported by sufficient pipeline capacity during most of the year. Accordingly, we believe that natural gas from this region has a competitive advantage compared to natural gas from other regions. The capacity of the natural gas pipelines in Argentina has proven in the past to be inadequate at times to meet peak-day winter demand, and there is no meaningful storage capacity in Argentina. Since privatization, local pipeline companies have added capacity, improving their ability to satisfy peak-day winter demand but no assurances can be given that this additional capacity will be sufficient to meet demand.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In order to bridge the gap between supply and demand, especially with respect to peak-day winter demand, the Argentine government has entered into gas import agreements. The Framework Agreement between the Bolivian and the Argentine governments (executed on June 29, 2006) provides for natural gas imports from Bolivia to Argentina to be managed by ENARSA. In May 2010, we accepted the offer made by ENARSA for the sale to us of a minimum amount of 2.5 mmcm/d of natural gas obtained by ENARSA from the Republic of Bolivia through May 1, 2011. During 2011, quantity and price conditions were renegotiated with ENARSA. According to the new conditions, which are set to expire in May 2012, ENARSA undertook to sell us a minimum amount of 1.5 mmcm/d of natural gas during the winter of 2011 and 1.0 mmcm/d of natural gas during the summer of 2011 and 2012, at two different fixed prices based on the customers to which YPF subsequently sells the natural gas bought under the agreement.</font></p></div>
<div style="text-indent:3%"><p><font size="2">YPF provides regasification services to ENARSA since May 2008. In 2008, YPF executed a Charter Party Agreement and a Regasification Services Agreement with Excelerate Energy to provide and operate a 138,000 m3 regasification vessel moored at the Bah&#237;a Blanca Port facilities, which initially allowed for the supply of up to 8 mmcm/d of natural gas and, since the first quarter of 2011, up to 12.5 mmcm/d. This agreement expired on October 30, 2011. Pursuant to ENARSA&#146;s request, YPF executed a new Charter Party Agreement with Excelerate Energy, which will expire on October 31, 2015. This will allow YPF to provide and operate a 151,000 m3 regasification vessel moored at the Bah&#237;a Blanca Port facilities with the capacity to supply up to 17 mmcm/d of natural gas. </font></p></div>
<div style="text-indent:3%"><p><font size="2">Since beginning its operations, the vessel referred to above has converted liquefied natural gas (LNG) into its gaseous state (natural gas) in a approximate amount of 5.46 bcm, which has been injected into a pipeline which feeds the Argentine national network. Most of this volume was supplied during the peak demand period, i.e., winter. In 2011, natural gas injected into the network amounted to approximately 2.42 bcm.</font></p></div>
<div style="text-indent:3%"><p><font size="2">During 2011, YPF, acting as the operator of the UTE Escobar (a joint venture formed by YPF and ENARSA), finalized the construction of a new LNG Regasification Terminal (&#147;GNL Escobar&#148;), which is located in the km 74.5 of the Paran&#225; River. The GNL Escobar terminal was constructed in nine months and began operations as scheduled. The GNL Escobar terminal has a Floating, Storage and Regasification Unit permanently moored at the new port facilities, for which UTE Escobar has executed a Charter Party Agreement and a Regasification Services Agreement with Excelerate Energy to provide and operate a 151,000 m3 regasification vessel moored at the GNL Escobar terminal with the capacity to supply up to 17 mmcm/d of natural gas. The total volume injected into the network by this vessel was 1.59 bcm in 2011.</font></p></div>
<p align="center"><font size="2">52</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_53"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Natural gas transportation and storage capacity</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Decree No. 180/2004 created two trust funds to help finance an expansion of the North Pipeline operated by Transportadora Gas del Norte S.A. (TGN), whose capacity increased by 1.8 mmcm/d (63.6 mmcf/d) in 2005, and an expansion of the San Mart&#237;n Pipeline operated by Transportadora Gas del Sur S.A. (TGS), whose capacity increased by 2.9 mmcm/d (102.4 mmcf/d) in 2005. Both expansions are currently operating. In 2008, there was an additional expansion of approximately 67 mmcf/d in the pipelines operated by TGS, and additional works were completed in 2009. Additionally, during 2010, a new expansion of the San Mart&#237;n pipeline (located in the Strait of Magellan and connected to compression plants in the mainland) with an increase in capacity of 5 mmcm/d (176.6 mmcf/d) was completed and is currently in operation.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Natural gas is delivered by us through our own gathering systems to the trunk lines from each of the major basins. The capacity of the natural gas transportation pipelines in Argentina is mainly used by distribution companies. A major portion of the available capacity of the transportation pipelines is booked by firm customers, mainly during the winter, leaving capacity available for interruptible customers to varying extents throughout the rest of the year.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We have utilized natural underground structures located close to consuming markets as underground natural gas storage facilities, with the objective of storing natural gas during periods of low demand and selling the natural gas stored during periods of high demand. Our principal gas storage facility, &#147;Diadema,&#148; is located in the Patagonia region, near Comodoro Rivadavia City. The injection of natural gas into the reservoir started in January 2001.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On July 1, 2011, the Gasoducto de Integraci&#243;n Juana Azurduy (Juana Azurduy Integration Gas Pipeline) started transporting gas produced in the Tarija Department&#146;s main gas fields, in Bolivia, and delivered by YPFB (the Bolivian state-owned oil company) to ENARSA under the Framework Agreement. The 32-inches pipeline extends 20 miles and delivers Bolivian gas either to the Campo Duran refinery, operated by Refinor, or the Gasoducto Norte, operated by TGN. Its initial transmission capacity is 35 mmcf/d and it will be increased according to the ramp up in contracted volumes set forth in the Framework Agreement.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Other investments and activities</i></b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Natural gas liquids</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We participated in the development of Mega to increase its ability to separate liquid petroleum products from natural gas. Mega allowed YPF, through the fractionation of gas liquids, to increase production at the Loma La Lata gas field by approximately 5.0 mmcm/d in 2001.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We own 38% of Mega, while Petrobras and Dow Chemical have stakes of 34% and 28%, respectively.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Mega operates:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">A separation plant, which is located in the Loma La Lata, in the province of Neuqu&#233;n.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">A natural gas liquids fractionation plant, which produces ethane, propane, butane and natural gasoline. This plant is located in the city of Bah&#237;a Blanca in the province of Buenos Aires.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">A pipeline that links both plants and that transports natural gas liquids.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Transportation, storage and port facilities in the proximity of the fractionation plant.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mega commenced operations at the beginning of 2001. Mega&#146;s maximum annual production capacity is 1.35 million tons of natural gasoline, LPG and ethane. YPF is Mega&#146;s main supplier of natural gas. The production of the fractionation plant is used mainly in the petrochemical operations of Petroqu&#237;mica Bah&#237;a Blanca (&#147;PBB&#148;) and is also exported by tanker to Petrobras&#146; facilities in Brazil.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Pursuant to resolutions No. 1982/2011 and 1991/2011 of ENARGAS, since December 1, 2011, Mega is required to pay, on a monthly basis, a fee of Ps.0.405 per cubic meter of natural gas it purchases. This requirement</font></p></div>
<p align="center"><font size="2">53</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_54"></a></font></p>
<p><font size="2">has a significant impact on the operations of Mega and has been challenged by the company. If the appeal is not favorably resolved to Mega, this fee could significantly adversely affect Mega&#146;s ability to continue operating. The Audited Consolidated Financial Statements included elsewhere in this annual report do not include any impairment of assets to be accrued if Mega were to cease its activity.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Electricity market </i>&#150;<i> generation</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We participate in three power stations with an aggregate installed capacity of 1,622 megawatts (&#147;MW&#148;):</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">a 45% interest in Central T&#233;rmica Tucum&#225;n (410 MW combined cycle) through Pluspetrol Energy Sociedad An&#243;nima (&#147;Pluspetrol Energy&#148;);</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">a 45% interest in Central T&#233;rmica San Miguel de Tucum&#225;n (370 MW combined cycle) through Pluspetrol Energy; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">a 40% interest in Central Dock Sud (775 MW combined cycle and 67 MW gas turbines), directly and through Inversora Dock Sud S.A.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In 2011 Central Dock Sud generated 5,151 GWh and Pluspetrol Energy generated 4,302 GWh. The total energy collectively generated by both power plants was 9,453 GWh (5,5% higher than in 2010), which represented 8.1% of Argentina&#146;s electricity generation in 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Additionally, we own assets that are part of Filo Morado Partnership, which has an installed capacity of 63 MW. However the relevant facilities have not been in operation since November 2008.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We also own and operate power plants supplied with natural gas produced by us, which produce power for use by us in other business units:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">Los Perales power plant (74 MW), which is located in the Los Perales natural gas field;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Chihuido de la Sierra Negra power plant (40 MW); and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">the power plant located at the Plaza Huincul refinery (40 MW).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Natural gas distribution</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We currently hold through our subsidiary YPF Inversora Energ&#233;tica S.A. (&#147;YPF Inversora Energ&#233;tica&#148;) a 45.33% stake in Gas Argentino S.A. (&#147;GASA&#148;), which in turn holds a 70% stake in Metrogas S.A. (&#147;Metrogas&#148;), which is a natural gas distributor in southern Buenos Aires and one of the main distributors in Argentina. During 2011, Metrogas distributed approximately 20.6 mmcm of natural gas per day to 2.2 million customers in comparison with approximately 19.6 mmcm of natural gas per day distributed to 2.2 million customers in 2010.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>GASA&#146;s debt issues</i>. The economic crisis that affected the country at the end of 2001 and beginning of 2002 caused a severe deterioration of the financial and operational situation of GASA. Thus the decision was made on March 25, 2002 to suspend payment of principal and interest on its entire financial debt. From then on, Metrogas&#146; management has focused on an efficient and rational use of its cash flow in order to be able to comply with all of the legal requirements agreed with the Argentine government with respect to its services. After negotiating a restructuring of the outstanding debt with its creditors, GASA reached and executed on December 7, 2005 an agreement (the Master Restructuring Agreement, or &#147;MRA&#148;) with its creditors, by which they would exchange debt for equity in GASA and/or Metrogas. The MRA was presented to the Argentine National Antitrust Protection Board (<i>Comisi&#243;n Nacional de Defensa de la Competencia</i> or &#147;CNDC&#148;) and ENARGAS, and was subject to their approval as a condition precedent to the closing of the MRA. The MRA included a creditors&#146; option to terminate the agreement if the closing of the debt restructuring had not occurred by December 7, 2006. The MRA obtained ENARGAS&#146; approval but the CNDC&#146;s approval was pending. On May 15, 2008, certain bond holders communicated to YPF Inversora Energ&#233;tica that they were terminating the MRA. After the termination of the MRA, three different entities claiming to be bond holders of GASA commenced four different judicial proceedings against GASA aiming to collect a total of U.S.$46 million, including interest and fees, and one of them, Coolbrand LLC,</font></p></div>
<p align="center"><font size="2">54</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_55"></a></font></p>

<p><font size="2">started a separate proceeding (&#147;<i>Coolbrand c/Gasa s/acci&#243;n subrogatoria</i>&#148;). On May 11, 2009, GASA was notified of a bankruptcy petition brought by Continental Energy Investment LLC, and on May 19, 2009, GASA filed a voluntary reorganization petition (&#147;<i>concurso preventivo</i>&#148;), which was approved on June 8, 2009. The period to verify credits ended on October 7, 2009. On February 10, 2010, the judge declared all the credits verified but for one presented by one of GASA&#146;s advisors. GASA was given an exclusivity period to negotiate with verified creditors. On March 12, 2010, GASA filed motions for review (&#147;<i>incidentes de revisi&#243;n</i>&#148;) of credits verified by Coolbrand LLC, Amanda Venture, Latam Energy and Continental Energy. The filing of these motions does not suspend the voluntary reorganization petition.</font></p>
<div style="text-indent:3%"><p><font size="2">On August 9, 2010 the judge decided, taking into consideration Metrogas S.A.&#146;s voluntary reorganization petition<i>,</i> to modify and extend the date to present GASA&#146;s proposal to the creditors to March 9, 2012. On February 10, 2012, GASA presented a draft scheme of arrangement addressed to verified unsecured creditors who have been declared admissible. Additionally, GASA requested the judge an extension of the exclusivity period to negotiate with verified creditors, which was resolved favorably. Such period will end on August 16, 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Metrogas&#146; debt issues.</i> In 2006, Metrogas reached an agreement with its main creditors in order to restructure its financial debt and align its future financial commitments to the expected generation of funds. The main objective of the restructuring process was to modify certain terms and conditions included in its outstanding loans and negotiable agreements by adjusting interest rates and the amortization period so as to align them with the expected cash flow required for repayment of the indebtedness. Accordingly, on April 20, 2006, Metrogas entered into an out-of-court preventive agreement with creditors representing approximately 95% of its unsecured indebtedness, which became effective in May 2006. In October 2008, Metrogas executed an interim agreement (<i>Acuerdo Transitorio</i>) with the Unit for the Renegotiation and Analysis of Public Service Contracts (<i>Unidad de Renegociaci&#243;n y An&#225;lisis de Contratos de Servicios P&#250;blicos,</i> or &#147;UNIREN&#148;), including a limited tariff increase that is intended to fund certain projects that Metrogas is required to undertake. The government approved this agreement, which was published in the Official Gazette on April 14, 2009, but it has not been implemented since the new tariff chart has not yet been issued. The negotiation of the general tariff of Metrogas (<i>Acta Acuerdo de Renegociaci&#243;n Contractual Integral</i>) with the UNIREN remains pending.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Metrogas&#146; financial condition continued to deteriorate in 2009. On June 17, 2010, the board of directors of Metrogas, following the advice of Metrogas&#146; external legal advisors and considering Metrogas&#146; inability to fulfill certain payment obligations, decided that Metrogas should file a voluntary reorganization petition (&#147;<i>concurso preventivo</i>&#148;), which was filed on such date.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On the same date, Metrogas was notified of the Resolution No. I-1260 dictated by ENARGAS, which determined the judicial intervention of the company for a 120 days term. Antonio G&#243;mez was named Intervenor of Metrogas. The resolution justifies the intervention decision on the filing of a voluntary reorganization petition by Metrogas, and states that the intervention shall control administration and disposition acts of Metrogas which can in any manner affect the regular gas distribution. Moreover, it orders the execution of due diligence and the determination of the value of all Metrogas assets. Metrogas appealed such resolution and asked for a preliminary order to cease the effects of the intervention. The request for a preliminary order was rejected on September 8, 2010. Subsequent resolutions of ENARGAS extended the judicial intervention, which is still in effect as of the date of this annual report.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On July 15, 2010, the judge approved the commencement of Metrogas&#146;s voluntary reorganization proceedings. The period to provide evidence on claimed credits ended on November 10, 2010. On April 20, 2011 the judge issued a report regarding the acceptance or rejection of the creditors listed by the official receiver. On May 3, 2011, Metrogas proposed to treat all of its creditors as general creditors (<i>acreedores</i> <i>quirografarios)</i>, i.e., creditors without any privileges<i>.</i> On June 24, 2011 the official receiver issued a report explaining the reasons for Metrogas&#146; economic insolvency, providing information on its assets and liabilities, time and causes of the insolvency, actions of the company subject to review and an opinion about the categorization of the creditors, among others.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On July 2011, Metrogas filed with the court a Debt Restructuring Proposal, which was subsequently amended by Metrogas on December 1, 2011. The proposal includes a debt haircut of 46.8% of the credit claims admitted by the court and the issuance of new debt securities, with a maturity date of December 31, 2018 and an interest rate of 8.875%. Current bond holders are set to vote on such proposal on June 18, 2012.</font></p></div>
<p align="center"><font size="2">55</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_56"></a></font></p>

<div style="text-indent:3%"><p><font size="2">As of both December 31, 2011 and December 31, 2010, YPF had an allowance for the total value of its investment in YPF Inversora Energ&#233;tica.</font></p></div>
<a name="56"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Refining and Marketing</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">During 2011, our Refining and Marketing activities included crude oil refining and transportation, and the marketing and transportation of refined fuels, lubricants, LPG, compressed natural gas and other refined petroleum products in the domestic wholesale and retail markets and certain export markets.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Refining and Marketing segment is organized into the following divisions:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">Refining and Logistic Division;</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Refining Division</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Logistic Division</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Trading Division</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Domestic Marketing Division; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">LPG General Division.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We market a wide range of refined petroleum products throughout Argentina through an extensive network of sales personnel, YPF-owned and independent distributors, and a broad retail distribution system. In addition, we export refined products, mainly from the port at La Plata. The refined petroleum products marketed by us include gasoline, diesel, jet fuel, kerosene, heavy fuel oil and other crude oil products, such as motor oils, industrial lubricants, LPG and asphalts.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Refining division</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We wholly own and operate three refineries in Argentina:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">La Plata refinery, located in the province of Buenos Aires;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Luj&#225;n de Cuyo refinery, located in the province of Mendoza; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Plaza Huincul refinery, located in the province of Neuqu&#233;n (together referred as the &#147;refineries&#148;).</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our three wholly-owned refineries have an aggregate refining capacity of approximately 319,500 barrels per calendar day. The refineries are strategically located along our crude oil pipeline and product pipeline distribution systems. In 2011, our crude oil production, substantially all of which was destined to our refineries, represented approximately 77% of the total crude oil processed by our refineries. Through our stake in Refinor, we also own a 50% interest in a 26,100 barrel-per-calendar-day refinery located in the province of Salta, known as Campo Dur&#225;n.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth the throughputs and production yields for our three wholly-owned refineries for each of the three years ended December 31, 2011, 2010 and 2009: </font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>

    <td colspan=5  width="8%" align="center"><font size="2"><b>For the Year Ended
      December 31,</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>
		<td colspan=5  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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>

    <td colspan=5  width="8%" align="center"><font size="2"><b>(mmboe)</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Throughput crude/Feedstock(1)</font></td>
		<td width="8%" align="right"><font size="2">107</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">112.4</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">114.0</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"><i>Production</i></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Diesel fuel</font></td>
		<td width="8%" align="right"><font size="2">43.5</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">44.1</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">46.0</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Gasoline</font></td>
		<td width="8%" align="right"><font size="2">30.8</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">31.8</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">32.5</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Jet fuel</font></td>
		<td width="8%" align="right"><font size="2">6.4</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">6.9</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">6.5</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
</table>
<br>
<p align="center"><font size="2">56</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_57"></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=5  width="8%" align="center"><font size="2"><b>For the Year Ended
      December 31,</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>
		<td colspan=5  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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Base oils</font></td>
		<td width="8%" align="right"><font size="2">1.2</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1.3</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1.1</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>

    <td colspan=5  width="8%" align="center"><font size="2"><b>(thousands of tons)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Fuel oil</font></td>
		<td width="8%" align="right"><font size="2">991</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,440</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,214</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Coke</font></td>
		<td width="8%" align="right"><font size="2">897</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">906</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">875</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">LPG</font></td>
		<td width="8%" align="right"><font size="2">620</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">586</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">550</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Asphalt</font></td>
		<td width="8%" align="right"><font size="2">195</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">205</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">228</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
</table>
<font size="2">
<hr noshade align="left" width="100" size=1>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Does not include throughput for Refinor. During 2011, 2010 and 2009, Refinor processed approximately 3.9, 4.5 and 5.2 mmbbl, respectively (1.9, 2.2 and 2.6 mmbbl, respectively, attributable to YPF&#146;s interest in Refinor).</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><font size="2">During 2011, overall volumes of crude oil/feedstock processed
  decreased by 4.2% compared with 2010 (our refinery capacity utilization was
  89.0%, compared with 93.2% in 2010) due mainly to overhauls at our refineries,
  as well as the lower availability in the market of some specific crude oil (Medanito)
  used by our refineries as well as for lubricants production in our La Plata
  refinery. Additionally, union conflicts affected the operations in the Golfo
  San Jorge basin, resulting in a lack of crude during the first months of 2011.
  On the other hand, improvements in operation processes resulted in an increase
  in the yields of naphtha and distillates. During 2010, overall volumes of crude
  oil/feedstock processed decreased by 1.8% compared with 2009 (our refinery capacity
  utilization was 93.2%, compared to 94.9% in 2009) due mainly to factors similar
  to those that affected volumes of crude oil/feedstock processed in 2011. In
  particular, in 2010, we experienced overhauls at our refineries, lower availability
  of Medanito than in 2009 and union conflicts with fishing workers which affected
  the operations of Puerto Rosales, and resulted in limited crude oil availability
  from the Golfo San Jorge basin.</font></div>
<div style="text-indent:3%"><p><font size="2">The La Plata refinery is the largest refinery in Argentina, with a nominal capacity of 189,000 barrels of crude oil per calendar day. The refinery includes three distillation units, two vacuum distillation units, two catalytic cracking units, two coking units, a coker naphtha hydrotreater unit, a platforming unit, a gasoline hydrotreater, a diesel fuel hydrofinishing unit, an isomerization unit, an FCC (fluid cracking catalysts) naphtha splitter and desulfuration unit, and a lubricants complex. The refinery is located at the port in the city of La Plata, in the province of Buenos Aires, approximately 60 kilometers from the City of Buenos Aires. During 2011, the refinery processed approximately 161 mbbl/d. The capacity utilization rate at the La Plata refinery for 2011 was 85.0%. As mentioned above, capacity utilization was affected by maintenance overhauls (including the overhaul of one of the atmospheric towers, Topping &#147;D&#148;), lack of Medanito oil and union strikes, which affected the availability of crude oil from the Golfo San Jorge basin. In 2010, the refinery processed approximately 175 mbbl/d. The capacity utilization rate at the La Plata refinery for 2010 was 92.7%. The crude oil processed at the La Plata refinery comes mainly from our own production in the Neuquina and Golfo San Jorge basins. Crude oil supplies for the La Plata refinery are transported from the Neuquina basin by pipeline and from the Golfo San Jorge basin by vessel, in each case to Puerto Rosales, and then by pipeline from Puerto Rosales to the refinery.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In October 2009, we commenced developing a detailed engineering project for a new Gasoil Hydrotreater Unit (HTG &#147;B&#148;), seeking to comply with Resolution 478/09, which requires that diesel fuel that will be sold in large cities be produced with a maximum level of sulfur of 500 parts per million, The civil work in the refinery began in September 2010. Start up is expected by mid-2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The construction of a new coker unit in La Plata refinery has been approved to increase the coking capacity by 30% and to replace an old unit. This will allow higher utilization rates of the refinery. The development of a detailed engineering began during the second half of 2010. The construction of the coke drums, fractionation columns and furnace has commenced, and the compressor, feed pumps and most important equipments have been bought. The civil work in the refinery began during the first months of 2011. Start up is expected by 2014.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Luj&#225;n de Cuyo refinery has a nominal capacity of 105,500 barrels per calendar day, the third largest capacity among Argentine refineries. The refinery includes two distillation units, a vacuum distillation unit, two coking units, one catalytic cracking unit, a platforming unit, a Methyl TerButil Eter (&#147;MTBE&#148;) unit, an isomerization unit, an alkylation unit, a naphtha splitter, and hydrocracking and hydrotreating units. During 2011, the refinery processed approximately 103 thousand barrels of crude oil per calendar day. During 2011, the capacity utilization rate was 2.1% higher than in 2010 (mainly as a result of the maintenance overhaul performed at the FCC),</font></p></div>
<p align="center"><font size="2">57</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_58"></a></font></p>

<p><font size="2">reaching a rate of 97.7%. During 2010, the refinery processed approximately 101 thousand barrels of crude oil per calendar day. Because of its location in the western province of Mendoza and its proximity to significant distribution terminals owned by us, the Luj&#225;n de Cuyo refinery has become the primary facility responsible for providing the central provinces of Argentina with petroleum products for domestic consumption. The Luj&#225;n de Cuyo refinery receives crude supplies from the Neuquina and Cuyana basins by pipeline directly into the facility. Approximately 89.7% of the crude oil processed at the Luj&#225;n de Cuyo refinery in 2011 (and 87.0% of the crude oil processed in this refinery in 2010) was produced by us. Most of the crude oil purchased from third parties comes from oil fields located in the provinces of Neuqu&#233;n or Mendoza.</font></p>
<div style="text-indent:3%"><p><font size="2">In November 2010, we started up a new furnace in Topping III (in the Luj&#225;n de Cuyo refinery) replacing the three furnaces previously in operation. Provided other upgrades are made in certain installations, this will<b> </b>allow us to increase the nominal capacity of the unit by 2,500 barrels per calendar day. In order to comply with government regulations on sulfur specifications for fuels, which will become effective during 2012, the Luj&#225;n de Cuyo refinery is constructing a naphtha Hydrotreater Unit (HTN II) and upgrading an existing gasoil Hydrotreater Unit (HDS III). The start up of the first project will begin during the second half of 2012, while the second project, which relates to an existing unit (bought in the Philippines) that will be upgraded with a new reactor constructed in Argentina, will commence at the end of 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Plaza Huincul refinery, located near the town of Plaza Huincul in the province of Neuqu&#233;n, has an installed capacity of 25,000 barrels per calendar day. During 2011, the refinery processed approximately 20.9 thousand barrels of crude oil per calendar day. In this period, the capacity utilization rate was 2.9% lower than in 2010, reaching a rate of 83.6%. This decrease was mainly due to the maintenance overhaul performed at the distillation unit in September 2011. During 2010, the refinery processed approximately 22 thousand barrels of crude oil per calendar day. In this period, the capacity utilization rate was 86.5%. The only products currently produced commercially at the refinery are gasoline, diesel fuel and jet fuel, which are sold primarily in nearby areas and in the southern regions of Argentina. Heavier products, to the extent production exceeds local demand, are blended with crude oil and transported by pipeline from the refinery to La Plata refinery for further processing. The Plaza Huincul refinery receives its crude supplies from the Neuquina basin by pipeline. Crude oil processed at the Plaza Huincul refinery is mostly produced by us. In 2011, 21.7% of the refinery&#146;s crude supplies were purchased from third parties, while in 2010, such purchases reached 23.7% of the refinery&#146;s crude supplies.</font></p></div>
<div style="text-indent:3%"><p><font size="2">During 1997 and 1998, each of our refineries were certified under ISO (International Organization for Standardization) 9001 (quality performance) and ISO 14001 (environmental performance). The Luj&#225;n de Cuyo and Plaza Huincul refineries were also certified under OHSAS 18001 (security performance) in 1999 and 2009, respectively. Between 2007 and 2010, our refineries were recertified under ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:2007.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Logistic division</i></b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Crude oil and products transportation and storage</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We have available for our use a network of five major pipelines, two of which are wholly-owned by us. The crude oil transportation network includes nearly 2,700 kilometers of crude oil pipelines with approximately 640,000 barrels of aggregate daily transportation capacity of refined products. We have total crude oil tankage of approximately 7 mmbbl and maintain terminal facilities at five Argentine ports.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Information with respect to YPF&#146;s interests in its network of crude oil pipelines is set forth in the table below:</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>From</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="26%" align="right">
      <div align="center"><font size="2"><b>To</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>YPF Interest</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Length (km)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Daily Capacity<br>
        (barrels per day)</b></font></div>
    </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 align="left">&nbsp;</td>
    <td width="26%" 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">Puesto Hern&#225;ndez</font></td>
    <td align="left">&nbsp;</td>
    <td width="26%" align="right">
      <div align="left"><font size="2">Luj&#225;n de Cuyo refinery</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">528</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">85,200</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Puerto Rosales</font></td>
    <td align="left">&nbsp;</td>
    <td width="26%" align="right">
      <div align="left"><font size="2">La Plata refinery</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">316,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">La Plata refinery</font></td>
    <td align="left">&nbsp;</td>
    <td width="26%" align="right">
      <div align="left"><font size="2">Dock Sud</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">52</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">106,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Brandsen</font></td>
    <td align="left">&nbsp;</td>
    <td width="26%" align="right">
      <div align="left"><font size="2">Campana</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">168</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">120,700</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Puesto Hern&#225;ndez/ P. Huincul/Allen</font></td>
    <td align="left">&nbsp;</td>
    <td width="26%" align="right">
      <div align="left"><font size="2">Puerto Rosales</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">888</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">232,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">58</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_59"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>From</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="26%" align="right">
      <div align="center"><font size="2"><b>To</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>YPF Interest</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Length (km)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Daily Capacity<br>
        (barrels per day)</b></font></div>
    </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 align="left">&nbsp;</td>
    <td width="26%" 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">Puesto Hern&#225;ndez</font></td>
    <td align="left">&nbsp;</td>
    <td width="26%" align="right">
      <div align="left"><font size="2">Concepci&#243;n (Chile)</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">428</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2">114,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font size="2">
<hr noshade align="left" width="100" size=1>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes two parallel pipelines of 513 kilometers each from Allen to Puerto Rosales, with a combined daily throughput of 232,000 barrels.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">We hold a 36% interest in Oleoducto Transandino Argentina S.A., which operated the Argentine portion of the pipeline, and a 18% interest in Oleoducto Transandino Chile S.A., which operated the Chilean portion of the pipeline.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">This pipeline ceased operating on December 29, 2005.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><font size="2">We own two crude oil pipelines in Argentina. One connects Puesto
  Hern&#225;ndez to the Luj&#225;n de Cuyo refinery (528 kilometers), and the
  other connects Puerto Rosales to the La Plata refinery (585 kilometers) and
  extends to Shell&#146;s refinery in Dock Sud at the Buenos Aires port (another
  52 kilometers). We also own a plant for the storage and distribution of crude
  oil in the northern province of Formosa with an operating capacity of 19,000
  cubic meters, and two tanks in the city of Berisso, in the province of Buenos
  Aires, with 60,000 cubic meters of capacity. We own 37% of Oleoductos del Valle
  S.A., operator of an 888-kilometer pipeline network, its main pipeline being
  a double 513 kilometer pipeline that connects the Neuquina basin and Puerto
  Rosales.</font></div>
<div style="text-indent:3%"><p><font size="2">We hold, through Oleoducto Transandino Argentina S.A. and Oleoducto Transandino Chile S.A., an interest in the 428-kilometer Transandean pipeline, which transported crude oil from Argentina to Concepci&#243;n in Chile. This pipeline ceased operating on December 29, 2005, as a consequence of the interruption of oil exports resulting from decreased production in the north of the province of Neuqu&#233;n. The assets related to this pipeline were reduced to their recovery value.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We also own 33.15% of Terminales Mar&#237;timas Patag&#243;nicas S.A., operator of two storage and port facilities: Caleta C&#243;rdova (province of Chubut), which has a capacity of 314,000 cubic meters, and Caleta Olivia (province of Santa Cruz), which has a capacity of 246,000 cubic meters. We also have a 30% interest in Oiltanking Ebytem S.A., operator of the maritime terminal of Puerto Rosales, which has a capacity of 480,000 cubic meters, and of the crude oil pipeline that connects Brandsen (60,000 cubic meters of storage capacity) to the ESSO refinery in Campana (168 km), in the province of Buenos Aires.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In Argentina, we also operate a network of multiple pipelines for the transportation of refined products with a total length of 1,801 kilometers. We also own 16 plants for the storage and distribution of refined products and seven LPG plants with an approximate aggregate capacity of 1,641,415 cubic meters. Three of our storage and distribution plants are annexed to the refineries of Luj&#225;n de Cuyo, La Plata and Plaza Huincul. Ten of our storage and distribution plants have maritime or river connections. We operate 54 airplane refueling facilities (40 of them are wholly-owned) with a capacity of 24,000 cubic meters, own 27 trucks, 116 suppliers and 16 dispensers. These facilities provide a flexible countrywide distribution system and allow us to facilitate exports to foreign markets, to the extent allowed pursuant to government regulations. Products are shipped mainly by truck, ship or river barge.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2010 and 2011, we completed the construction of tanks and facilities for the reception and blending of ethanol in the storage plants of Luj&#225;n de Cuyo, Monte Cristo, La Matanza, San Lorenzo and Barranqueras, in order to facilitate compliance with the new specifications for gasoline set forth by Law 26,093. YPF is currently blending ethanol in the Luj&#225;n de Cuyo, Monte Cristo, San Lorenzo and La Matanza storage plants. In 1998, our logistic activities were certified under ISO (International Organization for Standardization) 9001 (quality performance) and ISO 14001 (environmental performance), and recertified in 2008 under ISO 9001:2008 and ISO 14001:2004. In 2010, logistics activities were also certified under OHSAS 18001 (security performance).</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Trading division</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our Trading Division sells refined products and crude oil to international customers and oil to domestic oil companies. Exports include crude oil, unleaded gasoline, diesel fuel, fuel oil, LPG, light naphtha and virgin naphtha.</font></p></div>
<p align="center"><font size="2">59</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_60"></a></font></p>
<p><font size="2">This Division&#146;s export sales are made principally to Brazil and the rest of South America. Sales to international customers for the years 2011 and 2010 totaled Ps.3,333 million and Ps.3,325 million, respectively, 54% and 69% of which, respectively, represented sales of refined products and 46% and 31% of which, respectively, represented sales of marine fuels. On a volume basis, in 2011 and 2010 sales to international customers consisted of 4.4 mmbbl and 6.3 mmbbl of refined products, respectively, and 3.68 mmbbl and 3.32 mmbbl of marine fuels, respectively. Domestic sales of crude oil totaled Ps.524 million and Ps.467 million and 1.9 mmbbl and 2.3 mmbbl in 2011 and 2010, respectively. Domestic sales of marine fuels totaled Ps.755 million and Ps.511 million and 1.8 mmbbl and 1.5 mmbbl in 2011 and 2010, respectively. In addition, imports have increased, principally of high and low sulfur diesel and octane enhancers, totaling 7.9 mmbbl and 0.25 mmbbl, respectively, in 2011.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>
		<td valign=top><font size="2"><b><i>Marketing division</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our Marketing Division, through the Executive Sales Division markets gasoline, diesel fuel, LPG and other petroleum products throughout the country and countries in the region. We supply all of the fuel market segments: retail, agriculture and industry. During 2011, we achieved a leading position in the sale of the highest quality naphtha (grade 3) &#147;N-Premium,&#148; reaching a market share, according to our estimates, of 63.7% in 2011 (compared with 61.7% in 2010). Our sales volume was 1,104 mcm in 2011 (42% higher than in 2010).</font></p></div>
<div style="text-indent:3%"><p><font size="2">With respect to diesel fuel, we have strongly promoted the sale of our premium product with a low sulfur content (D-Euro) which is recommended for all high-end engines. According to our estimates, during 2011 our market share was 62.3% (compared with 50.8% in 2010) and our sales volume was 914 mcm (102% higher than in 2010).</font></p></div>
<div style="text-indent:3%"><p><font size="2">The strategy of promoting D-Euro, allowed us to allocate a larger portion of our Ultradiesel fuel to the industry, transport and agriculture market segments. Our three manufacturing plants located in the Ensenada Industrial Complex produce YPF&#146;s lubricant, asphalt and paraffin lines of products. Our line of automotive lubricants, including mono-grade, multi-grade and oil, has received approvals and recommendations from leading global automotive manufacturers (Ford, Volkswagen, GM, Porsche and Scania).</font></p></div>
<div style="text-indent:3%"><p><font size="2">With respect to lubricants, we market our products through the three segments of the domestic market: retail, agriculture and industry. Concerning LPG, we are engaged in the wholesale business, which encompasses LPG storage, logistics and commercialization to the domestic and foreign markets. We obtain LPG from our fractioning plants and refineries, as well as from third parties. In addition to butane and propane, we also sell propellants which are used in the manufacturing of aerosols.</font></p></div>
<div style="text-indent:3%"><p><font size="2">For the purpose of enhancing our international growth, in 2011 we began selling lubricants and fuel for the aviation market in Chile. This is in addition to the sale of lubricants in Brazil, which began at the end of 2010. Moreover, we currently market lubricants in four other countries outside Argentina through exclusive distributors.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Retail</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">At December 31, 2011, the Retail Division&#146;s sales network in Argentina included 1,557 retail service stations (compared to 1,622 at December 31, 2010), of which 95 are directly owned by us, and the remaining 1,462 are affiliated service stations. Operadora de Estaciones de Servicio S.A. (&#147;OPESSA&#148;), our wholly-owned subsidiary, operates 176 of our retail service stations, 86 of which are directly owned by us, 26 of which are leased to ACA (Autom&#243;vil Club Argentino), and 64 of which are leased to independent owners. In addition, we have a 50% interest in Refinor, a company dedicated to the refining, processing of gas and which operates 69 retail service stations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">With the aim of unifying and strengthening the network&#146;s brand image based on the concepts of modernity and rationality, in 2011, our brand image improvement strategy included enhancements in 87 service stations. In October 2011, we opened the &#147;Nordelta&#148; station. Considered an iconic landscape, this station respects its environmental surroundings and incorporates new technologies (such as digital signage, corporate TV, broadcasting of digital content on individual gas pumps and CCTV monitoring). According to our latest internal estimates, as of December 31, 2011, we were the main retailer in Argentina, with 30.1% of the country&#146;s gasoline service stations, followed by Shell, Petrobras and ESSO (recently acquired by Bridas Corporation) with shares of 15.3%, 12.8% and 10.7%, respectively. As of December 31, 2010, our points of sale accounted for 30.8% of the Argentine market. During</font></p></div>
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<p><font size="2">2011, our market share in diesel fuel and gasoline, marketed in all segments, increased slightly from 57.3% as of December 31, 2010 to 57.6% as of December 31, 2011, according to our analysis of data provided by the Argentine Secretariat of Energy.</font></p>
<div style="text-indent:3%"><p><font size="2">The &#147;Red XXI&#148; program, released in October 1997, has significantly improved operational efficiency in service stations. This program provides us performance data for each station online and connects most of our network of service stations. As of December 31, 2011, 1,418 stations were linked to the Red XXI network system.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our convenience stores, &#147;Full YPF&#148; and &#147;Full Express YPF&#148;, included 359 and 29 point of sales as of December 31, 2011, respectively. Additionally, fuel sales are complemented by a modern oil change service, provide by our &#147;YPF Boxes&#148;, with 255 points of sales. Additionally, we have a marketing loyalty program called &#147;Serviclub&#148; for card members.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our commercial training program (&#147;Escuela Comercial YPF&#148;), one of the programs held by our Know How Commercial area, is focused on performance, employability, operational excellence and customer satisfaction. Escuela Comercial YPF is aligned with our business strategy to promote a sense of belonging and common vision shared by all the members of our business chain.</font></p></div>
<div style="text-indent:3%"><p><font size="2">With respect to training, our challenge is to reach our entire value chain (in the retail, agriculture and industry divisions and LPG business), which encompasses our employees and external distribution channels. During 2011, a total of 52,627 people, belonging to our own service stations and to independently operated service stations, attended over 706,320 hours of training, which represents approximately nine times more students and four times more hours of training that in 2010.</font></p></div>
<div style="text-indent:3%"><p><font size="2">YPF&#146;s service stations network has sustained ongoing improvements during 2011 in terms of operational procedures. We have modified the operational procedures followed by our service stations so that they may be used by authorized retailers starting in 2012. This step seeks to establish unified standards while allowing certain flexibility in the network.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>

    <td valign=top><font size="2"><i>Agriculture</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Through the Agriculture Division we sell fertilizers, oil, lubricants, agrochemicals, and &#147;silobolsa&#148;, among other products, offering a comprehensive portfolio to the agriculture producer. We accept as payment different types of cereal grain (especially soy) which may be processed to obtain flour and oil that we then sell mainly to the external market. The processing of cereal grain is conducted by third party companies. During 2011, we received 890,000 tons of cereal grain, primarily soy, and we expect that payment in kind will increase in coming years. Part of the oil resulting from the processing of cereal grain is used for the production of FAME, a product which is used in the production of commercial grade diesel fuel.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In collaboration with our Chemical segment, in 2011 we began selling a new herbicide: &#147;FS Glyphosate II&#148;. </font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b><i>&nbsp;</i></b></font></td>

    <td valign=top><font size="2"><i>Industry</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our Industry Division supplies various industries such as mining, transportation of passengers and cargo and aviation, having a comprehensive portfolio of specialized products and services according to our customers&#146; needs. Such portfolio includes products such as gasoline, diesel fuel, lubricants, coal, LPG, aviation fuel and lubricants and services such as &#147;YPF Road Card&#148; (a loyalty program for the transportation sector), &#147;Technical Support and Quality&#148; and &#147;Services to the Mining sector&#148;, among others.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We believe that our segmented approach to the industry sector positions YPF as an strategic partner and allows us to provide comprehensive energy solutions to the industry. In line with the above, we have begun to develop a network of stations designed specifically for the transportation sector. These stations include parking facilities with adequate lighting and security for trucks, locker rooms with showers, living rooms, access to internet and telephone, among other amenities, thus increasing customer loyalty by means of our &#147;YPF Road Card&#148; and our partnership with the Argentine Truck Club (CCA or <i>Cami&#243;n Club Argentino</i>). With respect to the mining industry, as of December 31, 2011, we had signed 20 contracts for the supply of diesel fuel and/or lubricants to said industry. In 2011, we opened two new facilities: YPF Mineros Valles and Montecristo.</font></p></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_62"></a></font></p>
<div style="text-indent:3%"><p><font size="2"><i>Derivatives</i></font></p></div>
<div style="text-indent:3%"><p><font size="2">During 2011, our lubricants and specialties sales to domestic markets decreased by approximately 0.8% compared to 2010. Lubricants sales to export markets increased by approximately 28.7% from Ps.198 million at December 31, 2010 to Ps.260 million in 2011. During 2011, the volume of lubricants sold increased by approximately 6.6% and total asphalt sales increased by approximately 2.6%. Our lubricants and specialties unit followed a strategy of differentiation allowing it to achieve and maintain the leading position in the Argentinean market. Our market share as of December 31, 2011 was approximately 40.1%, compared to approximately 38% as of December 31, 2010, according to our analysis of data provided by the Argentine Secretariat of Energy. As indicated above, our line of automotive lubricants has received approvals and recommendations from leading global automotive manufacturers (Ford, Volkswagen, GM, Porsche and Scania).</font></p></div>
<div style="text-indent:3%"><p><font size="2">With respect to lubricants, the performance of the high-end light and heavy products represented by &#147;Elaion&#148; and &#147;Extravida&#148; was positive in 2011 compared with the previous year, having experienced an increase in volumes sold of 12% (with 39.5 km3 in 2011 compared to 35.4 km3 in 2010).</font></p></div>
<div style="text-indent:3%"><p><font size="2">By the end of 2011, in response to the needs of an increasingly demanding market, we launched a new line of products specifically designed to protect motors, irrespective of the type of fuel used, using the Flexolub technology in the production process. Flexolub contains certain innovative compounds which are capable of neutralizing the effects of contaminants and guaranteeing the motor&#146;s cleanliness.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Through our LPG division we sell LPG to the foreign market, the domestic wholesale market and to distributors that supply the domestic retail market.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We are the largest LPG producer in Argentina with sales in 2011 reaching approximately 637 mtn (compared with 635 mtn in 2010), of which approximately 476 mtn (473 mtn in 2010) were sold in the domestic market. Our principal clients in the domestic market are companies that sell LPG in bottled or in bulk packing to end-consumers and the networks that distribute LPG to households in some localities. Additionally, exports in 2011 reached approximately 161 mtn (162 mtn in 2010), the main destinations being Chile, Paraguay and Bolivia. The transport of LPG to overseas customers is carried out by truck, pipeline and barges.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Total sales of LPG (excluding LPG used as petrochemical feedstock) were Ps.1,222 million and Ps.1,006 million in 2011 and 2010, respectively.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The LPG division obtains LPG from natural gas processing plants and from its refineries and petrochemical plant. We produced 532 mtn of LPG in 2011 (not including LPG destined for petrochemical usage). We also purchased LPG from third parties as detailed in the following table:</font></p></div>


<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">
      <div align="center"><font size="2"><b>Purchase<br>
        (tons)<br>
        2011</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>LPG from Natural Gas Processing Plants:<sup>(1)</sup></b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=1>&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">General Cerri</font></td>
		<td width="8%" align="right"><font size="2">22,084</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">El Port&#243;n</font></td>
		<td width="8%" align="right"><font size="2">127,584</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">San Sebasti&#225;n</font></td>
		<td width="8%" align="right"><font size="2">17,692</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Total Upstream</font></td>
		<td width="8%" align="right"><font size="2">167,360</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=3></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>LPG from Refineries and Petrochemical Plants:</b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=1>&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">La Plata Refinery</font></td>
		<td width="8%" align="right"><font size="2">227,401</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Luj&#225;n de Cuyo Refinery</font></td>
		<td width="8%" align="right"><font size="2">114,447</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Ensenada Petrochemical Plant</font></td>
		<td width="8%" align="right"><font size="2">22,716</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Total Refineries &amp; Petrochemical Plants<sup>(2)</sup></font></td>
		<td width="8%" align="right"><font size="2">364,564</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>LPG purchased from jointly controlled companies:<sup>(3)</sup></b></font></td>
		<td width="8%" align="right"><font size="2">81,731</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>LPG purchased from unrelated parties</b></font></td>
		<td width="8%" align="right"><font size="2">21,670</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Total</font></td>
		<td width="8%" align="right"><font size="2">635,325</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>
	</tr>
</table>
<font size="2">
<hr noshade align="left" width="100" size=1>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">The San Sebastian plant is a joint-venture in which we own a 30% interest; El Port&#243;n is 100% owned by us; General Cerri belongs to a third party with which we have a processing agreement. In August 2009, Filo Morado stopped producing.</font></td>
	</tr>
</table>
<p align="center"><font size="2">62</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_63"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">This production does not include LPG used as petrochemical feedstock (olefins derivatives, polybutenes and maleic).</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Purchased from Refinor.</font></td>
	</tr>
</table><div style="text-indent:3%"><p><font size="2">We also have a 50% interest in Refinor, a jointly-controlled company, which produced 264 mtn of LPG in 2011.</font></p></div>
<a name="63"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Chemicals</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Petrochemicals are produced at our petrochemical complexes in Ensenada and Plaza Huincul, as well as in Bah&#237;a Blanca, where Profertil&#146;s petrochemical complex is located.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our petrochemical production operations in Ensenada are closely integrated with our refining activities (La Plata refinery). This close integration allows for a flexible supply of feedstock, the efficient use of byproducts (such as hydrogen) and the supply of aromatics to increase gasoline octane levels.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The main petrochemical products and production capacity per year are as follows:</font></p></div>


<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"><b>Capacity</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"><hr noshade size=1></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>(tons per year</b></font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"><b>Ensenada:</b></font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=1>&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Aromatics</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>

    <td colspan=1 bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;BTX (Benzene, Toluene, Mixed Xylenes)</font></td>
		<td width="8%" align="right"><font size="2">244,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Paraxylene</font></td>

    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">38,000</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Orthoxylene</font></td>
		<td width="8%" align="right"><font size="2">25,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Cyclohexane</font></td>

    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">95,000</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Solvents</font></td>
		<td width="8%" align="right"><font size="2">66,100</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Olefins Derivatives</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>

    <td colspan=1 bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;MTBE</font></td>
		<td width="8%" align="right"><font size="2">60,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Butene
      I</font></td>

    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">25,000</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Oxoalcohols</font></td>
		<td width="8%" align="right"><font size="2">35,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;TAME</font></td>

    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">105,000</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;LAB/LAS</font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=1>&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LAB</font></td>

    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">52,000</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LAS</font></td>
		<td width="8%" align="right"><font size="2">25,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Polybutenes</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>

    <td colspan=1 bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;PIB</font></td>
		<td width="8%" align="right"><font size="2">26,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Maleic</font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>

    <td colspan=1 bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Maleic Anhydride</font></td>
		<td width="8%" align="right"><font size="2">17,500</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2"><b>Plaza Huincul:</b></font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>

    <td colspan=1 bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Methanol</font></td>
		<td width="8%" align="right"><font size="2">411,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>

  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2"><b>Bah&#237;a Blanca<sup>(1)</sup>:</b></font></td>

    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>

    <td colspan=1 bgcolor="#cccccc">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ammonia/Urea</font></td>
		<td width="8%" align="right"><font size="2">933,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
</table>
<font size="2">
<hr noshade align="left" width="100" size=1>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
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		<td><font size="1">Corresponds to our 50% interest in Profertil.</font></td>
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</table><div style="text-indent:3%"><p><font size="2">Natural gas, the raw material for methanol, is supplied by our Exploration and Production business segment. The use of natural gas as a raw material allows us to monetize reserves, demonstrating the integration between the chemical and the upstream units.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We also use high carbon dioxide-content natural gas in our methanol production, allowing us to keep our methanol plant working at 50% of its production capacity during the winter period.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The raw materials for petrochemical production in Ensenada, including virgin naphtha, propane, butane and kerosene, are supplied mainly by the La Plata refinery.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">In 2011 and 2010, 85.1% and 85.5%, respectively, of our petrochemicals sales (including propylene) were made in the domestic market. Petrochemicals exports are destined to Mercosur countries, the rest of Latin America, Europe and the United States.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We also participate in the fertilizer business directly and through Profertil, our 50%-owned subsidiary. Profertil is jointly controlled by us and Agrium (a worldwide leader in fertilizers), that produces urea and ammonia and started operations in 2001.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our Ensenada petrochemical plant was certified under ISO 9001 in 1996 and recertified in June 2010 (version 2008). The La Plata petrochemical plant was certified under ISO 14001 in 2001 and last recertified (version 2004) in June 2010. The plant was also certified under OHSAS 18001 in 2005 and last recertified in June 2010 (version 2007). Since 2008, the plant verified the inventory of CO<sup>2</sup> emissions under ISO 14064:1 and, in 2011, inventories of CH4 and N2O emissions were verified as well. The laboratory of our Ensenada petrochemical plant was certified under ISO 17025 (Version 2005) in 2005 and recertified in 2008.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our Methanol plant was certified under ISO 9001 (version 2000) in December 2001, and last recertified in August 2010 (version 2008). The Methanol plant was also certified under ISO 14001 in July 1998, and last recertified in August 2010 ( version 2004), and it was also certified under OHSAS 18001 in December 2008 (version 2007), and recertified in June 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">During 2010, we have initiated the construction of a new Continuous Catalytic Reforming unit (CCR) in the Ensenada petrochemical complex. Total investment is estimated to be U.S.$348 million. Start up is expected by the last quarter of 2012. New production is expected to meet the growing demand of high octane gasoline in the local market, while at the same time the CCR is expected to provide hydrogen to the new Hydrotreater Unit in our La Plata Refinery.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In April 2011, Profertil began the construction of a new storage plant in Puerto San Mart&#237;n, in the Santa Fe province, with a storage capacity of 200,000 tons of fertilizers. The total investment is estimated to be U.S.$60 million.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">YPF&#146;s research and development center is located in La Plata, Argentina. Our R&amp;D projects and activities are related to the entire hydrocarbons value chain, including exploration of new sources of oil or gas, extraction and conditioning for transportation, transformation and manufacturing of products at industrial complexes, and their distribution to the end customer. In 2011, our technology unit allocated approximately U.S.$11 million to R&amp;D activities, 37% of which were allocated to cooperation with external technology centers. In order to support these R&amp;D activities, we invested U.S.$3.3 million in new laboratory equipment.</font></p></div>
<div style="text-indent:3%"><p><font size="2">YPF pursues an active policy of cooperation with national and international technology centers and universities in the public and private sector. Our 2011 budget for such cooperation arrangements reached approximately U.S.$4 million, U.S.$1 million more than in 2010. Five important research and development projects are being partially subsidized by Fontar (a technology funding organization of the Argentine Government). Four of them started in previous years and one of them was approved in 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Uncertainty about which will be the main technologies in the future, prospective R&amp;D results and business cycles led us to develop a Technology Plan which supports YPF&#146;s business strategy. The focus of the plan includes hydrocarbon&#146;s exploration and production, the natural gas value chain, oil refining and oil derivatives and petrochemicals, the future diversification of energy uses, biofuels production and electricity generation.</font></p></div>
<div style="text-indent:3%"><p><font size="2">R&amp;D efforts were focused on the development of enhanced oil recovery technologies in order to increase recovery of oil from mature fields, and the development of new processes and materials to reduce the operational costs of our facilities. In addition, production water optimization and reuse and unconventional hydrocarbons exploration and exploitation, remained as our most important challenges, requiring the development and application of very specific technologies.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Regarding refining and marketing of petroleum products, we applied our technological knowledge to optimize refinery operations and improve product quality, with a strong focus on achieving energy efficiency and environmental improvements.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In the petrochemical business, R&amp;D activities were mainly focused towards the development of new products with higher added value, such as special solvents, fertilizers and several agricultural products.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We also started a project to develop second generation biofuels in close collaboration with a prestigious biotechnological Argentine institute. With respect to renewable energies, along with two consortium partners, we have undertaken a research project to evaluate solar energy potential in Argentina.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our 2011 R&amp;D projects portfolio included 67 projects, 28 of which were under execution and 39 of which were in technical-economic feasibility evaluation phase as of December 31, 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Historically, YPF has worked in close cooperation with Repsol YPF&#146;s R&amp;D center, in order to perform R&amp;D programs of mutual interest. We cannot assure you that our new management, which we expect to be appointed by our next general shareholders&#146; meeting, on June 4, 2012, will not change our R&amp;D strategy. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law.&#148;</font></p></div>
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<div style="text-indent:3%"><p><font size="2">The deregulation and privatization process created a competitive environment in the Argentine oil and gas industry. In our Exploration and Production business, we encounter competition from major international oil companies and other domestic oil companies in acquiring exploration permits and production concessions. Our Exploration and Production business may also encounter competition from oil and gas companies created and owned by certain Argentine provinces, including La Pampa, Neuqu&#233;n and Chubut, as well as from ENARSA, the Argentine state-owned energy company, especially in light of the transfer of certain hydrocarbon properties to ENARSA and the Argentine provinces in 2007. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Overview&#148; and &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Law No. 26,197.&#148; It is still unclear whether we will continue to face this competition in the future, given the passage of the Expropriation Law. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148; In our Refining and Marketing and Chemicals businesses, we face competition from several major international oil companies, such as ESSO (a former subsidiary of ExxonMobil which was recently acquired by Bridas Corporation), Shell and Petrobras, as well as several domestic oil companies. In our export markets, we compete with numerous oil companies and trading companies in global markets.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We operate in a dynamic market in the Argentine downstream industry and the crude oil and natural gas production industry. Crude oil and most refined products prices are subject to international supply and demand and Argentine regulations and, accordingly, may fluctuate for a variety of reasons. Some of the prices in the internal market are controlled by local authorities. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government.&#148; Changes in the domestic and international prices of crude oil and refined products have a direct effect on our results of operations and on our levels of capital expenditures. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to the Argentine Oil and Gas Business and Our Business&#151;Oil and gas prices could affect our level of capital expenditures.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">On May 3, 2012, the Expropriation Law was passed by Congress. The Expropriation Law has declared achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation, industrialization, transportation and sale of hydrocarbons, a national public interest and a priority for Argentina. In addition, its stated goal is to guarantee socially equitable economic development, the creation of jobs, the increase of the competitiveness of various economic sectors and the equitable and sustainable growth of the Argentine provinces and regions. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148; The Expropriation Law is expected to be the cornerstone of the new energy business map in Argentina.</font></p></div>
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		<td valign=top ><font size="2"><b>Environmental Matters</b></font></td>
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<div style="text-indent:3%"><p><font size="2">Our operations are subject to a wide range of laws and regulations relating to the general impact of industrial operations on the environment, including air emissions and waste water, the disposal or remediation of soil or water contaminated with hazardous or toxic waste, fuel specifications to address air emissions and the effect of the environment on health and safety. We have made and will continue to make expenditures to comply with these laws and regulations. In Argentina, local, provincial and national authorities are moving towards more stringent enforcement of applicable laws. In addition, since 1997, Argentina has been implementing regulations that require our operations to meet stricter environmental standards that are comparable in many respects to those in effect in the United States and in countries within the European Community. These regulations establish the general framework for environmental protection requirements, including the establishment of fines and criminal penalties for their violation. We have undertaken measures to achieve compliance with these standards and are undertaking various abatement and remediation projects, the more significant of which are discussed below. We cannot predict what environmental legislation or regulation will be enacted in the future or how existing or future laws will be administered or enforced. Compliance with more stringent laws or regulations, as well as more vigorous enforcement policies of regulatory agencies, could require additional expenditures in the future by us, including for the installation and operation of systems and equipment for remedial measures, and could affect our operations generally. In addition, violations of these laws and regulations may result in the imposition of administrative or criminal fines or penalties and may lead to personal injury claims or other liabilities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2011, we continued making investments in order to comply with new Argentine fuel specifications that are scheduled to come into effect gradually through 2016, pursuant to Resolution No. 1283/06 (amended by Resolution No. 478/2009) of the Argentine Secretariat of Energy (which replaces Resolution No. 398/03) relating to, among other things, the purity of diesel fuels. In addition, we have completed detailed engineering packages and have invested in equipment for the construction of diesel fuel oil desulphuration units at La Plata and Luj&#225;n de Cuyo refineries and the FCC naphtha desulphuration unit in Luj&#225;n de Cuyo refinery, which construction has already begun. These projects must be completed by July 2012. We have adopted construction strategies oriented to meet the July 2012 deadline. Additionally, we are increasing the tankage capacity of several of our terminals in order to optimize fuel distribution logistics.</font></p></div>
<div style="text-indent:3%"><p><font size="2">First stage projects related to biofuels, such as the addition of bioethanol to gasoline and Fatty Acid Methyl Esters (FAME) to diesel, were accomplished by the end of 2009 and were operational by the beginning of 2010. During 2010 and 2011, additional bioethanol facilities at several terminals were installed and became ready to operate. Also, during this period, further investments were made in several terminals in order to allow the increased addition of FAME to diesel and to improve the related biofuel logistics. These projects are expected to enable YPF to comply with governmental requirements and to enter into the renewable energy sources market.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The plan to comply with the above-mentioned motor fuels quality environmental specifications contemplates investments of approximately U.S.$281 million for 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">At each of our refineries, we are performing, on our own initiative, remedial investigations, feasibility studies and pollution abatement projects, which are designed to address potentially contaminated sites and air emissions. In addition, we have implemented an environmental management system to assist our efforts to collect and analyze environmental data in our upstream and downstream operations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Also, as part of our commitment to satisfying domestic demand for fuels and meeting high environmental standards, we are in the process of constructing a Plant Continuous Catalytic Reformer (CCR) which will involve an investment of approximately U.S.$348 million. The main equipment has been purchased and part of the plant has already been constructed. Start up is expected for the second half of 2012. The plant will use the latest technology available worldwide to perform chemical processes which will involve improvements in productivity, safety and environmental standards. Additionally, the plant is expected to produce aromatics that can be used as octane enhancers for gasoline and automotive applications, as well as to increase hydrogen production that will feed the fuel hydrogenation processes that increase fuel quality and reduce sulfur content, further reducing the environmental impact of internal combustion engines.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">We also commenced construction of a new Coker Unit at La Plata refinery which will involve an investment of approximately U.S.$560 million, replacing the one previously in operation. The new unit design is expected to optimize energy efficiency and minimize particulate matter emissions. We expect that this project will be completed by 2014.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition to the projects mentioned above, we have begun to implement a broad range of environmental projects in the domestic Exploration and Production and Refining and Marketing and Chemicals segments.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Capital expenditures associated with domestic Exploration and Production environmental projects during 2011 were approximately U.S.$123 million and included expenditures relating to Health, Safety and Environment (HSE) management systems, waste management, energy efficiency, biodiversity plans, remediation of well sites, tank batteries&#146; integrity and remediation of oil spills in the gathering systems of fields. Expenditures will also be made to improve technical assistance and training, and to establish environmental contamination remediation plans, air emissions monitoring plans and ground water investigation and monitoring programs.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We and several other industrial companies operating in the La Plata area have entered into a community emergency response agreement with three municipalities and local hospitals, firefighters and other health and safety service providers to implement an emergency response program. This program is intended to prevent damages and losses resulting from accidents and emergencies, including environmental emergencies. Similar projects and agreements were developed at other refineries and harbor terminals as well.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 1991, we entered into an agreement (<i>Convenio de Cooperaci&#243;n Interempresarial</i>, or &#147;CCI&#148;) with certain other oil and gas companies to implement a plan to reduce and assess environmental damage resulting from oil spills in Argentine surface waters to reduce the environmental impact of potential oil spills offshore. This agreement involves consultation on technological matters and mutual assistance in the event of any oil spills in rivers or at sea due to accidents involving tankers or offshore exploration and production facilities. In respect to climate change Historically, YPF has actively contributed and adhered to Repsol YPF&#146;s climate change strategies and, as such we have been committed to:</font></p></div>
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		<td><font size="2">the active promotion of identification and pursuit of opportunities to reduce greenhouse gas emissions in our operations; intensifying the execution of internal projects for the obtention of credits under the relevant clean development mechanisms through the efficient use of resources, contributing to the transfer of technology and to the sustainable development of Argentina;</font></td>
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		<td><font size="2">in December 2010, YPF obtained the approval of United Nations for an industrial project developed by YPF in Argentina defined as a Clean Development Mechanism (CDM) project, the first of its kind in the world. The project in the La Plata refinery reduces the emissions of greenhouse waste gases from fossil fuels used for process heating by replacing these fuels with recovered waste gases that were previously burned in flares. The project increases energy efficiency by reducing the demand for fuel oil and natural gas, allowing an annual emission reduction of approximately 200,000 tons of carbon dioxide. During September 2011, the first verification of emissions reduction was undertaken;</font></td>
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		<td><font size="2">to secure the approval of the CDM project, YPF developed a new methodology, which was approved by United Nations in 2007 under the name of AM0055 &#147;Baseline and Monitoring Methodology for the recovery and utilization of waste gas in refinery facilities&#148;. At the moment, 4 projects in the world are being developed applying this methodology designed by YPF. A similar investment in flare gas recovery and utilization at the Luj&#225;n de Cuyo refinery is under development as a CDM project. The project documentation was validated by a third-party accredited entity and registration with the United Nations was achieved in December 2011;</font></td>
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		<td><font size="2">the undertaking and verification of third-party CO<sub>2</sub> emissions inventories for refining and chemical operations in accordance with the ISO 14064 standard. The inventory at Ensenada Industrial Complex has been verified since 2008 and, in 2011, the verification also included CH<sub>4 </sub>and N<sub>2</sub>O emissions. At La Plata and Luj&#225;n de Cuyo refineries, the inventory of CO<sub>2</sub> emissions has been verified since 2010;</font></td>
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		<td><font size="2">in addition to verifying third-party CO<sub>2</sub> inventories, the La Plata and Luj&#225;n de Cuyo refineries have shown reductions in emissions in 2009, 2010 and 2011.</font></td>
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<div style="text-indent:3%"><p><font size="2">Our estimated capital expenditures and future investments are based on currently available information and on current laws. Any future information or future changes in laws or technology could cause a revision of such estimates. In addition, we cannot assure you that our new management, which we expect to be appointed by our next general shareholders&#146; meeting, on June 4, 2012, will not change our strategy in this regard. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law.&#148; Moreover, while we do not expect environmental expenditures to have a significant impact on our future results of operations, changes in management&#146;s business plans or in Argentine laws and regulations may cause expenditures to become material to our financial position, and may affect results of operations in any given year.</font></p></div>
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		<td valign=top ><font size="2"><b><i>YPF Holdings&#151;Operations in the United States</i></b></font></td>
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<div style="text-indent:3%"><p><font size="2">Laws and regulations relating to health and environmental quality in the United States affect YPF Holdings&#146; operations in the United States. See &#147;&#151;Regulatory Framework and Relationship with the Argentine Government&#151;U.S. Environmental Regulations.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">In connection with the sale of Diamond Shamrock Chemicals Company (&#147;Chemicals&#148;) to a subsidiary of Occidental Petroleum Corporation (&#147;Occidental&#148;) in 1986, Maxus Energy Corporation (&#147;Maxus&#148;) agreed to indemnify Chemicals and Occidental from and against certain liabilities relating to the business and activities of Chemicals prior to the September 4, 1986 closing date (the &#147;Closing Date&#148;), including certain environmental liabilities relating to certain chemical plants and waste disposal sites used by Chemicals prior to the Closing Date.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, under the agreement pursuant to which Maxus sold Chemicals to Occidental (the &#147;1986 Stock Purchase Agreement&#148;), Maxus is obligated to indemnify Chemicals and Occidental for certain environmental costs incurred on projects involving remedial activities relating to chemical plant sites or other property used to conduct Chemicals&#146; business as of the Closing Date and for any period of time following the Closing Date which relate to, result from or arise out of conditions, events or circumstances discovered by Chemicals and as to which Chemicals provided written notice prior to September 4, 1996, irrespective of when Chemicals incurs and gives notice of such costs.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Tierra Solutions Inc. (&#147;Tierra&#148;) was formed to deal with the results of the alleged obligations of Maxus, as described above, resulting from actions or facts that occurred primarily between the 1940s and 1970s while Chemicals was controlled by other companies.</font></p></div>
<div style="text-indent:3%"><p><font size="2">See &#147;Item 8. Financial Information&#151;Legal Proceedings&#151;YPF Holdings&#148; below for a description of environmental matters in connection with YPF Holdings.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">All of the offshore fields in which we have a working interest have in place a Health, Safety, Environmental and Community (&#147;HSEC&#148;) management plan to address risks associated with the project. In addition, all drilling projects that we operate or in which we have a working interest have in place an Emergency Response Plan (&#147;ERP&#148;), including response plans for oil spills.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The HSEC management plans in place include ERPs for an oil spill or leak, and these ERPs are regularly assessed for adequacy in light of available information and technical developments. We review our HSEC management plans for our drilling projects on a regular basis to seek to ensure that appropriate measures are in place for every phase of the project.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">In 2011, we completed the Malvinas deep water project, located in blocks CAA40/CAA46 in Argentine waters. We obtained the required environmental permits for the related operations, including the approval of the OSRP (Oil</font></p></div>
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<p><font size="2">Spill Response Plan) from the Naval Authority (<i>Prefectura Naval Argentina</i>). Well data indicated no hydrocarbon presence and the well was abandoned. The project was finalized without any environmental incident.</font></p>
<div style="text-indent:3%"><p><font size="2">As in the rest of our offshore areas, we will continue to study and interpret available geological and geophysical information in order to plan our next activities.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Under the Neptune Joint Operating Agreement, the operator of the field is required to maintain an HSEC management plan based on health and safety rules agreed upon between the operator and the non-operators. As a non-operator, we are entitled to review the operator&#146;s safety and environmental management systems for compliance with the HSEC management plan, but we do not have direct control over the measures taken by the field operator to remedy any particular spill or leak. The operator of the field is required to notify all non-operators, including us, in writing of any spill greater than 50 barrels, among other incidents.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The HSEC management plan for Neptune, which is maintained by the operator of the field, includes the following critical elements and procedures:</font></p></div>
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		<td><font size="2">Emergency Shutdown (ESD) System</font></td>
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		<td><font size="2">Fire Detection System</font></td>
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		<td><font size="2">Combustible Gas Detection System</font></td>
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		<td><font size="2">Ventilation Systems (Mechanical)</font></td>
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		<td><font size="2">Spill/Leak Containment Systems</font></td>
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		<td><font size="2">Vent/Flare System</font></td>
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		<td><font size="2">Subsea Well Control System</font></td>
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		<td><font size="2">Temporary Refuge</font></td>
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		<td><font size="2">Escape Water Craft</font></td>
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		<td><font size="2">Critical Power Systems (including electric, pneumatic, hydraulic)</font></td>
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		<td><font size="2">Emergency Communication Systems</font></td>
	</tr>
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		<td><font size="2">Hull Ballast Systems</font></td>
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		<td><font size="2">Hull Tendons</font></td>
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		<td><font size="2">Riser Hang-off Components</font></td>
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		<td><font size="2">Design HSE Case Critical Procedures</font></td>
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		<td><font size="2">Emergency Shutdown (ESD) Procedures</font></td>
	</tr>
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		<td><font size="2">Evacuation Procedures</font></td>
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		<td><font size="2">Dire Fighting Procedures</font></td>
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		<td><font size="2">Helideck Operations Procedures</font></td>
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		<td><font size="2">Emergency Response Procedures</font></td>
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<div style="text-indent:3%"><p><font size="2">Additionally, the operator&#146;s Emergency, Preparedness and Response procedures include teams that generally are on call 24 hours a day, 7 days a week and are summoned based on the severity level of the emergency (1-low up to 7-extreme) through a third party London based emergency dispatcher. The operator&#146;s teams include the following:</font></p></div>
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		<td><font size="2">Fire and Safety Team (FAST) Site Response (Level 1 to 2 severity): Provides initial on-scene response and incident containment in the operator&#146;s tower building including evacuation, first aid, CPR, search and rescue.</font></td>
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		<td><font size="2">Incident Management Team (IMT)&#151;Asset/Local Response (Level 2 to 5 severity): Provides tactical, operational, HSEC, planning, logistical and regulatory notification support and other technical expertise. An Incident Management Center is established for the IMT in one room of the operator building in Houston. The IMT is also supported by a drilling-specific team from the World Wide Drilling group for any incidents during drilling and completions activities.</font></td>
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		<td><font size="2">Emergency Management Team (EMT)&#151;Petroleum/Asset Response (Level 3 to 5 severity): Provides support to the IMT with emphasis on strategic issues affecting the Asset and Petroleum including internal and external stakeholder management, financial, legal, and communication support. An Emergency Management Room for the EMT is established in one room of the operator&#146;s building in Houston.</font></td>
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		<td><font size="2">Crisis Management Team (CMT)&#151;Operator Response (Levels 5 to 7 severity): Provides support to the EMT with emphasis on strategic issues affecting the operator including communications with stakeholders at senior levels.</font></td>
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		<td><font size="2">External Response Organizations: Summoned for any severity level based on needs assessed by the IMT, EMT or CMT. Includes government response groups and external oil spill response organizations and emergency management consultants.</font></td>
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<div style="text-indent:3%"><p><font size="2">The HSEC management plan is administered by a leading oil field services contractor contracted by the operator and includes a plan of action in the event of a spill or leak.</font></p></div>
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		<td valign=top ><font size="2"><b>Property, Plant and Equipment</b></font></td>
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<div style="text-indent:3%"><p><font size="2">Most of our property, which comprises investments in assets which allow us to explore and/or exploit crude oil and natural gas reserves, as well as refineries, storage, manufacturing and transportation facilities and service stations, is located in Argentina. As of December 31, 2011, approximately 99.9% of our proved reserves were located in Argentina. We also own property mainly in the United States, Guyana and Uruguay. See &#147;&#151;Exploration and Production&#151;Principal properties.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">There are several classes of property which we do not own in fee. Our petroleum exploration and production rights are in general based on sovereign grants of concession. Upon the expiration of the concession, our exploration and production assets associated with the particular property subject to the relevant concession revert to the government. In addition, as of December 31, 2011, we leased 90 service stations to third parties and also had activities with service stations that are owned by third parties and operated by them under a supply contract with us for the distribution of our products.</font></p></div>
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		<td valign=top ><font size="2"><b>Insurance</b></font></td>
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<div style="text-indent:3%"><p><font size="2">The scope and coverage of the insurance policies and indemnification obligations discussed below are subject to change, and such policies are subject to cancellation in certain circumstances. In addition, the indemnification provisions of certain of our drilling, maintenance and other services contracts may be subject to differing interpretations, and enforcement of those provisions may be limited by public policy and other considerations. We may also be subject to potential liabilities for which we are not insured or in excess of our insurance coverage, including liabilities discussed in &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to the Argentine Oil and Gas Business and Our Business&#151;We may not have sufficient insurance to cover all the operating hazards that we are subject to&#148;, &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to the Argentine Oil and Gas Business and</font></p></div>
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<p><font size="2">Our Business&#151;The oil and gas industry is subject to particular economic and operational risks&#148; and &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to the Argentine Oil and Gas Business and Our Business&#151;We may incur significant costs and liabilities related to environmental, health and safety matters&#148;.</font></p>
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		<td valign=top ><font size="2"><b><i>Argentine operations</i></b></font></td>
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<div style="text-indent:3%"><p><font size="2">We insure our operations against risks inherent in the oil and gas industry, including loss of or damage to property and our equipment, control-of-well incidents, loss of production or profits incidents, removal of debris, sudden and accidental pollution, damage and clean up and third-party claims, including personal injury and loss of life, among other business risks. Our insurance policies are typically renewable annually and generally contain policy limits, exclusions and deductibles.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our insurance policy covering our Argentine operations provides third party liability coverage up to U.S.$400 million per incident, with varying deductibles of between U.S.$0.1 million and U.S.$2 million, in each case depending on the type of incident. Certain types of incidents, such as intentional pollution and gradual and progressive pollution, are excluded from the policy&#146;s coverage. The policy&#146;s coverage extends to control-of-well incidents, defined as an unintended flow of drilling fluid, oil, gas or water from the well that cannot be contained by equipment on site, by increasing the weight of drilling fluid or by diverting the fluids safely into production. Our policy provides coverage for third-party liability claims relating to pollution from a control-of-well event ranging from U.S.$75 million for certain onshore losses and a maximum combined single limit of U.S.$250 million for offshore losses.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our insurance policy also covers physical loss or damage in respect of, but not limited to, onshore and offshore property of any kind and description (whether upstream or downstream), up to U.S.$1,000 million per incident, with varying deductibles of between U.S.$1 million and U.S.$6.60 million, including loss of production or profits with deductibles of 60 days for downstream operations with a minimum deductible of U.S.$20 million for upstream operations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Argentine regulations require us to purchase from specialized insurance companies (<i>Aseguradoras de Riesgos de Trabajo</i> &#150; ART) insurance covering the risk of personal injury and loss of life of our employees. Our insurance policies cover medical expenses, lost wages and loss of life, in the amounts set forth in the applicable regulations. These regulatory requirements also apply to all of our contractors.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We have adopted a position in agreements entered into with contractors that provide drilling services, well services or other services to our exploration and production operations (&#147;E&amp;P Services Agreements&#148;), whereby contractors are generally responsible for indemnifying us to varying degrees for certain damages caused by their personnel and property above the drilling surface. Similarly, we are generally responsible under our drilling contracts to indemnify our contractors for any damages caused by our personnel and property above the drilling surface.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We typically assume responsibility for indemnifying our contractors for any loss or liability resulting from damages caused below the surface provided that such damages below the surface have not been caused by the negligence of the contractor in which case the contractor shall be liable up to a limited amount agreed by the parties in the E&amp;P Services Agreements.</font></p></div>
<div style="text-indent:3%"><p><font size="2">E&amp;P Services Agreements usually establish that contractors are responsible for pollution or contamination including clean-up costs and third party damages caused above the surface by the spill of substances under their control, provided that the damage has been caused by the negligence or willful misconduct of the contractor. In the event of pollution or contamination produced below the surface, contractors shall also typically be liable for damages caused due to the contractor&#146;s negligence or willful misconduct. However, in this last case the damages are also usually limited to an amount agreed upon by the parties in the E&amp;P Services Agreement.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We are also partners in several joint ventures and projects that are not operated by us. Contractual provisions, as well as our obligations arising from each agreement, can vary. In certain cases, insurance coverage is provided by the insurance policy entered into by the operator, while in others, our risks are covered by our insurance policy covering our Argentine operations. In addition, in certain cases we may contract insurance covering specific</font></p></div>
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<p><font size="2">incidents or damages which are not provided for in the operator&#146;s insurance policy. We also retain the risk for liability not indemnified by the field or rig operator in excess of our insurance coverage.</font></p>
<div style="text-indent:3%"><p><font size="2">With respect to downstream servicing contracts, contractors are usually responsible for damages to their own personnel and caused by them to third parties and they typically indemnify us for damages to equipment. A mutual hold-harmless provision for indirect damages such as those resulting from loss of use or loss of profits is normally included.</font></p></div>
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		<td valign=top ><font size="2"><b><i>Gulf of Mexico operations</i></b></font></td>
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<div style="text-indent:3%"><p><font size="2">Our operations in the Gulf of Mexico currently include only our 15% working interest, through our subsidiary Maxus U.S. Exploration Company, in the Neptune field, which is operated by BHP Billiton. Our Gulf of Mexico operations are insured under a policy similar to that described above for our Argentine properties, with certain differences that are addressed below.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our Gulf of Mexico operations insurance policy provides coverage for property damage, operator&#146;s extra expenses, loss of production and third party liability, subject to certain customary exclusions such as property damage resulting from wear and tear and gradual deterioration. The following limits and deductibles are applicable to our insurance coverage:</font></p></div>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Physical loss or damage to owned property and equipment is limited to U.S.$772 million (100%), with deductibles ranging from U.S.$0.75 million (100%) to U.S.$1.25 million (100%), and U.S.$10 million (100%) in respect of windstorms;</font></td>
	</tr>
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<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Loss of production is covered up to a limit of U.S.$38.8 million (15%) with a deductible of 60 days of production (90 days in respect of windstorms);</font></td>
	</tr>
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<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Coverage for operator&#146;s extra expenses is subject to a limit of U.S.$250 million (100%) per incident, with a U.S.$1 million deductible (100%) (U.S.$10 million (100%) in respect of incidents related to windstorms). Our control-of-well insurance mainly covers expenses incurred on account of bringing or attempting to bring under control a well that is out of control or extinguishing a well fire, including but not limited to the value of materials and supplies consumed in the operation, rental of equipment, fees of individuals, firms or corporations specializing in fire fighting and/or the control of wells, deliberate well firing, and cost of drilling direction relief well(s) necessary to bring the well(s) under control or to extinguish the fire and excludes bodily injury, damage to property of others and loss of hole (except in respect of certain costs incurred in re-drilling and/or recompletion as a result of an occurrence). For the purpose of this insurance, a well shall be deemed to be out of control only when there is an unintended flow from the well of drilling fluid, oil, gas or water (1) which flow cannot promptly be (a) stopped by use of the equipment on site and/or the blowout preventor, storm chokes or other equipment; or (b) stopped by increasing the weight by volume of drilling fluid or by use of the other conditioning materials in the well; or (c) safely diverted into production; or (2) which flow is deemed to be out of control by the appropriate regulatory authority.</font></td>
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<br>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Coverage for third party liability arising from personal injury or loss of life, which extends to our employees, contractors and unaffiliated third party individuals, is subject to a limit of U.S.$333.33 million (100 %) per incident, with a U.S.$5,000 deductible (100%).</font></td>
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<div style="text-indent:3%"><p><font size="2">According to the procedures applicable to the Neptune field consortium, its operator shall use its best efforts to require contractors to carry insurance coverage for worker compensation, employers liability, commercial general liability and automobile liability. To our knowledge, based solely on inquiries made to the operator, this policy is applicable to all contracts and a majority of contractors carry such insurance. Contractors providing aircraft and watercraft are required to provide further insurance cover relevant to this activity. In addition, our own insurance policy covers risks of physical loss or damage incurred as a result of negligence by any contractor to supplies and equipment of every kind and description incidental to our operations, including, among others, materials, equipment, machinery, outfit and consumables, in each case as defined in our insurance contract and with the deductibles and exclusions specified therein. The consortium or operator, as applicable, is responsible for indemnifying a contractor</font></p></div>
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<p><font size="2">for damages caused by its personnel and property. The operator or consortium, as applicable, is also responsible for indemnifying contractors for certain losses and liabilities resulting from pollution or contamination.</font></p>

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		<td valign=top ><font size="2"><b>Regulatory Framework and Relationship with the Argentine Government</b></font></td>
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		<td valign=top ><font size="2"><b>Overview</b></font></td>
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<div style="text-indent:3%">
  <p><font size="2">The Argentine oil and gas industry has been and continues
    to be subject to certain policies and regulations that have resulted in domestic
    prices that are, in some cases, lower than prevailing international market
    prices, export regulations, domestic supply requirements that oblige us from
    time to time to divert supplies from the export or industrial markets in order
    to meet domestic consumer demand, and incremental export duties on the volumes
    of hydrocarbons allowed to be exported. These governmental pricing and export
    regulations and tax policies have been implemented in an effort to satisfy
    increasing domestic market demand.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">The Argentine oil and gas industry is regulated by Law No. 17,319, referred to as the &#147;Hydrocarbons Law,&#148; which was adopted in 1967 and amended by Law No. 26,197 in 2007, which established the general legal framework for the exploration and production of oil and gas, and Law No. 24,076, referred to as the &#147;Natural Gas Law,&#148; enacted in 1992, which established the basis for deregulation of natural gas transportation and distribution industries.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The executive branch of the Argentine government issues the regulations to complement these laws. The regulatory framework of the Hydrocarbons Law was established on the assumption that the reservoirs of hydrocarbons would be national properties and Yacimientos Petrol&#237;feros Fiscales Sociedad del Estado, our predecessor, would lead the oil and gas industry and operate under a different framework than private companies. In 1992, Law No. 24,145, referred to as the &#147;Privatization Law,&#148; privatized YPF and provided for transfer of hydrocarbon reservoirs from the Argentine government to the provinces, subject to the existing rights of the holders of exploration permits and production concessions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Privatization Law granted us 24 exploration permits covering approximately 132,735 square kilometers and 50 production concessions covering approximately 32,560 square kilometers. The Hydrocarbons Law limits to five the number of concessions that may be held by any one entity, and also limits the total area of exploration permits that may be granted to a single entity. Based on our interpretation of the law, we were exempted from such limit with regard to the exploration permits and production concessions awarded to us by the Privatization Law. Nevertheless, the National Department of Economy of Hydrocarbons (<i>Direcci&#243;n Nacional de Econom&#237;a de los Hidrocarburos</i>), applying a restrictive interpretation of Section 25 and 34 of the Hydrocarbons Law, has objected to the award of new exploration permits and production concessions in which we have a 100% interest. As a result, our ability to acquire 100% of new exploration permits and/or production concessions has been hindered, although this interpretation has not impeded our ability to acquire any permits or concessions where an interest is also granted to other parties. As a consequence of the transfer of ownership of certain hydrocarbons areas to the provinces, we participate in competitive bidding rounds organized since the year 2000 by several provincial governments for the award of contracts for the exploration of hydrocarbons.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In October 2004, the Argentine Congress enacted Law No. 25,943 creating a new state-owned energy company, Energ&#237;a Argentina S.A. (&#147;ENARSA&#148;). The corporate purpose of ENARSA is the exploration and exploitation of solid, liquid and gaseous hydrocarbons, the transport, storage, distribution, commercialization and industrialization of these products, as well as the transportation and distribution of natural gas, and the generation, transportation, distribution and sale of electricity. Moreover, Law No. 25,943 granted to ENARSA all exploration concessions in respect to offshore areas located beyond 12 nautical miles from the coast line up to the outer boundary of the continental shelf that were vacant at the time of the effectiveness of this law (i.e., November 3, 2004).</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, in October 2006, Law No. 26,154 created a regime of tax incentives aimed at encouraging hydrocarbon exploration and which apply to new exploration permits awarded in respect of the offshore areas granted to ENARSA and those over which no rights have been granted to third parties under the Hydrocarbons Law, provided the provinces in which the hydrocarbon reservoirs are located adhere to this regime. Association with ENARSA is a precondition to qualifying for the benefits provided by the regime created by Law No. 26,154. The</font></p></div>
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<p><font size="2">benefits include: early reimbursement of the value added tax for investments made and expenses incurred during the exploration period and for investments made within the production period; accelerated amortization of investments made in the exploration period and the accelerated recognition of expenses in connection with production over a period of three years rather than over the duration of production; and exemptions to the payment of import duties for capital assets not manufactured within Argentina. As of the date of this annual report, we have not used the tax incentives previously mentioned.</font></p>
<div style="text-indent:3%"><p><font size="2">Ownership of hydrocarbons reserves was transferred to the provinces through the enactment of the following legal provisions that effectively amended the Hydrocarbons Law:</font></p></div>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">In 1992, the Privatization Law approved the transfer of the ownership of hydrocarbons reserves to the provinces where they are located. However, this law provided that the transfer was conditioned on the enactment of a law amending the Hydrocarbons Law to contemplate the privatization of Yacimientos Petrol&#237;feros Fiscales Sociedad del Estado.</font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">In October 1994, the Argentine National Constitution was amended and pursuant to Article 124 thereof, provinces were granted the primary control of natural resources within their territories.</font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">In August 2003, Executive Decree No. 546/03 transferred to the provinces the right to grant exploration permits, hydrocarbons exploitation and transportation concessions in certain locations designated as &#147;transfer areas,&#148; as well as in other areas designated by the competent provincial authorities.</font></td>
	</tr>
</table>
<br>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">In January 2007, Law No. 26,197 acknowledged the provinces&#146; ownership of the hydrocarbon reservoirs in accordance with Article 124 of the National Constitution (including reservoirs to which concessions were granted prior to 1994) and granted provinces the right to administer such reservoirs.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top ><font size="2"><b>The Expropriation Law</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">On May 3, 2012, the Expropriation Law (Law No. 26,741) was passed by the Argentine Congress and, on May 7, it was published in the Official Gazette of the Republic of Argentina. The Expropriation Law has declared achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation, industrialization, transportation and sale of hydrocarbons, a national public interest and a priority for Argentina. In addition, its stated goal is to guarantee socially equitable economic development, the creation of jobs, the increase of the competitiveness of various economic sectors and the equitable and sustainable growth of the Argentine provinces and regions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Article 3 of the Expropriation Law provides that the principles of the hydrocarbon policy of the Republic of Argentina are the following:</font></p></div>
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  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2">(a)</font></td>
    <td><font size="2">Promote the use of hydrocarbons and their derivatives to
      promote development, and as a mechanism to increase the competitiveness
      of the various economic sectors and that of the provinces and regions of
      Argentina;</font></td>
  </tr>
</table>
<br>
<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">(b)</font></td>
    <td><font size="2">Convert hydrocarbon resources to proved reserves and their
      exploitation and the restoration of reserves;</font></td>
  </tr>
</table>
<br>
<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">(c)</font></td>
    <td><font size="2">Integrate public and private capital, both national and
      international, into strategic alliances dedicated to the exploration and
      exploitation of conventional and nonconventional hydrocarbons;</font></td>
  </tr>
</table>
<br>
<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">(d)</font></td>
    <td><font size="2">Maximize the investments and the resources employed for
      the achievement of self-sufficiency in hydrocarbons in the short, medium
      and long term;</font></td>
  </tr>
</table>
<br>
<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">(e)</font></td>
    <td><font size="2">Incorporate new technologies and categories of management
      that contribute to the improvement of hydrocarbon exploration and exploitation
      activities and the advancement of technological development in the Republic
      of Argentina in this regard;</font></td>
  </tr>
</table>
<br>
<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">(f)</font></td>
    <td><font size="2">Promote the industrialization and sale of hydrocarbons
      with a high added-value;</font></td>
  </tr>
</table>
<br>
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  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2">(g)</font></td>
    <td><font size="2">Protect the interests of consumers with respect to the
      price, quality and availability of hydrocarbon derivatives; and</font></td>
  </tr>
</table>
<br>
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  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2">(h)</font></td>
    <td><font size="2">Collect outstanding balances relating to exportable hydrocarbons
      in order to improve the trade balance, ensuring a rational exploitation
      of the resources and the sustainability of its exploitation for use by future
      generations.</font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">According to Article 2 of the Expropriation Law, the National Executive Office will be responsible for setting forth this policy and shall introduce the measures necessary to accomplish the purpose of the Expropriation Law with the participation of the Argentine provinces and public and private capital, both national and international.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Given the recent passage of the Expropriation Law, we are
    developing our new business plan and the related new investment, economic
    and dividend policy for the Company. Our new business plan will be designed
    in accordance with the goals set forth in the Expropriation Law.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2"><i>Creation of Federal Council of Hydrocarbons</i></font></p></div>
<div style="text-indent:3%"><p><font size="2">Article 4 of the Expropriation Law provides for the creation of a Federal Council of Hydrocarbons which shall include the participation of (a) the Ministry of Economy and Public Finances, the Ministry of Federal Planning, Public Investment and Services, the Ministry of Labor, Employment and Social Security and the Ministry of Industry, through their respective representatives; and (b) the provinces of Argentina and the Autonomous City of Buenos Aires, through the representatives that each may appoint. According to Article 5 of the Expropriation Law, the duties of the Federal Council of Hydrocarbons will be the following: ( a) promote the coordinated action of the National and provincial governments, with the purpose of ensuring the fulfillment of the objectives of the Expropriation Law; and (b) adopt decisions regarding all questions related to the accomplishment of the objectives of the Expropriation Law and the establishment of the hydrocarbons policy of the Republic of Argentina that the National Executive Office may submit for consideration.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Expropriation of shares held by Repsol YPF</i></font></p></div>
<div style="text-indent:3%"><p><font size="2">For purposes of ensuring the fulfillment of its objectives, the Expropriation Law provides for the expropriation of 51% of the share capital of YPF represented by an identical stake of Class D shares owned, directly or indirectly, by Repsol YPF and its controlled or controlling entities. The expropriated shares, which have been declared of public interest, will be assigned as follows: 51% to the federal government and 49% to the governments of the provinces that compose the National Organization of Hydrocarbon Producing States. In addition, the Expropriation Law provides for the expropriation of 51% of the share capital of the company Repsol YPF GAS S.A. represented by 60% of the Class A shares of such company owned, directly or indirectly, by Repsol Butano S.A. and its controlled or controlling entities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, the transfer of the expropriated shares between National Excecutive Office and the provinces that compose the National Organization of Hydrocarbon Producing States is still pending. According to Article 8 of the Expropriation Law, the distribution of the shares among the provinces that accept their transfer must be conducted in an equitable manner, considering their respective levels of hydrocarbon production and proved reserves.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Rights of new shareholders</i></font></p></div>
<div style="text-indent:3%"><p><font size="2">To ensure compliance with its objectives, the Expropriation Law provides that the National Executive Office, by itself or through an appointed public entity, shall exercise all the political rights associated with the shares subject to expropriation until the transfer of political and economic rights to the provinces that compose the National Organization of Hydrocarbon Producing States is completed. In addition, in accordance with Article 9 of the Expropriation Law, each of the Argentine provinces to which expropriated shares are allocated must enter a shareholder&#146;s agreement with the federal government which will provide for the unified exercise of its rights as a shareholder.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Any future transfer of the expropriated shares is prohibited without the permission of the National Congress by a two-thirds vote of its members.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">The appointment of YPF directors corresponding to the expropriated shares shall be completed proportionately considering the holdings of the federal government, provincial governments and one director shall represent the employees of the Company.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In accordance with Article 16 of the Expropriation Law, the national government and the provinces must exercise their rights pursuant to the following principles: (a) the strategic contribution of YPF to the achievement of the objectives set forth in the Expropriation Law; (b) the administration of YPF pursuant to the industry&#146;s best practices and corporate governance, safeguarding shareholders&#146; interests and generating value on their behalf; and (c) the professional management of YPF.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Intervention</i></font></p></div>
<div style="text-indent:3%"><p><font size="2">In accordance with Article 14 of the Expropriation Law, the National Executive Office and the Intervenor of YPF and Repsol YPF Gas S.A. are empowered to adopt all actions and precautions as necessary, until control of YPF and Repsol YPF Gas S.A. is assumed by their respective new managements.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Legal nature of the Company</i></font></p></div>
<div style="text-indent:3%">
  <p><font size="2">YPF will continue to operate as a public company pursuant
    to Chapter II, Section V of Law N<sup>o</sup> 19,550 and its corresponding
    regulations, and will not be subject to any legislation or regulation applicable
    to the management or control of companies or entities owned by the national
    government or provincial governments.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">In accordance with Article 17 of the Expropriation Law, for purposes of complying with such law, with respect to sources of finance, YPF must resort to internal and external, strategic alliances, joint ventures, transitory business unions, and cooperation partnerships whether public, private or mixed companies, domestic and foreign.</font></p></div>
<div style="text-indent:3%"><p><font size="2">You can find a copy of an English translation of the Expropriation Law in the report on Form 6-K furnished by the Company to the SEC on May 9, 2012 (Item 1).</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Decree No. 530/12</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In connection with the Expropriation Law, Decree No. 530/12 of the National Executive Power provided for the temporary intervention of YPF for a period of thirty (30) days (which is expected to be extended until our next shareholders meeting to be held on June 4, 2012), with the aim of securing the continuity of its business and the preservation of its assets and capital, securing fuel provision and the satisfaction of the country&#146;s needs, and guaranteeing that the goals of the Expropriation Law are met. In accordance with Article 3 of Decree No. 530/2012, the powers conferred by YPF&#146;s bylaws on the Board and/or the President of the Company have been temporarily granted to Julio M. De Vido (the &#147;Intervenor&#148;). On May 7, 2012, through Decree No. 676/2012 of the National Executive Power, Mr. Miguel Mat&#237;as Galuccio was appointed General Manager of the Company during the Intervention. Our next general shareholders&#146; meeting, expected to be held on June 4, 2012, will appoint the new members of our Board of Directors. See &#147;Item 6. Directors, Senior Management and Employees&#151;Management of the Company under the Intervention.&#148;</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Law No. 26,197</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Law No. 26,197, which amended the Hydrocarbons Law, transferred to the provinces and the City of Buenos Aires the ownership over all hydrocarbon reservoirs located within their territories and in the adjacent seas up to 12 nautical miles from the coast. Law No. 26,197 also provides that the hydrocarbon reservoirs located beyond 12 nautical miles from the coast to the outer limit of the continental shelf shall remain within the ownership of the federal government.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Pursuant to Law No. 26,197, the Argentine Congress shall continue to enact laws and regulations to develop oil and gas resources existing within all of the Argentine territory (including its sea), but the governments of the provinces where the hydrocarbon reservoirs are located shall be responsible for the enforcement of these laws and regulations, the administration of the hydrocarbon fields and shall act as granting authorities for the exploration permits and production concessions. However, the administrative powers granted to the provinces shall be exercised within the framework of the Hydrocarbons Law and the regulations which complement this law.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Consequently, even though Law No. 26,197 established that the provinces shall be responsible for administering the hydrocarbon fields, the Argentine Congress retained its power to issue rules and regulations regarding the oil and gas legal framework. Additionally, the Argentine government retained the power to determine the national energy policy.</font></p></div>
<div style="text-indent:3%"><p><font size="2">It is expressly stated that the transfer will not affect the rights and obligations of exploration permit and production concession holders, or the basis for the calculation of royalties, which shall be calculated in accordance with the concession title and paid to the province where the reservoirs are located.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Law No. 26,197 provides that the Argentine government shall retain the authority to grant transportation concessions for: (i) transportation concessions located within two or more provinces territory and (ii) transportation concessions directly connected to export pipelines for export purposes. Consequently, transportation concessions which are located within the territory of only one province and which are not connected to export facilities shall be transferred to the provinces.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Finally, Law No. 26,197 grants the following powers to the provinces: (i) the exercise in a complete and independent manner of all activities related to the supervision and control of the exploration permits and production concessions transferred by Law No. 26,197; (ii) the enforcement of all applicable legal and/or contractual obligations regarding investments, rational production and information and surface fee and royalties payment; (iii) the extension of legal and/or contractual terms; (iv) the application of sanctions provided in the Hydrocarbons Law; and (v) all the other faculties related to the granting power of the Hydrocarbons Law. Certain of our concessions in Argentina have recently been revoked by the relevant provincial authorities while the revocation of other concessions is currently being evaluated by the relevant authorities. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Certain provinces of Argentina have commenced proceedings to terminate some of our oil and gas production concessions&#148; and &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions on Hydrocarbon zones &#151; Provincial claims.&#148;</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Public Emergency</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">On January 6, 2002, the Argentine Congress enacted Law No. 25,561, the Public Emergency and Foreign Exchange System Reform Law (&#147;Public Emergency Law&#148;), which represented a profound change of the economic model effective as of that date, and rescinded the Convertibility Law No. 23,928, which had been in effect since 1991 and had pegged the peso to the dollar on a one-to-one basis. In addition, the Public Emergency Law granted the executive branch of the Argentine government authority to enact all necessary regulations in order to overcome the economic crisis in which Argentina was then immersed. The situation of emergency declared by Law 25,561 has been extended until December 31, 2013 by Law 26,729. The executive branch is authorized to execute the powers delegated by Law 25,561 until such date.</font></p></div>
<div style="text-indent:3%"><p><font size="2">After the enactment of the Public Emergency Law, several other laws and regulations have been enacted. The following are the most significant measures enacted to date in Argentina to overcome the economic crisis:</font></p></div>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Conversion into pesos of (i) all funds deposited in financial institutions at an exchange rate of Ps.1.40 for each U.S.$1.00 and (ii) all obligations (e.g., loans) with financial institutions denominated in foreign currency and governed by Argentine law at an exchange rate of Ps.1.00 for each U.S.$1.00. The deposits and obligations converted into pesos would be thereafter adjusted by a reference stabilization index, the <i>Coeficiente de Estabilidad de Referencia</i> (&#147;CER&#148;), to be published by the Argentine Central Bank. Obligations governed by non-Argentine law have not been converted to pesos under the new laws. Substantially all of our dollar-denominated debt is governed by non-Argentine law.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>

    <td><font size="2">Conversion into pesos at an exchange rate of Ps.1.00 for
      each U.S.$1.00 of all obligations outstanding among private parties at January
      6, 2002 that are governed by Argentine law and payable in foreign currency.
      The obligations so converted into pesos would be adjusted through the CER
      index, as explained above. In the case of non-financial obligations, if
      as a result of the mandatory conversion into pesos the resulting intrinsic
      value of goods or services that are the object of the obligation are higher
      or lower than their price expressed in pesos, either party may request an
      equitable adjustment of the price. If they cannot agree on such equitable
      price adjustment, either party may resort to the courts. Executive Decree
      No. </font></td>
	</tr>
</table>
<br>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2"> 689/02 established an exception to the Public
      Emergency Law and regulations and provides that the prices of long-term
      natural gas sale and transportation agreements executed before the enactment
      of the Decree and denominated in U.S. dollars will not be converted into
      pesos (Ps.1.00 for each U.S.$1.00) when the natural gas is exported.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Conversion into pesos at an exchange rate of Ps.1.00 for each U.S.$1.00 of all tariffs of public services, the elimination of the adjustment of tariffs by foreign indexes such as the Purchaser Price Index (PPI)/Consumer Price Index (CPI) index, and the imposition of a period of renegotiation with the governmental authorities thereafter.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Imposition of customs duties on the export of hydrocarbons with instructions to the executive branch of the Argentine government to set the applicable rate thereof. The application of these duties and the instruction to the executive branch have been extended until January 2017 by Law 26, 732. See also &#147;&#151;Taxation&#148; below.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Exploration and Production</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Hydrocarbons Law establishes the basic legal framework for the regulation of oil and gas exploration and production in Argentina. The Hydrocarbons Law empowers the executive branch of the Argentine government to establish a national policy for development of Argentina&#146;s hydrocarbon reserves, with the principal purpose of satisfying domestic demand.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Pursuant to the Hydrocarbons Law, exploration and production of oil and gas is carried out through exploration permits, production concessions, exploitation contracts or partnership agreements. The Hydrocarbons Law also permits surface reconnaissance of territory not covered by exploration permits or production concessions upon authorization of the Argentine Secretariat of Energy and/or competent provincial authorities, as established by Law No. 26,197, and with permission of the private property owner. Information obtained as a result of surface reconnaissance must be provided to the Argentine Secretariat of Energy and/or competent provincial authorities, which may not disclose this information for two years without permission of the party who conducted the reconnaissance, except in connection with the grant of exploration permits or production concessions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under the Hydrocarbons Law, the federal and/or competent provincial authorities may grant exploration permits after submission of competitive bids. Permits granted to third parties in connection with the deregulation and demonopolization process were granted in accordance with procedures specified in Executive Decrees No. 1055/89, 1212/89 and 1589/89 (the &#147;Oil Deregulation Decrees&#148;), and permits covering areas in which our predecessor company, Yacimientos Petrol&#237;feros Fiscales S.A., was operating at the date of the Privatization Law and that were granted to us by such law. In 1991, the executive branch of the Argentine government established a program under the Hydrocarbons Law (known as <i>Plan Argentina</i>) pursuant to which exploration permits were auctioned. The holder of an exploration permit has the exclusive right to perform the operations necessary or appropriate for the exploration of oil and gas within the area specified by the permit. Each exploration permit may cover only unproved areas not to exceed 10,000 square kilometers (15,000 square kilometers offshore), and may have a term of up to 14 years (17 years for offshore exploration). The 14-year term is divided into three basic terms and one extension term. The first basic term is up to four years, the second basic term is up to three years, the third basic term is up to two years and the extension term is up to five years. At the expiration of each of the first two basic terms, the acreage covered by the permit is reduced, at a minimum, to 50% of the remaining acreage covered by the permit, with the permit holder deciding which portion of the acreage to keep. At the expiration of the three basic terms, the permit holder is required to revert all of the remaining acreage to the Argentine government, unless the holder requests an extension term, in which case such grant is limited to 50% of the remaining acreage.</font></p></div>
<div style="text-indent:3%"><p><font size="2">If the holder of an exploration permit discovers commercially exploitable quantities of oil or gas, the holder has the right to obtain an exclusive concession for the production and development of this oil and gas. The Hydrocarbons Law provides that oil and gas production concessions shall remain in effect for 25 years as from the date of the award of the production concession, in addition to any remaining exploration term at the date of such award. The Hydrocarbons Law further provides for the concession term to be extended for up to 10 additional years, subject to terms and conditions approved by the grantor at the time of the extension. Under Law No. 26,197, the authority to extend the terms of current and new permits and concessions has been vested in the governments of the</font></p></div>
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<p><font size="2">provinces in which the relevant block is located (and the Argentine government in respect of offshore blocks beyond 12 nautical miles). In order to be entitled to the extension, a concessionaire, such as us, must have complied with all of its obligations under the Hydrocarbons Law, including, without limitation, evidence of payment of taxes and royalties and compliance with environmental, investment and development obligations. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to the Argentine Oil and Gas Business and Our Business&#151;Argentine oil and gas production concessions and exploration permits are subject to certain conditions and may not be renewed.&#148; Upon the expiration of the 10-year extension period of the current concessions, the provinces are entitled to award new concessions or contracts in respect of the relevant blocks.</font></p>
<div style="text-indent:3%"><p><font size="2">A production concession also confers on the holder the right to conduct all activities necessary or appropriate for the production of oil and gas, provided that such activities do not interfere with the activities of other holders of exploration permits and production concessions. A production concession entitles the holder to obtain a transportation concession for the oil and gas produced. See &#147;&#151;Transportation of Liquid Hydrocarbons&#148; below.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Exploration permits and production concessions require holders to carry out all necessary work to find or extract hydrocarbons, using appropriate techniques, and to make specified investments. In addition, holders are required to:</font></p></div>
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		<td><font size="2">avoid damage to oil fields and waste of hydrocarbons;</font></td>
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		<td><font size="2">adopt adequate measures to avoid accidents and damage to agricultural activities, fishing industry, communications networks and the water table; and</font></td>
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		<td><font size="2">comply with all applicable federal, provincial and municipal laws and regulations.</font></td>
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<br>
<div style="text-indent:3%"><p><font size="2">Certain of our concessions in Argentina have recently been revoked by the relevant provincial authorities while the revocation of other concessions is currently being evaluated by the relevant authorities. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Certain provinces of Argentina have commenced proceedings to terminate some of our oil and gas production concessions&#148; and &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions on Hydrocarbon zones &#150; Provincial claims.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">According to the Hydrocarbons Law, holders of production concessions, including us, are also required to pay royalties to the province where production occurs. A 12% royalty, and an additional 3% royalty in certain concessions for which the expiration has been extended (see &#147;&#151;Extension of Exploitation Concessions in the province of Neuqu&#233;n&#148; and &#147;&#151;Extension of Exploitation Concessions in the province of Mendoza&#148; below), is payable on the value at the wellhead (equal to the price upon delivery of the product, less transportation, treatment costs and other deductions) of crude oil production and the natural gas volumes commercialized. The value is calculated based upon the volume and the sale price of the crude oil and gas produced, less the costs of transportation and storage. In addition, pursuant to Resolution S.E. 435/04 issued by the Argentine Secretariat of Energy, if a concession holder allots crude oil production for further industrialization processes at its plants, the concession holder is required to agree with the provincial authorities or the Argentine Secretariat of Energy, as applicable, on the reference price to be used for purposes of calculating royalties.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Considering, among other things, that as a result of Resolution 394/07 of the Ministry of Economy and Production, which increased duties on exports of certain hydrocarbons, Argentine companies began to negotiate the price for crude oil in the domestic market, which would in turn be used as the basis for calculation of royalties, the Undersecretariat of Fuels, which depends on the Argentine Secretariat of Energy, passed Disposition No. 1/08, which sets a minimum reference price for the calculation of royalties and does not permit downward adjustments of this price based upon the quality of crude oil. As of the date of this annual report, we have negotiated with certain third parties sale prices of crude oil that we have used as the basis for calculating and paying royalties according to the methodology set forth in the Hydrocarbons Law.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Disposition No 1/08 of the Undersecretariat of Fuels, ratified by Resolution 813/10 of the Secretariat of Energy, was successfully challenged by other companies that considered that such Disposition was contrary to the royalties calculation method set in the Hydrocarbons Law. These companies have obtained, from the Federal Supreme Court, preliminary injunctions ordering, provisionally, that Disposition 1/08 not be applied to them (e.g., &#147;<i>Petro Andina</i></font></p></div>
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<p><font size="2"><i>Resources Argentina S.A. vs. Province of La Pampa</i>&#148;
  (October 19, 2010), &#147;<i>Colhue Huapi S.A. vs. Chubut s/incidente de medida
  cautelar</i>&#148; (July 6, 2010), &#147;<i>Chevron Argentina SRL vs. Santa
  Cruz y otros s/ medida cautelar</i>&#148; (December 29, 2009) and &#147;<i>Enap
  Sipetrol Argentina S.A. vs. Chubut s/medida cautelar</i>&#148; (December 29,
  2009)).</font></p>
<div style="text-indent:3%"><p><font size="2">In addition to the above, the Public Emergency Law, which created the export withholdings, established that export withholdings were not to be deducted from the export price for purposes of calculating the 12% royalties. The royalty expense incurred in Argentina is accounted for as a production cost (as explained in &#147;&#151;Exploration and Production&#151;Oil and gas production, production prices and production costs&#148;). According to the Hydrocarbons Law, any oil and gas produced by the holder of an exploration permit prior to the grant of a production concession is subject to the payment of a 15% royalty.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Furthermore, pursuant to Sections 57 and 58 of the Hydrocarbons Law, holders of exploration permits and production concessions must pay an annual surface fee that is based on acreage of each block and which varies depending on the phase of the operation, i.e., exploration or production, and in the case of the former, depending on the relevant period of the exploration permit. Additionally, Executive Decree No. 1,454/07, dated October 17, 2007, increased the amount of exploration and production surface fees expressed in Argentine pesos that are payable to the provinces in which the hydrocarbon fields are located or, in the case of offshore and certain other fields, to the Argentine government.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Exploration permits and production or transportation concessions may be terminated upon any of the following events:</font></p></div>
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		<td><font size="2">failure to pay annual surface taxes within three months of the due date;</font></td>
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		<td><font size="2">failure to pay royalties within three months of the due date;</font></td>
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		<td><font size="2">substantial and unjustifiable failure to comply with specified production, conservation, investment, work or other obligations;</font></td>
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		<td><font size="2">repeated failure to provide information to, or facilitate inspection by, authorities or to utilize adequate technology in operations;</font></td>
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		<td><font size="2">in the case of exploration permits, failure to apply for a production concession within 30 days of determining the existence of commercially exploitable quantities of hydrocarbons;</font></td>
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		<td><font size="2">bankruptcy of the permit or concession holder;</font></td>
	</tr>
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<br>
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		<td><font size="2">death or end of legal existence of the permit or concession holder; or</font></td>
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<br>
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		<td><font size="2">failure to transport hydrocarbons for third parties on a non-discriminatory basis or repeated violation of the authorized tariffs for such transportation.</font></td>
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<br>
<div style="text-indent:3%"><p><font size="2">The Hydrocarbons Law further provides that a cure period, of a duration to be determined by the Argentine Secretariat of Energy and/or the competent provincial authorities, must be provided to the defaulting concessionaire prior to the termination.</font></p></div>
<div style="text-indent:3%"><p><font size="2">When a production concession expires or terminates, all oil and gas wells, operating and maintenance equipment and facilities automatically revert to the province where the reservoir is located or to the Argentine government in the case of reservoirs under federal jurisdiction (i.e., located on the continental shelf or beyond 12 nautical miles offshore), without compensation to the holder of the concession.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Certain of our production concessions expire in 2017. The granting of an extension is an unregulated process and normally involves lengthy negotiations between the applicant and the relevant government. Although the Hydrocarbons Law provides that applications must be submitted at least six months prior to the concession expiration date, it is industry practice to commence the process far earlier, typically as soon as the technical and economic feasibility of new investment projects beyond the concession term become apparent.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">On March 16, 2006, the Argentine Secretariat of Energy issued Resolution S.E. No. 324/06 establishing that holders of exploration permits and hydrocarbon concessions must file with such agency details of their proved reserves existing in each of their areas, certified by an external reserves auditor, each year. Holders of hydrocarbon concessions that export hydrocarbons are obliged to certify their oil and gas proved reserves. The aforementioned certification only has the meaning established by Resolution S.E. No. 324/06, according to which it is not to be interpreted as a certification of oil and gas reserves under the SEC rules. See &#147;&#151;Exploration and Production&#151;Oil and Gas Reserves.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">In March 2007, the Argentine Secretariat of Energy issued Resolution No 407/07 which approved new regulations concerning the Oil and Gas Exploration and Production Companies Registry. According to Resolution No 407/07, YPF, as a holder of Production Concessions and Exploration Permits, is banned from hiring or in any way benefiting from any company or entity which is developing or has developed oil and gas exploration activities within the Argentine continental platform without an authorization from the relevant Argentine authorities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, it is unclear what effect, if any, the Expropriation Law will have on the laws and regulations summarized above. See &#147;&#151;The Expropriation Law.&#148;</font></p></div>
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		<td valign=top ><font size="2"><i>Extension of Exploitation Concessions in the province of Neuqu&#233;n</i></font></td>
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<div style="text-indent:3%"><p><font size="2">In addition to the extension in 2002 of the expiration date of the exploitation concession of the Loma La Lata field until 2027, during the years 2008 and 2009, YPF entered into a number of agreements with the province of Neuqu&#233;n, pursuant to which the exploitation concession terms of several areas located within the province were extended for a 10-year term, which now expire between 2026 and 2027. As a condition to the extension of the concession terms, YPF has undertaken to do the following under the relevant agreements: (i) to make initial payments to the province of Neuqu&#233;n in an aggregate amount of approximately U.S.$204 million; (ii) to pay the province of Neuqu&#233;n an &#147;Extraordinary Production Royalty&#148; of 3% of the production of the areas affected by this extension (in addition, the parties agreed to make additional adjustments of up to an additional 3% in the event of extraordinary income, as defined in each agreement); (iii) to carry out exploration activities in the remaining exploration areas and make certain investments and expenditures until the expiration of the concessions in an aggregate amount of approximately U.S.$3,512 million, and (iv) to make &#147;Corporate Social Responsibility&#148; contributions to the province of Neuqu&#233;n in an aggregate amount of approximately U.S.$23 million.</font></p></div>
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		<td valign=top ><font size="2"><i>Extension of Exploitation Concessions in the province of Mendoza</i></font></td>
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<div style="text-indent:3%"><p><font size="2">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 was ratified by a decree published in July 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Memorandum of Agreement between YPF and the province of Mendoza provides, <i>inter alia</i>, the following:</font></p></div>
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		<td><font size="2">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>
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<br>
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		<td><font size="2">Exploitation concession terms, which were originally set to expire in 2017, are extended for a 10-year term; and</font></td>
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		<td><font size="2">YPF has undertaken: (i) to make initial payments to the province of Mendoza in an aggregate amount of approximately of U.S.$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; (iii) to carry out exploration activities in the remaining exploration areas and make certain investments and expenditures in a total amount of U.S.$4,113 million until the expiration of the extended term, as stipulated in the Memorandum of Agreement, on the exploitation concessions affected by the Memorandum of Agreement; (iv) to contribute with U.S.$16.2 million to a &#147;Social Infrastructure Investment Fund&#148; to satisfy 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</font></td>
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		<td valign=top ><font size="2">to fund the purchase of equipment and finance training activities in certain government agencies of the province of Mendoza.</font></td>
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		<td valign=top ><font size="2"><b>Security Zones Legislation</b></font></td>
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<br>
<div style="text-indent:3%"><p><font size="2">Argentine law restricts the ability of non-Argentine companies to own real estate, oil concessions or mineral rights located within, or with respect to areas defined as, security zones (principally border areas). Prior approval of the Argentine government is required:</font></p></div>
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		<td><font size="2">for non-Argentine shareholders to acquire control of us; or</font></td>
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<br>
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		<td><font size="2">if and when the majority of our shares belong to non-Argentine shareholders, such as it was recently the case (see &#147;&#151;The Expropriation Law&#148;), for any additional acquisition of real estate, mineral rights, oil or other Argentine government concessions located within, or with respect to, security zones.</font></td>
	</tr>
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<br>
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		<td valign=top ><font size="2"><b>Natural Gas Transportation and Distribution</b></font></td>
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<br>
<div style="text-indent:3%"><p><font size="2">In June 1992, the Natural Gas Law was passed, providing for the privatization of Gas del Estado Sociedad del Estado (&#147;Gas del Estado&#148;) and the deregulation of the price of natural gas. To effect the privatization of Gas del Estado, the five main trunk lines of the gas transmission system were divided into two systems principally on a geographical basis (the northern and the southern trunk pipeline systems). This was designed to give both systems access to gas sources and to the main centers of demand in and around Buenos Aires. These systems were transferred into two new transportation companies. The Gas del Estado distribution system was divided into eight regional distribution companies, including two distribution companies serving the greater Buenos Aires area. Shares of each of the transportation and distribution companies were sold to consortiums of private bidders. Likewise, in 1997, a distribution license for the provinces of Chaco, Formosa, Entre R&#237;os, Corrientes and Misiones was granted to private bidders.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The regulatory structure for the natural gas industry creates an open-access system, under which gas producers, such as us, will have open access to future available capacity on transmission and distribution systems on a non-discriminatory basis.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Cross-border gas pipelines were built to interconnect Argentina, Chile, Brazil and Uruguay, and producers such as us have been exporting natural gas to the Chilean and Brazilian markets, to the extent permitted by the Argentine government. During the last several years the Argentine authorities have adopted a number of measures restricting exports of natural gas from Argentina, including issuing domestic supply instruction pursuant to Regulation No. 27/04 and Resolutions Nos. 265/04, 659/04 and 752/05 (which require exporters to supply natural gas to the Argentine domestic market), issuing express instructions to suspend exports, suspending processing of natural gas and adopting restrictions on natural gas exports imposed through transportation companies and/or emergency committees created to address crisis situations. See &#147;&#151;Market Regulation&#151;Natural gas export restrictions and domestic supply priorities.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b>Transportation of Liquid Hydrocarbons</b></font></td>
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</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Hydrocarbons Law permits the executive branch of the Argentine government to award 35-year concessions for the transportation of oil, gas and petroleum products following submission of competitive bids. Pursuant to Law No. 26,197, the relevant provincial governments have the same powers. Holders of production concessions are entitled to receive a transportation concession for the oil, gas and petroleum products that they produce. The term of a transportation concession may be extended for an additional ten-year term upon application to the executive branch. The holder of a transportation concession has the right to:</font></p></div>
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		<td><font size="2">transport oil, gas and petroleum products; and</font></td>
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<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">construct and operate oil, gas and products pipelines, storage facilities, pump stations, compressor plants, roads, railways and other facilities and equipment necessary for the efficient operation of a pipeline system.</font></td>
	</tr>
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<div style="text-indent:3%"><p><font size="2">The holder of a transportation concession is obligated to transport hydrocarbons for third parties on a non-discriminatory basis for a fee. This obligation, however, applies to producers of oil or gas only to the extent that the concession holder has surplus capacity available and is expressly subordinated to the transportation requirements of the holder of the concession. Transportation tariffs are subject to approval by the Argentine Secretariat of Energy for oil and petroleum pipelines and by the National Gas Regulatory Authority (<i>Ente Nacional Regulador del Gas</i> or &#147;ENARGAS&#148;) for gas pipelines. Upon expiration of a transportation concession, the pipelines and related facilities automatically revert to the Argentine government without payment to the holder. The Privatization Law granted us a 35-year transportation concession with respect to the pipelines operated by Yacimientos Petrol&#237;feros Fiscales S.A. at the time. Gas pipelines and distribution systems sold in connection with the privatization of Gas del Estado are subject to a different regime under the Natural Gas Law.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Additionally, pursuant to Law No. 26,197, all transportation concessions located entirely within a province&#146;s jurisdiction and not directly connected to any export pipeline are to be transferred to such province. The executive branch retains the power to regulate and enforce all transportation concessions located within two or more provinces and all transportation concessions directly connected to export pipelines.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, it is unclear what effect, if any, the Expropriation Law will have on the laws and regulations summarized above. See &#147;&#151;The Expropriation Law.&#148;</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Refining</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Crude oil refining activities conducted by oil producers or others are subject to the prior registration of oil companies in the registry maintained by the Argentine Secretariat of Energy and compliance with safety and environmental regulations, as well as to provincial environmental legislation and municipal health and safety inspections.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In January 2008, the Argentine 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></p></div>
<div style="text-indent:3%">
  <p><font size="2">Executive Decree No. 2014/08 of November 25, 2008, created
    the &#147;Refining Plus&#148; program to encourage the production of diesel
    fuel and gasoline. The Argentine Secretariat of Energy, by Resolution S.E.
    No. 1312/08 of December 1, 2008, approved the regulations of the program.
    Pursuant to this program, refining companies that undertook the construction
    of a new refinery or the expansion of their refining and/or conversion capacity,
    and whose plans were approved by the Argentine Secretariat of Energy, were
    entitled to receive export duty credits to be applied to exports of products
    within the scope of Resolution No. 394/07 and Resolution No. 127/08 (Annex)
    issued by the Department of Economy and Production. In February 2012, by Notes
    Nos. 707/12 and 800/12 (the &#147;Notes&#148;) of the Argentine Secretariat
    of Energy, YPF was notified that the benefits granted under the &#147;Refining
    Plus&#148; program have been temporarily suspended. The effects of the suspension
    extend to benefits accrued and not yet redeemed by YPF at the time of the
    issuance of the Notes. The reasons alleged for such suspension are that the
    &#147;Refining Plus&#148; program was created in a context where domestic
    prices were lower than currently prevailing prices and that the objectives
    sought by the program have already been achieved. On March 16, 2012, YPF challenged
    temporary this suspension.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, it is unclear what effect, if any, the Expropriation Law will have on the laws and regulations summarized above. See &#147;&#151;The Expropriation Law.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b>Market Regulation</b></font></td>
	</tr>
</table>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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		<td valign=top ><font size="2"><b><i>Overview</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under the Hydrocarbons Law and the Oil Deregulation Decrees, holders of production concessions, such as us, have the right to produce and own the oil and gas they extract and are allowed to dispose of such production in the domestic or export markets, in each case subject to the conditions described below.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Hydrocarbons Law authorizes the executive branch of the Argentine government to regulate the Argentine oil and gas markets and prohibits the export of crude oil during any period in which the executive branch finds</font></p></div>
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<p><font size="2">domestic production to be insufficient to satisfy domestic demand. If the executive branch restricts the export of crude oil and petroleum products or the free disposition of natural gas, the Oil Deregulation Decrees provide that producers, refiners and exporters shall receive a price:</font></p>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">in the case of crude oil and petroleum products, not lower than that of imported crude oil and petroleum products of similar quality; and</font></td>
	</tr>
</table>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">in the case of natural gas, not less than 35% of the international price per cubic meter of Arabian light oil, 34&#186; API.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Furthermore, the Oil Deregulation Decrees expressly required the executive branch to give twelve months&#146; notice of any future export restrictions. Notwithstanding the above provisions, certain subsequently-enacted resolutions (Resolution S.E. 1679/04, Resolution S.E. 532/04 and Resolution of the Ministry of Economy and Production 394/07) have modified the aforementioned price mechanism, resulting, in certain cases, in prices to producers below the levels described above.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, it is unclear what effect, if any, the Expropriation Law will have on the laws and regulations summarized above. See &#147;&#151;The Expropriation Law.&#148;</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Production of crude oil and reserves</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Executive Decree No. 2014/08 of November 25, 2008, created the &#147;Petroleum Plus&#148; program to encourage the production of crude oil and the increase of reserves through new investments in exploration and development. The Argentine Secretariat of Energy, by Resolution S.E. No. 1312/08 of December 1, 2008, approved the regulations of the program. The program entitled production companies which increased their production and reserves within the scope of the program, and whose plans were approved by the Argentine Secretariat of Energy, to receive export duty credits to be applied to exports of products within the scope of Resolution No. 394/07 and Resolution No. 127/08 (Annex) issued by the Department of Economy and Production. In February 2012, by the Notes of the Argentine Secretariat of Energy, YPF was notified that the benefits granted under the &#147;Petroleum Plus&#148; program have been temporarily suspended. The effects of the suspension extend to benefits accrued and not yet redeemed by YPF at the time of the issuance of the Notes. The reasons alleged for such suspension are that the &#147;Petroleum Plus&#148; program was created in a context where domestic prices were lower than currently prevailing prices and that the objectives sought by the program have already been achieved. On March 16, 2012, YPF challenged this suspension.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Refined products</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In April 2002, the Argentine government and the main oil companies in Argentina, including us, reached an agreement on a subsidy provided by the Argentine government to public bus transportation companies. The Agreement on Stability of Supply of Diesel Fuel (<i>Convenio de Estabilidad de Suministro de Gas Oil</i>) was approved by Executive Decree No. 652/02 and assured the transportation companies their necessary supply of diesel fuel at a fixed price of Ps.0.75 per liter from April 22, 2002 to July 31, 2002. Additionally, it established that the oil companies are to be compensated for the difference between this fixed price and the market price through export duty credits. Subsequent agreements entered into between the Argentine government and the main oil companies in Argentina extended the subsidy scheme until December 2009, while the aforementioned fixed price was revised from time to time, the current price being Ps.1.30 per liter.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In March 2009, Executive Decree No. 1390/09 empowered the Chief of Cabinet to sign annual agreements extending the diesel fuel subsidy to transportation companies for the fiscal year 2009 and until the end of the public emergency declared by the Public Emergency Law and its amendments, and instructed such official to incorporate the necessary modifications in order to extend the possibility to compensate with export duty credits on all hydrocarbon products currently exported, and in defect thereof, in cash. As of the date of this annual report, execution of the annual agreements for the fiscal years 2010, 2011 and 2012 is pending. Nevertheless, the subsidy scheme has continued to be in place on the basis of the monthly communications issued by the Argentine Secretariat of Transport notifying oil companies of the volumes to be delivered to each beneficiary of the scheme at the fixed price, and the Argentine government has continued to compensate oil companies for deliveries of diesel fuel made under the scheme.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Over the past months, the Argentine Secretariat of Transport has substantially reduced the volumes of diesel fuel subsidized under this scheme. In addition, on January 11, 2012, the Argentine Secretary of Transport filed with the CNDC a complaint against five oil companies (including YPF) for alleged abuse of a dominant position regarding bulk sales of diesel fuel to public bus transportation companies. The alleged conduct consists of selling bulk diesel fuel to public bus transportation companies at prices higher than the retail price charged in service stations. On January 26, 2012, the Secretary of Domestic Commerce issued Resolution No. 6/2012 whereby, effective from the date of the resolution, (i) each of these five oil companies was ordered to sell diesel oil to public bus transportation companies at a price no higher than the retail price charged by its service station located in general terms nearest to the place of delivery of diesel fuel to each such transportation company, while maintaining both historic volumes and delivery conditions; and (ii) it created a price monitoring scheme of both the retail and the bulk markets to be implemented by the CNDC. YPF challenged this Resolution and requested a preliminary injunction against its implementation. YPF&#146;s preliminary injunction has been granted and the effects of the Resolution have been temporarily suspended. See &#147;Item 8. Financial Information&#151;Legal proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;CNDC investigation.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">On March 13, 2012, YPF was notified of Resolution No. 17/2012, issued by the Argentine Secretariat of Domestic Commerce, pursuant to which YPF, Shell Compa&#241;&#237;a Argentina de Petr&#243;leo, S.A. and ESSO Petrolera Argentina S.R.L were ordered to supply jet fuel for domestic and international air transport at a price net of taxes not to exceed 2.7% of the price net of taxes of medium octane gasoline (not premium) offered at its closest service station to the relevant airport, while maintaining its existing supply logistics and its usual supply quantities. The abovementioned resolution benefits companies owning aircraft that operate in the field of commercial passenger or commercial passenger and cargo aviation which are registered under the Argentine National Aircraft Registry. According to a later clarification from the Secretary of Domestic Commerce, the beneficiaries of the measure adopted by this resolution are the following companies: Aerol&#237;neas Argentinas, S.A., Andes L&#237;neas A&#233;reas S.A., Austral &#150; Cielos del Sur, LAN Argentina, S.A. and Sol S.A. L&#237;neas A&#233;reas. In addition, in said resolution, the Argentine Secretariat of Domestic Commerce indicated that it considered convenient to implement a price surveillance system to be implemented by the CNDC. YPF has challenged such resolution, which will be reviewed by a court.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Argentine Secretariat of Energy has issued a series of resolutions affecting the fuel market. For example, Resolution S.E. No. 1,102/04 created the Registry of Liquid Fuels Supply Points, Self Consumption, Storage, Distributors and Bulk Sellers of Fuels and Hydrocarbons, and of Compressed Natural Gas; Resolution S.E. No. 1,104/04 created a bulk sales price information module as an integral part of the federal fuel information system, as well as a mechanism for communication of volumes sold by fuel manufacturers and by sellers; Resolution S.E. No. 1,834/05 compels service stations and/or supply point operators and/or self consumption of liquid fuels and hydrocarbons who have requested supply, and have not been supplied, to communicate such situation to the Argentine Secretariat of Energy; and Resolution S.E. No. 1,879/05 established that refining companies registered by the Argentine Secretariat of Energy, who are parties to contracts that create any degree of exclusivity between the refining company and the fuel seller, shall assure continuous, reliable, regular and non-discriminatory supply to its counterparties, giving the right to the seller to obtain the product from a different source, and thereupon, charging any applicable overcosts to the refining company.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Disposition S.S.C. No. 157/06 of the Undersecretariat of Fuels provides that fuel sellers who are parties to contracts that create any degree of exclusivity between the refining company and the fuel seller, and which for any reason are seeking to terminate such contract, shall report the termination in advance with the Undersecretariat of Fuels in order to inform the Argentine Secretariat of Domestic Commerce of the situation. In that case, the Argentine Secretariat of Domestic Commerce is to: (i) issue a statement regarding the validity of the termination of the contract and (ii) use all necessary means to allow the fuel seller terminating the contract to execute another agreement with a refining company and/or fuel broker in order to guarantee its fuel supply.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Resolution S.E. No. 1,679/04 reinstalled the registry of diesel fuel 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 fuel 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 S.E. No. 1338/06 added other petroleum products to the registration regime created by Executive Decree</font></p></div>
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<p><font size="2">No. 645/02, including gasoline, fuel oil and its derivatives, aviation fuel, coke coal, asphalts, certain petrochemicals and certain lubricants. Resolution No. 715/07 of the Argentine Secretariat of Energy empowered the National Refining and Marketing Director to determine the amounts of diesel fuel to be imported by each company, in specific periods of the year, to compensate exports of products included under the regime of Resolution No. 1679/04; the fulfillment of this obligation to import diesel fuel is necessary to obtain authorization to export the products included under Decree No. 645/02 (crude, fuel oil, diesel fuel, coke coal and gasoline, among others). In addition, Resolution No. 25/06 of the Argentine Secretariat of Domestic Commerce, issued within the framework of Law No. 20,680, imposes on each Argentine refining company the obligation to supply all reasonable diesel fuel demand, by supplying certain minimum volumes (established pursuant to the resolution) to their usual customers, mainly service station operators and distributors.</font></p>
<div style="text-indent:3%"><p><font size="2">On August 17, 2010, the Argentine Secretariat of Domestic Commerce issued Resolution No. 295/10, imposing that the trade price of liquid fuels should be leveled back to those prices existing on July 31, 2010. This Resolution has been successfully challenged by another company and a preliminary injunction was granted suspending the effects of such Resolution. This Resolution was later on derogated by Resolution No. 543/10 of the Argentine Secretariat of Domestic Commerce.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On February 2, 2011, the Argentine Secretariat of Domestic Commerce issued Resolution No. 13/11 stating that the retail price of liquid fuels had to be leveled back to those prices existing on January 28, 2011. This resolution also required refineries and oil companies to continue to supply amounts of fuel to the domestic market consistent with amounts supplied the prior year, as adjusted for the positive correlation between the increase in the demand of fuel and gross domestic product. On March 29, 2011, however, the Argentine Secretariat of Domestic Commerce issued Resolution No. 46/11, which derogated Resolution No. 13/11, alleging that market conditions had changed since its issuance.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, it is unclear what effect, if any, the Expropriation Law will have on the laws and regulations summarized above. See &#147;&#151;The Expropriation Law.&#148;</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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		<td valign=top ><font size="2"><b><i>Natural gas</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In January 2004, Executive Decree No. 180/04 (i) created the Mercado Electr&#243;nico del Gas (MEG) for the trade of daily spot sales of gas and a secondary market of transportation and distribution services and (ii) established information duties for buyers and sellers of natural gas in relation to their respective commercial operations, required as a condition to be authorized to inject into and transport through the transportation system any volume of natural gas (further regulated by Resolution No. 1,146/04 issued on November 9, 2004 and Resolution No. 882/05 issued by the Argentine Secretariat of Energy). According to Executive Decree No. 180/04, all daily spot sales of natural gas must be traded within the MEG.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In January 2004, Executive Decree No. 181/04 authorized the Argentine Secretariat of Energy to negotiate with natural gas producers a pricing mechanism for natural gas supplied to industries and electric generation companies. Domestic market prices at the retail market level were excluded from these negotiations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On June 14, 2007, Resolution No. 599/07 of the Argentine Secretariat of Energy approved a proposal of agreement with natural gas producers regarding the supply of natural gas to the domestic market during the period 2007 through 2011 (the &#147;<i>Propuesta de Acuerdo</i>,&#148; or &#147;Agreement 2007-2011&#148;), giving such producers a five-business-day term to enter into the Agreement 2007-2011. If within that term, the Agreement 2007-2011 was not executed by a sufficient number of producers to make it viable, the Argentine Secretariat of Energy would disregard the Agreement and enact the Procedures for Complementary Supply of the Internal Market 2007-2011 (<i>Procedimientos de Abastecimiento Complementario al Mercado Interno 2007-2011</i>) (not described in Resolution No. 599/07). We executed the agreement taking into account that natural gas exports and certain domestic sales of producers that do not enter into the Agreement 2007-2011 are to be called upon first in order to satisfy domestic demand, before the export sales of the producers that have signed the Agreement 2007-2011 are affected. While producers are authorized to withdraw from the Agreement 2007-2011 under its terms, if they do so such producers will be treated as any producer that has not entered into the Agreement 2007-2011 in the first place. On January 5, 2012, the Official Gazette published Resolution S.E. No. 172, which temporarily extends the assignation rules and other criteria established by Resolution No. 599/07 until new legislation is passed replacing such rules and criteria.</font></p></div>
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<p><font size="2">On February 17, 2012, we filed a motion for reconsideration of Resolution S.E. No. 172 with the Argentine Secretariat of Energy.</font></p>
<div style="text-indent:3%"><p><font size="2">The purpose of the Agreement 2007-2011 is to guarantee the supply of the domestic market demand at the levels registered in 2006, plus the growth in demand by residential and small commercial customers (the &#147;agreed demand levels&#148;). Producers that have entered into the Agreement 2007-2011 would commit to supply a part of the agreed demand levels according to certain shares determined for each producer based upon its share of production for the 36 months prior to April 2004. For this period, our share of production was approximately 36.5%, or 36.8 mmcm/d (or 1,300 mmcf/d). The Agreement 2007-2011 also provides guidelines for the terms of supply agreements for each market segment, and certain pricing limitations for each market segment of the agreed demand levels. In order to guarantee any domestic market demand of natural gas in excess of the agreed demand levels, Resolution S.E. No. 599/07 maintains the effectiveness of the Resolutions that implemented the curtailment of natural gas export commitments and the re-routing of such natural gas volumes to certain sectors of the domestic market. See &#147;&#151;Natural gas export restrictions and domestic supply priorities.&#148; The Resolution also states that the Agreement 2007-2011 does not prevent the possible suspension or termination of export permits.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We were compelled to execute the Agreement 2007-2011, among other reasons, in order to mitigate our potential damages. Producers failing to sign the Agreement 2007-2011 could be penalized and subject to other unfavorable measures by regulatory authorities. However, we expressly stated that the execution of the Agreement 2007-2011 did not entail any recognition by us of the validity of the terms and conditions of the various Resolutions of the Argentine Secretariat of Energy establishing programs for the curtailment or re-routing of exports to satisfy domestic demand. We challenged Resolution No. 599/07 and stated that we signed the Agreement 2007-2011 taking into account the potential consequences of not doing so.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Argentine Secretariat of Energy created, by its Resolution No. 24/08 issued on March 13, 2008, a program named &#147;Gas Plus&#148; to encourage natural gas production resulting from new reserves discoveries, new fields and tight gas, among other factors. The natural gas produced under the Gas Plus program will not be subject to the Agreement 2007-2011 and will not be subject to the price conditions established under such Agreement.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Argentine Secretariat of Energy, through Resolution No. 1031/08 issued on September 12, 2008, modified Resolution No. 24/07, establishing the specific conditions petitioners must meet in order to qualify for the Gas Plus program. Certain of such conditions were modified by Resolution No. 695/09 of the Argentine Secretariat of Energy, which demands compliance with commitments already assumed.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">The Argentine Secretariat of Energy, through Resolution No.
    1070/08 issued on October 1, 2008, ratified the complementary agreement entered
    into between Argentine natural gas producers and the Argentine Secretariat
    of Energy on September 19, 2008 (the &#147;Complementary Agreement&#148;),
    which (i) modified gas prices at the wellhead and segmented the residential
    sector in terms of natural gas demand, and (ii) established the requirement
    that natural gas producers contribute to the fiduciary fund created by Law
    No. 26,020. The Complementary Agreement also contains certain requirements
    concerning the provision of LPG to the domestic market. See &#147;&#151;Liquefied
    Petroleum Gas.&#148; Through Resolution No. 1417/08, the Secretariat of Energy
    determined the basin prices for the residential segment applicable to the
    producers that signed the Complementary Agreement. On January 13, 2010, the
    natural gas producers signed an addendum to the Complementary Agreement which
    extended the commitment to contribute to the fiduciary funds created by Law
    No. 26,020 until December 31, 2010. On January 25, 2011, the natural gas producers
    signed a second addendum to the Complementary Agreement which extended such
    commitment until December 31, 2011.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">On March 19, 2012, the Official Gazette published Resolution
    SE No. 55/2012 of the Secretariat of Energy, which extended the Complementary
    Agreement for 2012 and established the following with respect to non-signing
    parties: (i) the natural gas price increase established by the Complementary
    Agreement will not be applicable to natural gas injected into the gas system
    by non-signing parties; (ii) natural gas injected by non-signing parties will
    be consumed first in the order of priority by residential users, which tariffs
    are in the lowest range; and (iii) non-signing parties must fulfill all of
    the commitments undertaken by natural gas producers under the Agreement 2007-2011,
    which was extended by Resolution S.E. No. 172. On April 19, 2012, YPF signed
    the 2012 extension of the Complementary Agreement.</font></p>
</div>
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<div style="text-indent:3%"><p><font size="2">On March 23, 2012, Resolution SE No. 55/2012 was supplemented by Resolution ENARGAS No. 2087/2012, which sets forth, among others, the procedure that distribution companies should follow to secure amounts to be deposited with the fiduciary fund created by Law No. 26,020. Additionally, according to this resolution, producers which have not signed the 2012 extension of the Complementary Agreement are not allowed to charge the well-head price increases for gas set forth in Resolutions SE No. 1070/2008 and 1417/2008 to consumers directly supplied by distribution companies. Thus, such non-signing producers have to invoice the lower prices which were in effect prior to the adoption of these resolutions for the gas supplied to the distribution companies.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Executive Decree No. 2067/08 of December 3, 2008, created a fiduciary fund to finance natural gas imports destined for injection into the national pipeline system, when required to satisfy the internal demand. The fiduciary fund is funded through the following mechanisms: (i) various tariff charges which are paid by users of regular transport and distribution services, gas consumers that receive gas directly from producers and companies that process natural gas; (ii) special credit programs that may be arranged with domestic or international organizations; and (iii) specific contributions assessed by the Argentine Secretariat of Energy on participants in the natural gas industry. This decree has been subject to different judicial claims and judges throughout the country have issued precautionary measures suspending its effects. On November 8, 2011, ENARGAS published Resolution No. 1982/11, which supplements Decree No. 2067/08. This Resolution adjusts the tariff charges established by Executive Decree No. 2067/08 to be paid by users in the residential segment and gas processing and electric power companies, among others, starting December 1, 2011. On November 24, 2011, ENARGAS issued Resolution No. 1991/11, which extends the type of users that will be required to pay tariff charges. YPF has challenged these Resolutions. On April 13, 2012, a precautionary measure was granted regarding the processing plant El Porton, suspending the effects of these Resolutions with respect to such plant.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On July 17, 2009, the Ministry of Federal Planning, Public Investment and Services and certain natural gas producers (including YPF) signed an agreement which sets forth: (i) natural gas prices at the wellhead for the electric power generators segment from July to December 2009, and (ii) amounts to be received by natural gas producers for volumes sold to the residential segment from August 2009 onwards. These amounts are adjusted on a monthly basis so that they represent 50% of the amount collected by the fiduciary fund to finance natural gas imports.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On October 4, 2010, the Official Gazette published ENARGAS Resolution No. 1410/10, which approves the &#147;<i>Procedimiento para Solicitudes, Confirmaciones y Control de Gas</i>&#148; setting new rules for natural gas dispatch applicable to all participants in the gas industry and imposing the following new and more severe priority demand gas restrictions on producers:</font></p></div>
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		<td><font size="2">Distributors remain able to solicit all the gas necessary to cover the priority demand despite such gas volumes&#146; exceeding those that the Argentine Secretariat of Energy would have allocated by virtue of the Agreement 2007-2011 ratified by the Resolution No. 599/07. See &#147;&#151;Exploration and Production&#151;Delivery commitments&#148;.</font></td>
	</tr>
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<br>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Producers are obligated to confirm all the natural gas requested by distributors in respect of the priority demand. The producers&#146; portion of such volumes follow the allocation criterion established by the Resolution No. 599/07. We cannot predict the amount of the estimated domestic demand that a producer may be required to satisfy regardless of whether such producer signed the Agreement 2007-2011.</font></td>
	</tr>
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		<td><font size="2">Once the priority demand has been satisfied, the remaining demands are fulfilled with exports last in order of priority.</font></td>
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		<td><font size="2">In the event a producer is unable to meet the requested demand, transporters are responsible for redirecting gas until a distributor&#146;s gas demand is met. The gas deficiency is either (i) deducted from the producer suffering the deficiency if it is able to meet the demands of its other clients in the same basin or (ii) recuperated from the remainder of the gas producers in the event the deficient producer is not able to serve any of its clients in the same basin.</font></td>
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<br>
<div style="text-indent:3%"><p><font size="2">As a result, this regime imposes a jointly liable supply obligation on all producers in the event any producer experiences a gas supply deficiency. We have challenged the validity of the aforementioned regulation.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">On December 17, 2010 certain natural gas producers (including YPF) signed an agreement which set forth the percentage of regasified LNG assigned to each natural gas producer for 2011. Amounts produced under this agreement were counted towards such producers&#146; commitments to supply natural gas to distributors under Resolution No. 599/07. As of the date of this annual report, a similar agreement has not been entered into for 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Natural gas export administration and domestic supply priorities</font></p></div>
<div style="text-indent:3%"><p><font size="2">In March 2004, the Argentine Secretariat of Energy issued Resolution S.E. No. 265/04 adopting measures intended to ensure the adequate supply of natural gas to the domestic market and regulate its consequences on electricity wholesale prices. Among the measures adopted were:</font></p></div>
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		<td><font size="2">the suspension of all exports of surpluses of natural gas;</font></td>
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		<td><font size="2">the suspension of automatic approvals of requests to export natural gas;</font></td>
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		<td><font size="2">the suspension of all applications for new authorizations to export natural gas filed or to be filed before the Argentine Secretariat of Energy; and</font></td>
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		<td><font size="2">the authorization to the Undersecretariat of Fuels to create a rationalization plan of gas exports and transportation capacity.</font></td>
	</tr>
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<br>
<div style="text-indent:3%"><p><font size="2">In March 2004, the Undersecretariat of Fuels, pursuant to the authority given to it under Resolution S.E. No. 265/04, issued Regulation S.S.C. No. 27/04 establishing a rationalization plan of gas exports and transportation capacity. Among other things, Regulation No. 27/04 established a limit on natural gas export authorizations, which, absent an express authorization by the Undersecretariat of Fuels, may not be executed for volumes exceeding exports registered during 2003.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In June 2004, the Argentine Secretariat of Energy issued Resolution S.E. No. 659/04, which established a new program to assure natural gas supply to the domestic market (which substitutes for the program created by Regulation No. S.S.C. 27/04). Under Resolution S.E. No. 659/04 (amended by Resolution S.E. No. 1,681/04), natural gas exports may be restricted due to shortages of natural gas in the domestic market, because exporting producers may be required to supply additional volumes of natural gas to the domestic market beyond those that they are contractually committed to supply. The export of natural gas under current export permits is conditioned on the fulfillment of additional supply requirements imposed on exporting producers by governmental authorities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">This program was further amended and supplemented by Resolution S.E. No. 752/05 issued by the Argentine Secretariat of Energy in May 2005, which further reduced the ability of producers to export natural gas, and created a mechanism under which the Argentine Secretariat of Energy may require exporting producers to supply additional volumes to domestic consumers during a seasonal period (Permanent Additional Supply), which volumes of natural gas are also not committed by the exporting producers. Based on the provisions of Rule No. 27/04, Resolution S.E. No. 659/04 and Resolution S.E. No. 752/05, the Argentine Secretariat of Energy and/or the Undersecretariat of Fuels have instructed us to re direct natural gas export volumes to the internal market, thereby affecting natural gas export commitments. We have challenged the validity of the aforementioned regulations and resolutions, and have invoked the occurrence of a <i>force majeure</i> event under the corresponding natural gas export purchase and sale agreements. The counterparties to such agreements have rejected our position. See &#147;Item 8. Financial Information&#151;Legal Proceedings.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">Resolution S.E. No. 752/05 also establishes (i) a special market, open and anonymous, for compressed natural gas stations to purchase natural gas under regulated commercial conditions, with the demand being ensured by the Argentine Secretariat of Energy through Permanent Additional Supply required of exporting producers, and (ii) a mechanism of standardized irrevocable offers for electric power generators and industrial and commercial consumers to obtain supply of natural gas, with the demand being ensured by the Argentine Secretariat of Energy through the issuance of the Permanent Additional Supply mentioned above.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Pursuant to the standardized irrevocable offers procedure mentioned above, which operates at the MEG, any direct consumer may bid for a term gas purchase at the export average gas price net of withholdings by basin. The volume necessary to satisfy the standardized irrevocable offers which have not been satisfied will be required as a</font></p></div>
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<p><font size="2">Permanent Additional Supply only until the end of the seasonal period during which the unsatisfied requests should be made (October&#150;April or May&#150;September). Such Permanent Additional Supply will be requested from the producers that export gas and that inject the natural gas from the basins that are able to supply those unsatisfied irrevocable offers. Resolution of the Argentine Secretariat of Energy S.E. No. 1886/06, published on January 4, 2007, extended the term of effectiveness of this mechanism of standardized irrevocable offers until 2016, and empowered the Undersecretariat of Fuels to suspend its effectiveness subject to the satisfaction of internal demand of natural gas achieved by means of regulations, agreements or due to the discovery of reserves.</font></p>
<div style="text-indent:3%"><p><font size="2">By means of Resolution S.E. No. 1329/06, later supplemented by Note SSC No. 1011/07, the Argentine Secretariat of Energy forced producers to give first priority in their injections of natural gas into the gas pipelines to certain preferential consumers and obligates transportation companies to guarantee these priorities through the allocation of transportation capacity. In general, these regulations subordinate all exports of natural gas to the prior delivery of natural gas volumes that are sufficient to satisfy domestic market demand.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Also, beginning during the severe Argentine winter in 2007
    and continuing thereafter, we and most of gas producers as well as the transportation
    companies in Argentina received instructions from the government to decrease
    exports, except for certain volumes addressed to satisfy Chilean residential
    consumptions and other specific consumptions.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, it is unclear what effect, if any, the Expropriation Law will have on the laws and regulations summarized above. See &#147;&#151;The Expropriation Law.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b><i>Liquefied petroleum gas</i></b></font></td>
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<div style="text-indent:3%"><p><font size="2">Law No. 26,020 enacted on March 9, 2005 sets forth the regulatory framework for the industry and commercialization of LPG. This law regulates the activities of production, bottling, transportation, storage, distribution, and commercialization of LPG in Argentina and declares such activities to be of public interest. Among other things, the law:</font></p></div>
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		<td><font size="2">creates the registry of LPG bottlers, obliging LPG bottlers to register the bottles of their property;</font></td>
	</tr>
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		<td><font size="2">protects the trademarks of LPG bottlers;</font></td>
	</tr>
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<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">creates a reference price system, pursuant to which, the Argentine Secretariat of Energy shall periodically publish reference prices for LPG sold in bottles of 45 kilograms or less;</font></td>
	</tr>
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<br>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">required the Argentine Secretariat of Energy to comply with the following tasks: (i) create LPG transfer mechanisms, in order to guarantee access to the product to all the agents of the supply chain; (ii) establish mechanisms for the stabilization of LPG prices charged to local LPG bottlers; and (iii) together with the CNDC, analyze the composition of the LPG market and its behavior, in order to establish limitations on market concentration in each phase, or limitations to the vertical integration throughout the chain of the LPG industry (such limitations apply to affiliates, subsidiaries and controlled companies);</font></td>
	</tr>
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<br>
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		<td><font size="2">grants open access to LPG storage facilities; and</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
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		<td><font size="2">creates a fiduciary fund to finance bottled LPG consumption for low-income communities in Argentina and the extension of the natural gas distribution network to new areas, where technically possible and economically feasible. The fiduciary fund is funded through the following mechanisms: (i) penalties established by Law No. 26,020, (ii) assignments from the General State Budget, (iii) funds from special credit programs that may be arranged with national or international institutions, and (iv) funds that may be assessed by the Argentine Secretariat of Energy on participants in the LPG industry.</font></td>
	</tr>
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<br>
<div style="text-indent:3%"><p><font size="2">The Argentine Secretariat of Energy established, through several subsequent resolutions, reference prices applicable to sales of LPG bottles of less than 45 kilograms, and to sales of bulk LPG exclusively to LPG bottlers. Also, the Argentine Secretariat of Energy approved the method for calculating the LPG export parity to be updated monthly by the Undersecretariat of Fuels. In 2007, the Argentine Secretariat of Energy increased the LPG volumes to be sold to bottlers at the reference prices set forth in the above-mentioned resolutions.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Disposition 168/05 of the Undersecretariat of Fuels requires companies intending to export LPG to first obtain an authorization from the Argentine Secretariat of Energy. Companies seeking to export LPG must first demonstrate that the local demand is satisfied or that an offer to sell LPG to local demand has been made and rejected.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On September 19, 2008, the Secretariat of Energy and Argentine LPG producers entered into the Complementary Agreement which, among other objectives, seeks to stabilize the price of LPG in the domestic market. The Complementary Agreement applies only to LPG sold to bottlers that declare their intention to bottle such LPG in LPG bottles of 10, 12 or 15 kilograms. The Complementary Agreement requires LPG producers to supply LPG bottlers with the same volume of LPG supplied the prior year and to accept the price per ton set forth in the Complementary Agreement. The Complementary Agreement was extended until December 31, 2010, pursuant to an addendum entered into on October 23, 2009 by YPF and Repsol YPF Gas S.A., which required LPG producers to supply LPG bottlers in 2010 with the same volume provided during 2009 plus an additional 5%.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On December 29, 2010, LPG producers signed a second addendum to the Complementary Agreement which extended the Complementary Agreement until December 31, 2011 and required LPG producers to supply LPG bottlers in 2011 with the same volume provided during 2010.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On March 16, 2012, the Official Gazette published Resolution No. 77 of the Argentine Secretariat of Energy, which ratifies the execution of the extension of the Complementary Agreement for 2012 regarding the provision of LPG bottles of 10, 12 and 15 kilograms for residential users. This Resolution also provides that all LPG producers, whether they are parties or not to the Complementary Agreement, must provide the volumes of LPG to be determined by the Argentine Secretariat of Energy at the reference prices established in the Complementary Agreement. The failure to comply with such obligations may result in the application of the penalties established in the Resolution, including the prohibition to export LPG and the limitation of LPG sales in the domestic market. On April 19, 2012, YPF signed the 2012 extension of the Complementary Agreement.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date of this annual report, it is unclear what effect, if any, the Expropriation Law will have on the laws and regulations summarized above. See &#147;&#151;The Expropriation Law.&#148;</font></p></div>
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		<td valign=top ><font size="2"><b>Argentine Environmental Regulations</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The enactment of Articles 41 and 43 in the National Constitution, as amended in 1994, as well as new federal, provincial and municipal legislation, has strengthened the legal framework dealing with damage to the environment. Legislative and government agencies have become more vigilant in enforcing the laws and regulations regarding the environment, increasing sanctions for environmental violations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under the amended Articles 41 and 43 of the National Constitution, all Argentine inhabitants have both the right to an undamaged environment and a duty to protect it. The primary obligation of any person held liable for environmental damage is to rectify such damage according to and within the scope of applicable law. The federal government sets forth the minimum standards for the protection of the environment and the provinces and municipalities establish specific standards and implementing regulations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Federal, provincial and municipal laws and regulations relating to environmental quality in Argentina affect our operations. These laws and regulations set standards for certain aspects of environmental quality, provide for penalties and other liabilities for the violation of such standards, and establish remedial obligations in certain circumstances.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In general, we are subject to the requirements of the following federal environmental regulations (including the regulations issued thereunder):</font></p></div>
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		<td><font size="2">National Constitution (Articles 41 and 43);</font></td>
	</tr>
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<br>
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		<td><font size="2">Law No. 25,675 on National Environmental Policy;</font></td>
	</tr>
</table>
<br>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Law No. 25,612 on Integrated Management of Industrial and Service Industry Waste;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Law No. 24,051 on Hazardous Waste;</font></td>
	</tr>
</table>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Law No. 20,284 on Clean Air;</font></td>
	</tr>
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<br>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Law No. 25,688 on Environmental Management of Waters;</font></td>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Law No. 25,670 on the Management and Elimination of Polychlorinated Biphenyls;</font></td>
	</tr>
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		<td><font size="2">Criminal Code; and</font></td>
	</tr>
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<br>
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    <td valign=top width="3%">&nbsp;</td>
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		<td><font size="2">Civil Code, which sets forth the general rules of tort law.</font></td>
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<br>
<div style="text-indent:3%"><p><font size="2">These laws address environmental issues, including limits on the discharge of waste associated with oil and gas operations, investigation and cleanup of hazardous substances, workplace safety and health, natural resource damages claims and toxic tort liabilities. Furthermore, these laws typically require compliance with associated regulations and permits and provide for the imposition of penalties in case of non-compliance.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, we are subject to various other provincial and municipal regulations, including those relating to gas venting, oil spills and well abandonment, among other matters.</font></p></div>
<div style="text-indent:3%"><p><font size="2">By Resolution No. 404/94, the Argentine Secretariat of Energy amended Resolution No. 419/93, and created the Registry of Independent Professionals and Safety Auditing Companies (<i>Registro de Profesionales Independientes y Empresas Auditoras de Seguridad</i>), which may act with respect to areas of hydrocarbons storage, oil refineries, gas stations, fuel commercialization plants and plants for fractionation of LPG in containers or cylinders. The Resolution provides that external audits of oil refineries, gas stations and all fuel storage plants must be carried out by professionals registered in the Registry. Domestic fuel manufacturing companies and companies that sell fuels are prohibited from supplying these products to any station failing to comply with its obligations. Penalties for failure to perform the audits and remedial or safety tasks include the disqualification of plants or gas stations. In addition, a set of obligations is established in relation to underground fuel storage systems, including a mechanism for instant notification in cases of loss or suspicion of loss from the storage facilities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On July 19, 2001, the Secretariat of Environmental Policy of the province of Buenos Aires issued Resolution No. 1037/01 ordering us to clean up certain areas adjacent to the La Plata refinery. The resolution was appealed through an administrative procedure which has not yet been resolved. Nevertheless, we have commenced certain works in order to identify potential technical solutions for the treatment of the historical contamination, while reserving that the remediation must be made by the parties responsible for the environmental damage. Under current law, the Argentine government has the obligation to indemnify us against any liability and hold us harmless for events and claims arising prior to January 1, 1991, according to Law No. 24,145.</font></p></div>
<div style="text-indent:3%"><p><font size="2">During 2005, the Argentine Secretariat of Energy, by means of Resolution No. 785/05, created the National Program of Hydrocarbons Warehousing Aerial Tank Loss Control, a measure aimed at reducing and correcting environmental pollution caused by hydrocarbons warehousing-aerial tanks. We have commenced the development and implementation of a technical and environmental audit plan as required by this Resolution.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The above description of the material Argentine environmental regulations is only a summary and does not purport to be a comprehensive description of the Argentine environmental regulatory framework. The summary is based upon Argentine regulations related to environmental issues as in effect on the date of this annual report, and such regulations are subject to change.</font></p></div>
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		<td valign=top ><font size="2"><b>U.S. Environmental Regulations</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Federal, state and local laws and regulations relating to health, safety and environmental quality in the United States, where YPF Holdings Inc. (&#147;YPF Holdings&#148;) operates, affect the operations of this subsidiary. YPF Holdings&#146; U.S. operations, conducted primarily through Maxus Energy Corporation (&#147;Maxus&#148;), are subject to the requirements of the following U.S. environmental laws:</font></p></div>
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		<td><font size="2">Safe Drinking Water Act;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Clean Water Act;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Oil Pollution Act;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Clean Air Act;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Resource Conservation and Recovery Act;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">National Environmental Policy Act;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Occupational Safety and Health Act;</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Comprehensive Environmental Response, Compensation and Liability Act; and</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">various other federal, state and local laws.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">These laws and regulations set various standards for many aspects of health, safety and environmental quality (including limits on discharges associated with oil and gas operations), provide for fines and criminal penalties and other consequences (including limits on operations and loss of applicable permits) for the violation of such standards, establish procedures affecting location of facilities and other operations, and in certain circumstances impose obligations concerning reporting, investigation and remediation, as well as liability for natural resource damages and toxic tort claims.</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Taxation</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Holders of exploration permits and production concessions are subject to federal, provincial and municipal taxes and regular customs duties on imports. The Hydrocarbons Law grants such holders a legal guarantee against new taxes and certain tax increases at the provincial and municipal levels, except in the case of a general increase in taxes.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Pursuant to Sections 57 and 58 of the Hydrocarbons Law, holders of exploration permits and production concessions must pay an annual surface fee that is based on acreage of each block and which varies depending on the phase of the operation, i.e., exploration or production, and in the case of the former, depending on the relevant period of the exploration permit. On October 17, 2007, the <i>Official Gazette</i> published Executive Decree No. 1,454/07, which significantly increased the amount of exploration and production surface fees expressed in Argentine pesos that are payable to the different jurisdictions where the hydrocarbon fields are located. See &#147;&#151;Exploration and Production.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, &#147;net profit&#148; (as defined in the Hydrocarbons Law) of holders of permits or concessions accruing from activity as such holders might be subject to the application of a special 55% income tax. This tax has never been applied. Each permit or concession granted to an entity other than us has provided that the holder thereof is subject instead to the general Argentine tax regime, and a decree of the executive branch of the Argentine government provides that we are also subject to the general Argentine tax regime.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Following the introduction of market prices for downstream petroleum products in connection with the deregulation of the petroleum industry, Law No. 23,966 established a volume-based tax on transfers of certain types of fuel, replacing the prior regime, which was based on the regulated price. Law No. 25,745, modified, effective as of August 2003, the mechanism for calculating the tax, replacing the old fixed value per liter according to the type of fuel for a percentage to apply to the sales price, maintaining the old fixed value as the minimum tax.</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b><i>Export taxes</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">In 2002, the Argentine government began to implement customs
    duties on the export of hydrocarbons. Export tax rates were increased on crude
    oil to 20%, on butane, methane and LPG to 20% and gasoline and diesel fuel
    to 5%. In May 2004, Resolution No. 337/04 of the Ministry of Economy and Production
    increased export duties on crude oil to 25%. These export tax rates were increased
    again in 2004, when the Ministry of Economy and Production issued Resolution
    No. 532/04, establishing a progressive scheme of export duties for crude oil,
    with rates ranging from 25% to 45%, depending on the quotation of the WTI
    reference price at the time of the exportation. In addition, in May 2004,
    pursuant to Resolution No. 645/04 of the Ministry of Economy and Production,
    an export duty on natural gas and natural gas liquids was established at a
    rate of 20%. The export duty on natural</font></p>
</div>
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<p><font size="2">gas was increased again in July 2006, when the Ministry of Economy and Production increased the rate to 45% and instructed the Customs General Administration to apply the price fixed by the Framework Agreement between Argentina and Bolivia as the base price to which to apply the new tax rate, irrespective of the actual sales price. In addition, on October 10, 2006, the Ministry of Economy and Production imposed prevalent export duties on exports from the Tierra del Fuego province, which were previously exempted from taxes. Moreover, in May 2007 the Ministry of Economy and Production increased to 25% the export duty on butane, propane and LPG. There can be no assurances as to future levels of export taxes.</font></p>
<div style="text-indent:3%"><p><font size="2">Resolution No. 394/07 of the Ministry of Economy and Production, effective as of November 16, 2007, increased export duties on Argentine oil exports (as defined by the regulator) on crude oil and other crude derivatives products. The new regime provides that when the WTI international price exceeds the reference price, which is fixed at U.S.$60.9/barrel, the producer shall be allowed to collect at U.S.$42/barrel, with the remainder being withheld by the Argentine government as an export tax. If the WTI international price is under the reference price but over U.S.$45/barrel, a 45% withholding rate will apply. If such price is under U.S.$45/barrel, the applicable export tax is to be determined by the Argentine government within a term of 90 business days. Resolution No. 127/08 of the Ministry of Economy and Production increased export duties applicable to natural gas exports from 45% to 100%, mandating a valuation basis for the calculation of the duty as the highest price established in any contract of any Argentine importer for the import of gas (abandoning the previously applicable reference price set by the Framework Agreement between Argentina and Bolivia mentioned above). Resolution No. 127/08 provides with respect to LPG products (including butane, propane and blends thereof) that if the international price of the relevant LPG product, as notified daily by the Argentine Secretariat of Energy, is under the reference price established for such product in the Resolution (U.S.$338/m3 for propane, U.S.$393/m3 for butane and U.S.$363/m3 for blends of the two), the applicable export duty for such product will be 45%. If the international price exceeds the reference price, the producer shall be allowed to collect the maximum amount established by the Resolution for the relevant product (U.S.$233/m3 for propane, U.S.$271/m3 for butane and U.S.$250/m3 for blends of the two), with the remainder being withheld by the Argentine government as an export tax.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, the calculation procedure described above also applies to other petroleum products and lubricants based upon different withholding rates, reference prices and prices allowed to producers. See &#147;&#151;Market Regulation.&#148;</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Repatriation of Foreign Currency</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Executive Decree No. 1,589/89, relating to the deregulation of the upstream oil industry, allowed us and other companies engaged in oil and gas production activities in Argentina to freely sell and dispose of the hydrocarbons we produce. Additionally, under Decree No. 1,589/89, we and other oil producers were entitled to keep out of Argentina up to 70% of foreign currency proceeds we receive from crude oil and gas export sales, but are required to repatriate the remaining 30% through the exchange markets of Argentina.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In July 2002, Argentina&#146;s Attorney General issued an opinion (Dictamen No. 235) which would have effectively required us to liquidate 100% of our export receivables in Argentina, instead of the 30% provided in Decree No. 1,589/89 based on the assumption that Decree No. 1,589/89 had been superseded by other decrees (Decree No. 530/91 and 1,606/01) issued by the government. Subsequent to this opinion, however, the government issued Decree No. 1,912/02 ordering the Central Bank to apply the 70%/30% regime set out in Decree No. 1,589/89. Nevertheless, the uncertainty generated by the opinion of Argentina&#146;s Attorney General resulted in a legal proceeding described under &#147;Item 8. Financial Information&#151;Legal proceedings&#151;Argentina&#151;Non-accrued, remote contingencies&#151;Proceedings related to foreign currency proceeds&#148;.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Decree No. 1722/2011, of October 26, 2011, reestablishes Decree No. 2581/64 and requires all oil and gas companies (including YPF), among other entities, to repatriate 100% of their foreign currency export receivables.</font></p></div>
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		<td valign=top ><font size="2"><b>ITEM 4A. Unresolved Staff Comments.</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF does not have any unresolved Staff comments.</font></p></div>
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		<td valign=top ><font size="2"><b>ITEM 5. Operating and Financial Review and Prospects</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following discussion should be read in conjunction with our Audited Consolidated Financial Statements included in this annual report.</font></p></div>
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		<td valign=top ><font size="2"><b>Overview</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We are Argentina&#146;s leading energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream and downstream segments. Our upstream operations consist of the exploration, development and production of crude oil, natural gas and liquefied petroleum gas. Our downstream operations include the refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. Additionally, we are active in the gas separation and natural gas distribution sectors both directly and through our investments in several affiliated companies. In 2011, we had consolidated net sales of Ps.56,697 million (U.S.$13,185 million) and consolidated net income of Ps.5,296 million (U.S.$1,232 million).</font></p></div>
<div style="text-indent:3%"><p><font size="2">Most of our predecessors were state-owned companies with operations dating back to the 1920s. In November 1992, the Argentine government enacted the Privatization Law (Law No. 24,145), which established the procedures for our privatization. In accordance with the Privatization Law, in July 1993, we completed a worldwide offering of 160 million Class D shares that had previously been owned by the Argentine government. As a result of that offering and other transactions, the Argentine government&#146;s ownership interest in our capital stock was reduced from 100% to approximately 20% by the end of 1993.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Since 1999 and until the passage of the Expropriation Law (Law No. 26,741), we were controlled by Repsol YPF, an integrated oil and gas company headquartered in Spain with global operations. Repsol YPF owned approximately 99% of our capital stock from 2000 until 2008, when the Petersen Group purchased, in different stages, shares representing 15.46% of our capital stock. In addition, Repsol YPF granted certain affiliates of Petersen Energ&#237;a an option to purchase up to an additional 10% of our outstanding capital stock, which was exercised in May 2011.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">On May 3, 2012, the Argentine Congress passed the Expropriation
    Law. Among other matters, the Expropriation Law provided for the expropriation
    of 51% of the share capital of YPF represented by an identical stake of Class
    D shares owned, directly or indirectly, by Repsol YPF and its controlled or
    controlling entities. The expropriated shares, which have been declared of
    public interest, will be assigned as follows: 51% to the federal government
    and 49% to the governments of the provinces that compose the National Organization
    of Hydrocarbon Producing States. As of the date of this annual report, the
    transfer of the expropriated shares between National Excecutive Office and
    the provinces that compose the National Organization of Hydrocarbon Producing
    States is still pending. To ensure compliance with its objectives, the Expropriation
    Law provides that the National Executive Office, by itself or through an appointed
    public entity, shall exercise all the political rights associated with the
    shares subject to expropriation until the transfer of political and economic
    rights to the provinces that compose the National Organization of Hydrocarbon
    Producing States is completed. See &#147;Item 3. Key Information&#151;Risk
    Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government
    has taken control over the Company and will operate it according to domestic
    energy policies in accordance with the Expropriation Law,&#148; &#147;Item
    4. Information on the Company&#151;Regulatory Framework and Relationship with
    the Argentine Government&#151;The Expropriation Law&#148; and &#147;Item 7.
    Major Shareholders and Related Party Transactions.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">Furthermore, on April 16, 2012, the Company was notified, through a notarial certification, of Decree No. 530/12 of the National Executive Power, which provides for the Intervention of YPF for a period of thirty (30) days (which is expected to be extended up to our next Shareholders meeting to be held on June 4, 2012), with the aim of securing the continuity of its business and the preservation of its assets and capital, securing fuel provision and the satisfaction of the country&#146;s needs, and guaranteeing that the goals of the Expropriation Law, are met. See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148; In accordance with Article 3 of Decree No. 530/2012, the powers conferred by YPF&#146;s bylaws on the Board and/or the President of the Company have been temporarily granted to the Intervenor. On May 7, 2012, through Decree No. 676/2012 of the National Executive Power, Mr. Miguel Mat&#237;as Galuccio was appointed General Manager of the Company during the Intervention. Our next general shareholders&#146; meeting, expected to be held on</font></p></div>
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<p><font size="2">June 4, 2012, will appoint the new members of our Board of Directors.
  See &#147;Item 6. Directors, Senior Management and Employees&#151;Management
  of the Company under the Intervention.&#148; Given the recent passage of the
  Expropriation Law, we are developing our new business plan and the related new
  investment, economic and dividend policy for the Company. Our new business plan
  will be designed in accordance with the goals set forth in the Expropriation
  Law. See &#147;Item 4. Information on the Company&#151;Regulatory Framework
  and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p>
<div style="text-indent:3%">
  <p><font size="2">The information contained in this annual report for the three
    years ended December 31, 2011 has been derived from our Audited Consolidated
    Financial Statements, which were approved by our Board of Directors on March
    21, 2012, despite the fact that our Class A shareholder, the Argentine federal
    government, voted against such financial statements. Following the passage
    of the Expropriation Law, the Argentine federal government has taken control
    over the Company (see &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law&#148;) and the shareholders&#146; meeting which had been called to approve
    our Audited Consolidated Financial Statements has been postponed until further
    notice. In furtherance of Decree No. 530/12, the Intervenor has approved the
    preparation and filing of this annual report with the aim of securing the
    continuity of the Company&#146;s business and the preservation of its assets
    and capital based on the Audited Consolidated Financial Statements and internal
    reports existing as of the date prior to the Intervention, whose content has
    been ratified exclusively by the Company&#146;s business areas and departments
    as of the date of this annual report.</font></p>
</div>
<div style="text-indent:3%">
<p><font size="2">In addition, certain of our concessions in Argentina have
    recently been revoked by the relevant authorities while the revocation of
    other concessions is currently being evaluated by the relevant authorities.
    See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to
    Argentina&#151;Certain provinces of Argentina have commenced proceedings to
    terminate some of our oil and gas production concessions&#148; and &#147;Item
    8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions
    on Hydrocarbon zones &#150; Provincial claims.&#148; Depending on the outcome
    of the legal action brought by YPF to challenge these revocations and the
    negotiations initiated by the Intervenor and its delegates with the relevant
    provincial authorities, our past performance may not be indicative of future
    trends or results of the Company and the reserves and production amounts set
    forth in this annual report could be substantially reduced.</font></p>
</div>
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		<td valign=top ><font size="2"><b><i>Upstream Operations</i></b></font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">As of December 31, 2011, we held interests in more than 90 oil and gas fields in Argentina, accounting for approximately 39% of the country&#146;s total production of crude oil, excluding natural gas liquids, and approximately 37% of its total natural gas production, including natural gas liquids, in 2011, according to information provided by the Argentine Secretariat of Energy.</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">We had proved reserves, as estimated as of December 31, 2011, of approximately 585 mmbbl of oil, including condensates and natural gas liquids, and approximately 2,361 bcf of gas, representing aggregate reserves of approximately 1,004 mmboe.</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">In 2011, we produced approximately 100 mmbbl of oil (274 mbbl/d), including condensates and natural gas liquids, and approximately 441 bcf of gas (1,208 mmcf/d).</font></td>
	</tr>
</table>
<br>
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		<td valign=top ><font size="2"><b><i>Downstream Operations</i></b></font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">We are Argentina&#146;s leading refiner with operations conducted at three wholly-owned refineries with combined annual refining capacity of approximately 116 mmbbl (319.5 mbbl/d). We also have a 50% interest in Refinor, an entity jointly controlled with and operated by Petrobras Energ&#237;a S.A., which has a refining capacity of 26.1 mbbl/d.</font></td>
	</tr>
</table>
<br>
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	<tr>

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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Our retail distribution network for automotive petroleum products as of December 31, 2011 consisted of 1,557 YPF-branded service stations, and we estimate we held approximately 31% of all gasoline service stations in Argentina.</font></td>
	</tr>
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<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">We are one of the leading petrochemical producers in Argentina and in the Southern Cone of Latin America, with operations conducted through our Ensenada and Plaza Huincul sites. In addition, Profertil, a company that we jointly control with Agrium, is one of the leading producers of urea in the Southern Cone.</font></td>
	</tr>
</table>
<br>
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		<td valign=top ><font size="2"><b>Presentation of Financial Information</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We prepare our audited consolidated financial statements in accordance with Argentine GAAP, which differ in certain significant respects from U.S. GAAP. Notes 12, 13 and 14 to the Audited Consolidated Financial Statements provide a summary of the effect of these significant differences on net income and shareholders&#146; equity under Argentine GAAP and U.S. GAAP.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We fully consolidate the results of subsidiaries in which we have a sufficient number of voting shares to control corporate decisions and proportionally consolidate the results of companies that we control jointly.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Under Argentine GAAP, we currently are not required to record the effects of inflation in our financial statements. However, because Argentina experienced a high rate of inflation in 2002, with the wholesale price index increasing by approximately 118%, we were required by Decree No. 1269/2002 and CNV Resolution No. 415/2002 to remeasure our financial statements in constant pesos in accordance with Argentine GAAP. On March 25, 2003, Decree No. 664/2003 rescinded the requirement that financial statements be prepared in constant currency, effective for financial periods on or after March 1, 2003. According to the Argentine statistics and census agency (<i>Instituto Nacional de Estad&#237;sticas y Censos</i>, or &#147;INDEC&#148;), the wholesale price index increased 14.4% in 2007, 8.8% in 2008, 10.0% in 2009, 14.6% in 2010 and, according to preliminary data, 12.7% in 2011. We cannot assure you that in the future we will not be again required to record the effects of inflation in our financial statements (including those covered by the financial statements included in this annual report) in constant pesos. See &#147;&#151;Critical Accounting Policies&#151;U.S. GAAP reconciliation&#148; for an explanation of how the effect of inflation is treated under U.S. GAAP.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On March 20, 2009, the Argentine Federation of Professional Councils in Economic Sciences (&#147;FACPCE&#148;) approved Technical Resolution No. 26 on the &#147;Adoption of the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB).&#148; Such resolution was approved by the CNV through General Resolution No. 562/09 on December 29, 2009 (modified by General Resolution No. 576/10 on July 1, 2010), with respect to certain publicly-traded entities subject to Law No. 17,811. Compliance with such rules is mandatory for YPF for the fiscal year beginning on January 1, 2012, with transition date of January 1, 2011. Disclosures concerning the transition from Argentine GAAP to IFRS are provided in Note 16 to our Audited Consolidated Financial Statements.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Finally, certain oil and gas disclosures are included in this annual report under the heading &#147;Supplemental information on oil and gas producing activities (unaudited).&#148;</font></p></div>
<a name="97"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Segment Reporting</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We report our business into the following segments: (i) exploration and production, which includes exploration and production activities, natural gas and crude oil purchases, sales of natural gas, and to a lesser extent crude oil, to third parties and intersegment sales of crude oil, natural gas and its byproducts and to a lesser extent electric power generation (&#147;Exploration and Production&#148;); (ii) the production, transport and marketing of crude oil that we sell to third parties and of refined products that we sell to third parties and other segments of our business (&#147;Refining and Marketing&#148;); and (iii) the production, transport and marketing of petrochemical products (&#147;Chemicals&#148;). Other activities not falling into the previously described categories are reported under a separate segment (&#147;Corporate and Other&#148;), principally including corporate administration costs and assets and construction activities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Sales between business segments are made at internal transfer prices established by us, which generally seek to approximate market prices.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Summarized Income Statement</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>For the Year Ended
      December 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(in millions of
      pesos)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net sales</font></td>
    <td width="8%" align="right"><font size="2">56,697</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34,320</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Cost of sales</font></td>
    <td width="8%" align="right"><font size="2">(41,932</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(29,899</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(23,177</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Gross profit</font></td>
    <td width="8%" align="right"><font size="2">14,765</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,263</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,143</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Administrative expenses</font></td>
    <td width="8%" align="right"><font size="2">(1,905</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,429</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,102</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Selling expenses</font></td>
    <td width="8%" align="right"><font size="2">(3,723</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,015</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,490</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Exploration expenses</font></td>
    <td width="8%" align="right"><font size="2">(574</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(344</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(552</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Operating income</font></td>
    <td width="8%" align="right"><font size="2">8,563</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,475</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,999</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income (Loss) on long-term investments</font></td>
    <td width="8%" align="right"><font size="2">92</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(9</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">(Expense)/Other income, net</font></td>
    <td width="8%" align="right"><font size="2">(62</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(155</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">159</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Financial/(loss) income, net and holding gains</font></td>
    <td width="8%" align="right"><font size="2">(347</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(379</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,242</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net income before income tax</font></td>
    <td width="8%" align="right"><font size="2">8,246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,020</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,907</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income tax</font></td>
    <td width="8%" align="right"><font size="2">(2,950</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,230</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,218</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net income</font></td>
    <td width="8%" align="right"><font size="2">5,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,689</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>
  </tr>
</table>
<br>
<p align="center"><font size="2">97</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_98"></a></font></p>

<a name="98"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Factors Affecting Our Operations</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our operations are affected by a number of factors, including:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">the revocation of our concessions;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">changes in our management and in our business strategy, including as a result of the implementation of the Expropriation Law;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">the volume of crude oil, oil byproducts and natural gas we produce and sell;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">regulation on domestic pricing;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">export restrictions and domestic supply requirements;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">international prices of crude oil and oil products;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">our capital expenditures;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">cost increases;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">domestic market demand for hydrocarbon products;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">operational risks, labor strikes and other forms of public protest in the country;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">taxes, including export taxes;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">capital controls;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">the Argentine peso/U.S. dollar exchange rate;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">dependence on the infrastructure and logistics network used to deliver our products;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">laws and regulations affecting our operations, such us import restrictions; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">interest rates.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our business is inherently volatile due to the influence of exogenous factors such as internal demand, market prices, and government regulations. In addition, following the Expropriation Law (see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law&#148;) and the revocation of certain of our concessions (see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Certain provinces of Argentina have commenced proceedings to terminate some of our oil and gas production concessions&#148;), our past financial condition, results of operations and the trends indicated by said results and financial condition may not be indicative of future financial condition, results of operations or trends in future periods. See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Our operating income in 2011 decreased by approximately 9.6%
    compared to 2010. This decrease was attributable to, among other things, the
    increased depreciation of fixed assets, increased royalties (driven mainly
    by the higher prices of crude oil at the wellhead), higher cost of sales as
    well as generalized cost increases, mainly</font></p>
</div>
<p align="center"><font size="2">98</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_99"></a></font></p>
<p><font size="2">preservation, repair and maintenance costs, salaries and social
  security costs and costs of services rendered by third parties. This increase
  in costs is attributable mainly to our increased activity and the upward price
  pressure in Argentina. Additionally, operating income was adversely affected
  by the temporary suspension of the Petroleum Plus program, whose effects extend,
  retroactively, to benefits accrued and not yet redeemed by YPF at the time of
  such suspension, which amounted to Ps.273 million, net of the related income
  tax effect. The impact of these developments was partially offset by the increase
  in volumes sold of our premium line products and to the adjustment of sale prices
  in the domestic market, as well as a result of the increase in the average international
  market price of crude oil, which affects the average price of certain products
  sold in the domestic market, such as fuel oil, jet fuel, and certain chemicals,
  which generally track international prices. Starting in 2012, jet fuel prices
  will be affected by Resolution No. 17/2012 of the Secretariat of Domestic Commerce.
  See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship
  with the Argentine Government.&#148;</font></p>
<div style="text-indent:3%"><p><font size="2">Our operating income in 2010 increased approximately by 35% compared to 2009. This increase was attributable to, among other things, the increase in the volumes sold of our premium line products and to the adjustment of sale prices in the domestic market, as well as a result of the increase in the average international market price of WTI. Commodity prices were strongly affected during 2009, with the average price of WTI approximately 29% lower than in 2010 and, as a result, the average price of certain products sold in the domestic market, such as fuel oil, jet fuel, and certain chemicals, which generally track international prices, were sold at higher prices in 2010. The impact of higher net sales was partially offset by increased depreciation of fixed assets and a higher cost of sales caused mainly by upward price pressure.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Macroeconomic conditions</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">The Argentine economy has experienced significant volatility
    in past decades, characterized by periods of low or negative growth and high
    variable levels of inflation. Inflation reached its peak in the late 1980s
    and early 1990s. Due to inflationary pressures prior to the 1990s, the Argentine
    currency was devalued repeatedly and macroeconomic instability led to broad
    fluctuations in the real exchange rate of the Argentine currency relative
    to the U.S. dollar. To address these pressures, past Argentine governments
    implemented various plans and utilized a number of exchange rate systems.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">With the enactment of the Convertibility Law in 1991, inflation declined progressively and the Argentine economy enjoyed seven years of growth. In the fourth quarter of 1998, adverse international financial conditions caused the Argentine economy to enter into a recession and GDP to decrease between 1999 and 2001. By the end of 2001, Argentina suffered a profound deterioration in social and economic conditions, accompanied by high political and economic instability. The restrictions on the withdrawal of bank deposits, the imposition of exchange controls, the suspension of the payment of Argentina&#146;s public debt and the abrogation of the peso&#146;s one-to-one peg to the dollar (with the consequent depreciation of the peso against the dollar) caused a decline in economic activity. Real GDP declined by 10.9% in 2002, annual inflation rose to 41%, the exchange rate continued to be highly volatile, and the unemployment rate rose to more than 20%. The political and economic instability not only curtailed commercial and financial activities in Argentina but also severely restricted the country&#146;s access to international financing.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Strong economic growth in the world&#146;s developed economies,
    favorable raw material prices from 2003 through the first half of 2008 and
    the implementation of new macroeconomic policies paved the way for Argentina&#146;s
    economic recovery. Real GDP grew at an average cumulative rate of 8.5% between
    2003 and 2008. As a result of the crisis in the global economy, Argentina&#146;s
    real GDP growth rate decelerated in 2009 to 0.9%, but recovered in 2010 and
    2011 growing by approximately 9% each year, according to preliminary data.
    According to the Argentine Central Bank&#146;s December 2011 projections,
    the Argentine economy is expected to grow by 6% in 2012.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">During 2011, the global economy continued to be affected by uncertainty regarding its recovery from the recession. Sizable fiscal and current account imbalances, as well as significant indebtedness in several euro area countries continued to hold back recovery in those economies, with potentially negative spillover effects for the rest of Europe. According to IMF&#146;s estimates, in 2011, global economic growth reached 3.8%, although the rate of growth or, in some cases, contraction, varied significantly from region to region. Additionally, according to the IMF, global output is projected to expand by approximately 3.3% in 2012; this expansion is mainly hindered by the euro area economy, which is expected to go into a mild recession in 2012 as a result of the rise in sovereign yields, the effects of bank deleveraging on the real economy, and the impact of additional fiscal consolidation.</font></p></div>
<p align="center"><font size="2">99</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_100"></a></font></p>
<div style="text-indent:3%"><p><font size="2">According to IMF&#146;s estimates, growth in emerging and developing economies is also expected to slow down during 2012, mainly because of the worsening external environment and a weakening of internal demand. Inflation pressures are expected to ease as a result of a decrease in demand and commodity prices; however, inflation is also expected to remain persistent in some regions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Despite this weak economic outlook, oil prices have increased during 2011. Following signs of recovery in 2010, oil prices responded strongly to signs of a demand rebound in China. More recently, uncertainty about the global economy brought by instability in several Middle East and African countries and the effects of natural disasters in Japan, led to significant volatility in oil prices. In addition, prices have received upward pressure as a result of the reduction of inventories in the United States and geopolitical risks in the principal oil producing countries. Consequently, the Brent reached U.S.$108.09 at December 31, 2011, compared to U.S.$95.8 at the end of 2010.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In Argentina, domestic fuel prices have increased over the past four years, but have not kept pace with either increases or decreases in international market prices for petroleum products due to the characteristics of, and regulations affecting the Argentine market. Nonetheless, the gap between domestic and international prices for certain products has narrowed as a result of the increase in domestic fuel prices.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2005, Argentina successfully completed the restructuring of a substantial portion of its bond indebtedness and settled all of its debt with the IMF. Additionally, in June 2010, Argentina completed the renegotiation of approximately 67% of defaulted bonds that were not swapped in 2005. As a result of the 2005 and 2010 debt swaps, approximately 91% of the country&#146;s bond indebtedness on which Argentina defaulted in 2002 has now been restructured. Currently, Standard &amp; Poor&#146;s (S&amp;P) credit rating for Argentina&#146;s sovereign debt is &#147;B-&#148;, with a &#147;stable&#148; outlook since October 2008, while Moody&#146;s, which rates Argentina&#146;s sovereign debt at &#147;B3&#148;, has maintained its credit watch of Argentina as &#147;stable&#148; since August 2008.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Between 2004 and 2008, Argentina recorded consolidated primary budget surpluses of over 3% at both national and provincial levels according to INDEC. The consolidated primary surplus fell to 1.36% through 2009 owing to a general slowdown in economic activity before recovering to 2.3% in 2010, when government fiscal revenues outpaced growth in public expenditure, according to the Argentine Central Bank. During 2011, public revenues and expenses grew at an average rate of 32% and 25%, respectively, compared to 2010. Consequently, according to preliminary data, the consolidated primary budget is estimated to remain positive for 2011. In 2012, national tax revenues are expected to continue to grow in line with the expected evolution of economic activity and trade flows, and primary expenditures are expected to slow their rate of expansion, mainly due to the partial and gradual elimination of subsidies. As a result, the consolidated primary budget surplus is expected to improve in 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The annual wholesale price index, according to the INDEC, increased by 14.6% in 2007, 8.8% in 2008, 10.0% in 2009, 14.6% in 2010 and, based on preliminary data, 12.7% in 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">After a decline in trade in 2009, caused mainly by lower commodity prices and the effects of a severe drought, both exports and imports increased during 2010 and 2011. Industrial goods exports (in particular, related to the automotive industry) as well as agricultural exports boosted exports, while imports increased even further than exports, mainly as a result of increased economic activity, which resulted in higher demand for fuel, consumer and intermediate goods, and capital assets, according to the Argentine Central Bank. As a result, the Argentine trade balance remained in surplus, although to a lesser degree than in previous years, reaching approximately U.S.$10.3 billion.</font></p></div>
<div style="text-indent:3%"><p><font size="2">According to the INDEC, 7.2% of the active population was unemployed in the third quarter of 2011, 0.3 percentage points lower than the 7.5% rate in the third quarter of 2010<b>.</b></font></p></div>
<div style="text-indent:3%"><p><font size="2">The Argentine Central Bank reserves decreased by over U.S.$6 billion in 2011 to approximately U.S.$46 billion at the end of 2011, mainly as a result of the withdrawal of reserves to support payments to sovereign multilateral lenders and bondholders totaling U.S.$9.6 billion. The exchange rate of the Argentine peso against the U.S. dollar as of December 31, 2011 was Ps.4. 30/U.S.$1.00, reflecting peso depreciation of approximately 8% compared to December 31, 2010.</font></p></div>
<p align="center"><font size="2">100</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_101"></a></font></p>
<div style="text-indent:3%">
  <p><font size="2">We cannot predict the evolution of future macroeconomic events
    or the effect that they are likely to have on our business, financial condition
    and results of operations. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks
    Relating to Argentina.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">Energy consumption in Argentina has increased significantly since 2003. It must be noted, however, that in November 2011, the Government ordered the removal of certain subsidies to gas, water and electricity consumption which benefitted companies in certain sectors, country clubs and neighborhoods with certain levels of prosperity. Continued growth in demand has led to fuel shortages and power outages, prompting the Argentine government to take additional measures to assure domestic supply. At the same time, growth in the production of certain hydrocarbon products has slowed, and in the case of crude oil production has recently declined, due to Argentina&#146;s maturing oil and gas fields. As a result of this increasing demand and actions taken by the Argentine regulatory authorities to prioritize domestic supply, exported volumes of hydrocarbon products, especially natural gas, declined steadily over this period. At the same time, Argentina has increased its hydrocarbon imports.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The table below shows Argentina&#146;s total sales, production, exports and imports of crude oil, diesel and gasoline products for the periods indicated.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>Year ended December
      31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Crude Oil in Argentina</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production (mmbbl)</font></td>
    <td width="8%" align="right"><font size="2">208.9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">222.4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">227.4</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exports (mmbbl)</font></td>
    <td width="8%" align="right"><font size="2">21.7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33.1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38.3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imports (mmbbl)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Diesel in Argentina</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales (mcm)(1)</font></td>
    <td width="8%" align="right"><font size="2">14,680.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,121.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13,524.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production (mcm)</font></td>
    <td width="8%" align="right"><font size="2">12,091.5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,235.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,009.1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exports (mcm)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imports (mcm)</font></td>
    <td width="8%" align="right"><font size="2">1,994.8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,465.9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">544.6</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Gasoline in Argentina</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales (mcm)<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">7,320.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,440.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,203.1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production (mcm)</font></td>
    <td width="8%" align="right"><font size="2">6,853.6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,149.9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,035.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exports (mcm)</font></td>
    <td width="8%" align="right"><font size="2">1.3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">80.4</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imports (mcm)</font></td>
    <td width="8%" align="right"><font size="2">143.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">140.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">85.8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes domestic market sales.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">Sources: Argentine Secretariat of Energy.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Revocation of concessions in Argentina</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Certain provinces in Argentina have recently requested YPF
    to submit statements of discharge in relation to the Company&#146;s alleged
    breach of its investment obligations with respect to certain concessions.
    As of the date of this annual report, certain of these concessions have been
    revoked by the relevant authorities while the revocation of other concessions
    is currently being evaluated by the relevant authorities. Assets (net of deferred
    income tax liabilities and asset retirement obligations) related to the concessions
    revoked in 2012 totaled approximately Ps.283 million as of December 31, 2011
    (0.51% of our total assets as of such date), had a production of approximately
    13.5 mmboe in 2011 (7.6% of our production in 2011) and had proved reserves
    totaling approximately 88.3 mmboe as of December 31, 2011 (8.8% of our total
    proved reserves as of such date). Assets (net of deferred income tax liabilities
    and asset retirement obligations) related to the concessions whose revocation
    is currently being evaluated by the relevant authorities totaled approximately
    Ps.3,654 million as of December 31, 2011 (6.6% of our total assets as of such
    date), had a production of approximately 22.9 mmboe in 2011 (12.87% of our
    production in 2011) and had proved reserves totaling approximately 129.7 mmboe
    as of December 31, 2011 (12.92% of our total proved reserves as of such date).
    In addition, prior to the passage of the Expropriation Law, the provincial
    government of Santa Cruz stated that it may withdraw additional of the Company's
    concessions. The Company has initiated legal action to challenge these revocations.
    In addition, following the passage of the Expropriation Law, the Intervenor
    and its</font></p>
</div>
<p align="center"><font size="2">101</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_102"></a></font></p>
<p><font size="2">delegates have initiated negotiations with the relevant provincial authorities so that the revocations and intimations referred to above are withdrawn. The governors of certain of these provinces have publicly manifested that they will reconsider the matter in view of the stated objectives of the Intervention and the Expropriation Law. However, as of the date of this annual report, we have not been notified of the withdrawal of any of these revocations or intimations. See &#147;Item 8. Legal Proceedings&#151;Argentina&#151;Non-accrued, possible contingencies&#151;Concessions on Hydrocarbon zones&#151;Provincial claim.&#148; Depending on the outcome of the legal action brought by YPF to challenge these revocations and the negotiations initiated by the Intervenor and its delegates with the relevant provincial authorities, our past performance may not be indicative of future trends or results of the Company and the reserves and production amounts set forth in this annual report could be substantially reduced. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Certain provinces of Argentina have commenced proceedings to terminate some of our oil and gas production concessions.&#148;</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Policy and regulatory developments in Argentina, including the Expropriation Law</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">The Argentine oil and gas industry is currently subject to
    certain governmental policies and regulations that have resulted in: (i) domestic
    prices that have usually been lower than prevailing international market prices;
    (ii) export and import restrictions; (iii) domestic supply requirements that
    oblige us from time to time to divert supplies from the export or industrial
    markets in order to meet domestic consumer demand; (iv) increasingly higher
    export duties on the volumes of hydrocarbons allowed to be exported; (v) increasingly
    higher investment and costs expenditure requirements in order to satisfy domestic
    demand; and (vi) increasingly higher taxes. See &#147;Item 4. Information
    on the Company&#151;Regulatory Framework and Relationship with the Argentine
    Government.&#148; These governmental pricing limitations, export controls
    and tax policies have been implemented in an effort to satisfy increasing
    domestic market demand. As discussed in &#147;Item 3. Key Information&#151;Risk
    Factors&#148; and elsewhere in this annual report, actions by the Argentine
    government have had and will continue to have a significant effect on Argentine
    companies, including us.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">Policy and regulatory developments relating to the oil and gas industry in Argentina include, among others:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2"><i>Price administration</i>. In order to support economic growth, the Argentine government has sought to limit increases in hydrocarbons prices through a number of policies and measures. As a result, fluctuations in Argentina&#146;s domestic hydrocarbon prices have not matched the recent increases or decreases at the pace of international and regional prices.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>

    <td><font size="2"><i>Export administration</i>. Since 2004, the Argentine
      government has prioritized domestic demand and adopted policies and regulations
      restricting partially the export of certain hydrocarbon products. These
      regulations have impacted our export sales as described in &#147;&#151;Declining
      export volumes.&#148;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2"><i>Export duties</i>. Since the economic crisis in 2002, the Argentine government has imposed export taxes on certain hydrocarbon products. These taxes have increased substantially in the following years as international prices have surged. For a description of the most recent export duties on hydrocarbon exports, see &#147;&#151;International oil and gas prices and Argentine export taxes.&#148;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>

    <td><font size="2"><i>Domestic supply requirements</i>. The Argentine government
      has at times issued regulatory orders requiring producers to inject natural
      gas in excess of contractual commitments and supply other hydrocarbon products
      to the domestic market. As a result, we have had to limit our exports. In
      addition, we have imported diesel in order to satisfy domestic demand, which
      has increased our operating costs, as described in &#147;&#151;Cost of sales.&#148;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2"><i>Gas Plus program</i>. The Argentine Secretariat of Energy, by Resolution S.E. No. 24/2008 of March 13, 2008, created the &#147;Gas Plus&#148; program to encourage the production of natural gas from newly discovered reserves, new fields and tight gas, among other sources. Natural gas produced under the Gas Plus program will not be subject to the prices set forth in the Agreement 2007-2011. See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Market Regulation&#151;Natural Gas.&#148;</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">102</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_103"></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">&#149;</font></td>
		<td><font size="2"><i>Refining Plus and Petroleum Plus programs</i>. Decree No. 2014/2008 of the Department of Federal Planning, Public Investment and Services of November 25, 2008, created the &#147;Refining Plus&#148; and the &#147;Petroleum Plus&#148; programs to encourage (a) the production of diesel fuel and gasoline and (b) the production of crude oil and the increase of reserves through new investments in exploration and operation. The Argentine Secretariat of Energy, by Resolution S.E. No. 1312/2008 of December 1, 2008, approved the regulation of these programs. The programs entitle refining companies that undertake the construction of a new refinery or the expansion of their refining and/or conversion capacity and production companies that increase their production and reserves within the scope of the program to receive export duty credits to be applied to exports of products within the scope of Resolution No. 394/2007 and Resolution No. 127/2008 (Annex) issued by the Department of Economy and Production. In order to be eligible for the benefits of both programs, companies&#146; plans must be approved by the Argentine Secretariat of Energy. Our participation in the &#147;Petroleum Plus&#148; program resulted in a positive contribution to our net sales in 2009 and 2010. In February 2012, by Notes Nos. 707/12 and 800/12 of the Argentine Secretariat of Energy, YPF was notified that the benefits granted under the &#147;Refining Plus&#148; and the &#147;Petroleum Plus&#148; programs have been temporarily suspended. The effects of the suspension extend to benefits accrued and not yet redeemed by YPF as of the time of the suspension. The reasons alleged for such suspension are that the programs were created in a context where domestic prices were lower than currently prevailing prices and that the objectives sought by the programs have already been achieved. On March 16, 2012, YPF challenged this suspension.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2"><i>Sworn declaration regarding imports</i>. On January 5, 2012, the Federal Administration of Public Revenue (<i>Administraci&#243;n Federal de Ingresos P&#250;blicos</i> or &#147;AFIP&#148;) issued Resolution No. 3252, which requires importers to submit a sworn declaration (<i>Declaraci&#243;n Jurada Previa de Importaci&#243;n</i> or &#147;DJAI&#148;) prior to the placing of a purchasing order for all imports to Argentina, with effect from February 1, 2012. Depending on the nature of the goods to be imported as well as other criteria, certain State agencies, including the Secretariat of Domestic Commerce, may have access to this declaration and can raise objections. Importers need an approved import declaration to make the purchasing order. The criteria for the approval or rejection of the sworn declaration are not legally defined.</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2"><i>Cross-border services information reporting</i>. On February 9, 2012, the AFIP issued Resolution No. 3276, which requires Argentine individuals or companies that employ the services of providers located outside of Argentina, where the fee for such services is equal to or greater than U.S.$100,000, to submit a sworn declaration (<i>Declaraci&#243;n Jurada Anticipada de Servicios</i> or &#147;DJAS&#148;) in respect of such services, with effect from April 1, 2012.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">More recently, the Expropriation Law has declared achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation, industrialization, transportation and sale of hydrocarbons, a national public interest and a priority for Argentina. In addition, its stated goal is to guarantee socially equitable economic development, the creation of jobs, the increase of the competitiveness of various economic sectors and the equitable and sustainable growth of the Argentine provinces and regions. See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148; Upon the passage of the Expropriation Law, the Argentine government gained control over the Company. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government has taken control over the Company and will operate it according to domestic energy policies in accordance with the Expropriation Law.&#148;</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Declining export volumes</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The exported volumes of many of our hydrocarbon products have declined significantly in recent years, driven mainly by increasing domestic demand and export administration, as well as by declines in production. This shift from exports to domestic sales has impacted our results of operations as the prices for hydrocarbons in the domestic market have, due to price administration, generally not kept pace with international and regional prices.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The table below presents, for the periods indicated, the exported volumes of certain of our principal hydrocarbon products.</font></p></div>
<p align="center"><font size="2">103</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_104"></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=5  width="8%" align="center"><font size="2"><b>Year Ended December
      31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Product</b></font></td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(units sold)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Natural gas (mmcm)</font></td>
    <td width="8%" align="right"><font size="2">91</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">315</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">630</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Gasoline (mcm)</font></td>
    <td width="8%" align="right"><font size="2">290</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">448</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">777</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Fuel oil (mtn)<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">490</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">677</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">828</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Petrochemicals (mtn)</font></td>
    <td width="8%" align="right"><font size="2">334</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">461</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">414</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes bunker sales of 490, 401 and 272 mtn<b> </b>for the years 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table><div style="text-indent:3%"><p><font size="2">Due to the decreased export product volumes indicated above and increasing export duties, the portion of our net sales accounted for by exports decreased steadily in recent years. Exports accounted for 11.94%, 12.9% and 14.3%, of our consolidated net sales in 2011, 2010 and 2009, respectively.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Argentine government currently requires companies intending to export crude oil, diesel and LPG to obtain prior authorization from the Argentine Secretariat of Energy by demonstrating that local demand for those products has been satisfied. Since 2005, because domestic diesel production has generally not been sufficient to satisfy Argentine consumption needs, exports of diesel have been substantially restricted.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>International oil and gas prices and Argentine export taxes</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Since the economic crisis in 2002, in order to prioritize domestic demand, the Argentine government has imposed export taxes on certain hydrocarbon products. These taxes have increased substantially in the following years as international prices have surged. For a description of these taxes, reference prices and prices allowed to producers, see &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Market Regulation&#148; and &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;Taxation.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">Export taxes have affected the profitability of hydrocarbon exportation. They have also contributed to a shift away from exports and towards domestic sales, as described in &#147;&#151;Declining export volumes,&#148; and reduced the export parity prices.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>Relative maturity of our oil and gas assets</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Argentina&#146;s oil and gas fields are mature and, as a result, our reserves and production are likely to decline as reserves are depleted. Because we mainly have concessions for mature oil and gas fields that are undergoing natural production declines, it is difficult to replace our proved reserves from other categories of reserves. While our oil replacement ratio (excluding NGL) in 2011 was 169% due to improved recovery projects, revisions and extensions and discoveries, oil production (excluding NGL) declined by 7.6% over the preceding year and our estimated gas proved reserves and our gas production declined by 6.8% and 10.3%, respectively, over the same period. In an effort to maintain our high refinery utilization rates and because of regulatory requirements to supply certain hydrocarbon products to the domestic market, we purchased crude oil and natural gas from third parties. See &#147;Item 4. Information on the Company&#151;Exploration and Production&#151;Oil and Gas Reserves&#148; for more information on our proved reserves.</font></p></div>
<div style="text-indent:3%"><p><font size="2">During 2011 we incorporated approximately 33 million of proved reserves corresponding to unconventional discoveries (see &#147;Item 4. Information on the Company-Exploration and Production-Oil and Gas Reserves&#148; for more information on our proved reserves). The continuous comprehensive technical review of our oil and gas fields allows us to identify opportunities to rejuvenate mature fields and optimize new fields developments in Argentine basins with the aim of achieving similar results that mature fields in other regions of the world which have achieved substantially higher recovery factors with new technologies application. Nevertheless, the financial viability of these investments and reserve recovery efforts will generally depend on the prevailing economic and regulatory conditions in Argentina, as well as the market prices of hydrocarbon products.</font></p></div>
<p align="center"><font size="2">104</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="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_105"></a></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Given the recent passage
    of the Expropriation Law, we are developing our new business plan and the
    related new investment, economic and dividend policy for the Company. Our
    new business plan will be designed in accordance with the goals set forth
    in the Expropriation Law. See &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law.&#148; We expect that unconventional developments will require higher
    investment in future years, principally in connection with the Vaca Muerta
    formation. Higher investment is expected to be required as well to increase
    recovery rates in our fields and our downstream upgrading capacity.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Cost
      of sales</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our cost of sales accounted
    for 74.0%, 67.7% and 67.5% of our consolidated net sales in 2011, 2010 and
    2009, respectively. Our cost of sales increased between 2009 and 2011, mainly
    as a result of: increased purchases of crude oil from third parties, driven
    by our efforts to maintain our high refinery utilization rates in light of
    our declining production; increased royalties, driven mainly by the higher
    crude oil prices at the wellhead; increased purchases of diesel from third
    parties; higher labor costs; higher costs related to the renegotiation of
    certain service contracts; increased depreciation of fixed assets as a result
    of the higher investment in fixed assets; and inflation. Due to prevailing
    Argentine price limitations, we were unable to pass some of these cost increases
    to our customers in the form of higher hydrocarbon product prices in respect
    of certain of our products.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Seasonality</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Historically, our results
    have been subject to seasonal fluctuations during the year, particularly as
    a result of greater natural gas sales during the winter. After the 2002 devaluation
    and as a consequence of the natural gas price freeze imposed by the Argentine
    government, the use of this fuel has diversified, generating an increase in
    its long-term demand throughout the year. However, sales of natural gas are
    still typically much higher in the winter to the residential sector of the
    Argentine domestic market, the prices for which are significantly lower than
    other sectors of the Argentine market.</font></p>
</div>
<a name="105"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b>Critical
      Accounting Policies</b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our accounting policies
    are described in Notes 1 and 2 to the Audited Consolidated Financial Statements.
    Argentine GAAP requires us to make estimates and assumptions that affect the
    reported amounts of assets and liabilities, revenues and expenses and disclosures
    of contingent assets and liabilities in our financial statements. Actual results
    could differ from those estimates. We consider the following policies to be
    most critical in understanding the judgments that are involved in preparing
    our financial statements and the uncertainties that could impact our results
    of operations, financial condition and cash flows.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">On March 20, 2009, the
    FACPCE approved the Technical Resolution No. 26 &#147;Adoption of the International
    Financial Reporting Standards (IFRS) of the International Accounting Standards
    Board (IASB).&#148; Such resolution was approved by the CNV through General
    Resolution No. 562/09 dated December 29, 2009 (modified by General Resolution
    No. 576/10 on July 1, 2010), with respect to certain publicly-traded entities
    subject to Law No. 17,811. The application of such rules is mandatory for
    YPF for the fiscal year beginning on January 1, 2012. Disclosures concerning
    the transition from Argentine GAAP to IFRS are provided in Note 16 to our
    Audited Consolidated Financial Statements.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Oil
      and gas reserves</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The estimation of oil
    and gas reserves is an integral part of the decision-making process about
    oil and gas assets, such as whether development should proceed or enhanced
    recovery methods should be implemented. As further explained below, oil and
    gas reserve quantities are used for calculating depreciation of the related
    oil and gas assets using the unit-of-production rates and also for evaluating
    the impairment of our investments in upstream assets.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">At YPF, all the assumptions
    made and the basis for the technical calculations used in the estimates regarding
    oil and gas proved reserves are based on the guides and definitions established
    by Rule 4-10(a) of Regulation S-X promulgated by the SEC.</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">105<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_106"></a></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">See &#147;Item 4. Information
    on the Company&#151;Exploration and Production&#151;Oil and Gas Reserves&#148;
    for a detailed discussion on reserves estimates internal control and audits.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">We follow the &#147;successful
    efforts&#148; method of accounting for our 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 expenses. Occasionally, however, 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 continues 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 are not met, the cost of drilling exploratory wells is charged
    to expenses.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, 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></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The capitalized costs
    related to producing activities, including tangible and intangible costs,
    have been depreciated by field on the unit-of-production basis by applying
    the ratio of produced oil and gas to estimated recoverable proved and developed
    oil and gas reserves.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The capitalized costs
    related to acquisitions of properties 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></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Revisions of crude oil
    and natural gas proved reserves are considered prospectively in calculating
    depreciation.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Capitalized costs related
    to unproved properties are reviewed periodically by management to ensure that
    their carrying value does not exceed their estimated recoverable value.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Impairment
      of long-lived assets</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">We assess the recoverability
    of our held-for-use assets on a business segment basis for Argentine GAAP
    purposes. With respect to operations that are held as pending sale or disposal,
    our policy is to record these assets at amounts that do not exceed net realizable
    value.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">For Argentine GAAP, held-for-use
    properties, grouped by business segment, are reviewed for impairment whenever
    events or changes in circumstances indicate that the carrying amounts may
    not be recoverable. An asset would be impaired if the discounted cash flows
    were less than its carrying value.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The impairment of oil
    and gas producing properties is calculated as the difference between the market
    value or, if appropriate, the discounted estimated future cash flows from
    its proved reserves and unproved reserves, adjusted for risks related to such
    reserves, owned at the year end with the net book value of the assets relating
    thereto. Expected future cash flows from the sale or production of reserves
    are calculated considering crude oil prices based on a combination of market
    forward quotes and standard long-term projections. The discounted values of
    cash flows are determined using a reasonable and supportable discount rate
    based on standard WACC-CAPM (weighted average cost of capital&#151;capital
    asset pricing model) assumptions including, if appropriate, a risk premium
    related to this type of asset. The estimated cash flows are based on future
    levels of production, the future commodity prices, lifting and development
    costs, estimates of future expenditures necessary with respect to oil and
    gas reserves, field decline rates, market demand and supply, economic regulatory
    conditions and other factors.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The impairment of assets
    corresponding to our Refining and Marketing and Chemicals business segments
    is calculated as the difference between the discounted estimated future cash
    flows from the use of those assets and the net book value of the assets related
    thereto. The discounted values of cash flows are determined using a discount
    rate we believe to be reasonable and supportable based on standard WACC-CAPM
    (weighted average cost of capital&#151;capital asset pricing model) assumptions
    including, if appropriate, a risk premium related to the type of asset. The
    estimated cash flows are based on future levels of production, the future
    estimated prices of our products and costs,</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">106<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_107"></a></font></p>
<p><font size="2" face="Times New Roman, Times, serif">other estimates of future
  expenditures, estimated useful life of the respective asset, market demand and
  supply, economic regulatory conditions and other factors for each business segment.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Charges for impairment
    may be recognized in our results from time to time as a result of, among other
    factors, adverse changes in the recoverable reserves from oil and natural
    gas fields, and changes in economic regulatory conditions. If proved reserves
    estimates were revised downward, net income could be negatively affected by
    higher impairment charges on the property&#146;s book value.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Therefore, our management
    must make reasonable and supportable assumptions and estimates with respect
    to: (i) the market value of reserves, (ii) oil fields&#146; production profiles
    and future production of refined and chemical products, (iii) future investments,
    taxes and costs, (iv) risk factors for unproved reserves which are measured
    based on the profile and potential of each specific exploration and production
    asset, (v) future capital expenditures and useful life for properties corresponding
    to our Refining and Marketing and Chemicals business segments, and (vi) future
    prices, among other factors. As such, any change in the variables used to
    prepare such assumptions and estimates may have a significant effect on the
    impairment tests.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Impact
      of oil and gas reserves and prices on testing for impairment</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Proved oil and gas properties
    held and used by us are reviewed for impairment whenever events or circumstances
    indicate that the carrying amounts may not be recoverable. Impairments are
    measured by the amount by which the carrying value exceeds its fair value.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">We perform asset valuation
    analyses on an ongoing basis as a part of our asset management program. In
    general, we do not view temporarily low oil prices as a triggering event for
    conducting the impairment tests. Accordingly, any impairment tests that we
    perform make use of our long-term price assumptions for the crude oil and
    natural gas markets and petroleum products.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Depreciation
      of oil and gas producing properties</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Volumes produced and
    asset costs are known, while proved reserves have a high probability of recoverability
    and are based on estimates that are subject to some variability. The impact
    of changes in estimated proved reserves is treated prospectively by depreciating
    the remaining book value of the assets over the future expected production,
    affecting the following year&#146;s net income. In 2011, 2010 and 2009 we
    recorded depreciation of fixed assets associated with hydrocarbon reserves
    amounting to Ps.4,542 million, Ps.4,442 million and Ps.4,019 million, respectively.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Asset
      retirement obligations</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Future costs related
    to hydrocarbon wells abandonment obligations are capitalized 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 same estimated
    value of the discounted payable amounts. Future estimated retirement obligations
    and removal costs are based on management&#146;s best estimate of the time
    that the event will occur and the assertion of costs to be incurred upon the
    retirement or removal of the asset. Asset removal technologies and costs,
    as well as political, environmental, safety and other requirements and public
    expectations, are frequently changing. Consequently, the timing and future
    cost of dismantling and abandonment are subject to significant modification.
    As such, any change in variables used to prepare such assumptions and estimates
    can have, as a consequence, a significant effect on the liability and the
    related capitalized asset and future charges related to the retirement obligations.
    Future obligations are reviewed 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 the wells in operation and/or not abandoned and the complexity with respect
    to different geographic areas where the wells are located, the current costs
    incurred in plugging are extrapolated to the wells pending abandonment. Management
    believes that current plugging costs incurred are the best source of information
    at the end of each fiscal year to estimate asset retirement obligations for
    wells.</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">107<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_108"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Environmental
      liabilities, litigation and other contingencies</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, 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 our estimate of costs to be incurred based on historical experience
    and available information for the stage of assessment and/or remediation of
    each site. As additional information becomes available regarding each site
    or as environmental standards change, we revise our estimate of costs to be
    incurred in environmental assessment and/or remediation.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Accruals for contingencies
    are established to cover litigation and other contingencies, including counsel
    fees and judicial expenses, which are probable and can be reasonably estimated.
    The final costs arising from litigation and other contingencies may vary from
    our estimates due to changes in laws or differing interpretations of laws,
    the issuance of court decisions or other opinions and final assessments of
    the amount of claims. Changes in the facts or circumstances related to these
    types of contingencies, as well as the future outcome of these disputes, can
    have, as a consequence, a significant effect on the accruals for litigation
    and other contingencies recorded.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>U.S.
      GAAP reconciliation</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The recurrent difference
    between our net income under Argentine GAAP and our net income under U.S.
    GAAP for the years ended December 31, 2011, 2010 and 2009 is primarily due
    to the remeasurement into functional currency and translation into reporting
    currency, the elimination of the inflation adjustment into Argentine constant
    pesos with the corresponding effect in the deferred tax liability, the impairment
    of long-lived assets, capitalization of financial expenses and accounting
    for assets retirement obligations.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Under Argentine GAAP,
    financial statements are presented in constant Argentine pesos (&#147;reporting
    currency&#148;). Foreign currency transactions are recorded in Argentine pesos
    by applying to the foreign currency amount the exchange rate between the reporting
    and the foreign currency at the date of the transaction. Exchange rate differences
    arising on monetary items in foreign currency are recognized in the income
    statement of each year.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Under U.S. GAAP, a definition
    of the functional currency is required which may differ from the reporting
    currency. Management has determined, for us and certain of our subsidiaries
    and investees, the U.S. dollar to be the functional currency in accordance
    with ASC 830. Therefore, we have re-measured into U.S. dollars the Audited
    Consolidated Financial Statements as of December 31, 2011, 2010 and 2009 in
    each case prepared in accordance with Argentine GAAP by applying the procedures
    specified in ASC 830. The objective of the re-measurement process is to produce
    the same results that would have been reported if the accounting records had
    been kept in the functional currency. Accordingly, monetary assets and liabilities
    are re-measured at the balance sheet date (current) exchange rate. Amounts
    carried at prices in past transactions are re-measured at the exchange rates
    in effect when the transactions occurred. Revenues and expenses are re-measured
    at the exchange rate in effect at the time of each transaction or, if appropriate,
    at the weighted average of the exchange rates during the period, except for
    consumption of non-monetary assets, which are re-measured at the rates of
    exchange in effect when the respective assets were acquired. Translation gains
    and losses on monetary assets and liabilities arising from the re-measurement
    are included in the determination of net income (loss) in the period such
    gains and losses arise. Furthermore, for certain of our subsidiaries and investees,
    we have determined the Argentine peso as the functional currency. Translation
    adjustments resulting from the process of translating the financial statements
    of subsidiaries that use peso as their functional currency into YPF&#146;s
    functional currency (U.S. dollars) are accounted for in other comprehensive
    income (&#147;OCI&#148;), as a component of shareholders&#146; equity.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The amounts obtained
    from the re-measurement process referred to above are translated into Argentine
    pesos under the provisions of ASC 830. Assets and liabilities are translated
    at the current selling exchange rate of Ps.4.30, 3.98 and Ps.3.80 to U.S.$1.00,
    as of December 31, 2011, 2010 and 2009, respectively. Revenues, expenses,
    gains and losses reported in the income statement are translated at the exchange
    rate existing at the time of each transaction or, if appropriate, at the weighted
    average of the exchange rates during the period. Translation effects of exchange
    rate changes are included as a cumulative translation adjustment in shareholders&#146;
    equity. For the years ended December 31, 2011, 2010 and 2009, the re-measurement
    into functional currency and the translation into reporting currency decreased
    net income determined according to Argentine GAAP by Ps.1,055 million, Ps.1,570
    million and Ps.1,478 million, respectively.</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">108<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_109"></a></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Under Argentine GAAP,
    we have proportionally consolidated, net of intercompany transactions, assets,
    liabilities, net sales, cost and expenses of investees in which joint control
    is held, and unincorporated legal entities which are not involved in extractive
    or construction activities. Under U.S. GAAP, these investees are accounted
    for by the equity method. The proportional consolidation mentioned above generated
    an increase of Ps.1,247 million, Ps.966 million and Ps.965 million in total
    assets and total liabilities as of December 31, 2011, 2010 and 2009, respectively,
    and an increase of Ps.2,312 million, Ps.1,684 million and Ps.1,433 million
    in net sales and Ps.830 million, Ps.609 million and Ps.551 million in operating
    income for the years ended December 31, 2011, 2010 and 2009, respectively.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Under Argentine GAAP,
    in order to perform the recoverability test, long-lived assets are grouped
    with other assets at business segment level, and they would be impaired if
    the discounted cash flows, considered at business segment level, were less
    than its carrying value. With respect to assets that were held pending sale
    or disposal, our policy was to record these assets on an individual basis
    at amounts that did not exceed net realizable value.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Under U.S. GAAP, considering
    the characteristics of the Argentine market and the effects of certain regulatory
    provisions described in &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#148;, oil properties
    are grouped into an unique cash generating unit and gas properties are grouped
    by basin (owing to logistics restrictions), to perform impairment tests. Other
    long-lived assets are aggregated, so that the discrete cash flows produced
    by each group of assets may be separately analyzed. Each asset is tested following
    the guidelines of ASC 360, by comparing the net book value of such an asset
    with the expected undiscounted cash flow. Impairment losses are measured as
    the amount by which the carrying amount of the assets exceeds the fair value
    of the assets. When market values are not available, we estimate them using
    the expected future cash flows discounted at a rate commensurate with the
    risks associated with the recovery of the assets. There were no impairment
    charges under U.S. GAAP for the fiscal years ended December 31, 2011, 2010
    and 2009. The accumulated adjustments under U.S. GAAP of the impairment provisions
    as of December 31, 2011, 2010 and 2009 were Ps.287 million, Ps.337 million
    and Ps.498 million, respectively, mainly corresponding to our Exploration
    and Production segment. The adjusted basis after impairment resulted in lower
    depreciation under U.S. GAAP by Ps.75 million, Ps.181 million and Ps.173 million
    for the years ended December 31, 2011, 2010 and 2009, respectively.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Under U.S. GAAP, only
    interest expense on qualifying assets must be capitalized, regardless of the
    asset&#146;s construction period. Under Argentine GAAP, for those assets that
    necessarily take a substantial period of time to get ready for its intended
    use, borrowing costs (including interest and exchange differences) should
    be capitalized. Accordingly, borrowing costs for those assets whose construction
    period exceeds one year have been capitalized, provided that such capitalization
    does not exceed the amount of financial expense recorded in that period or
    year.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Under U.S. GAAP, ASC
    410 addresses financial accounting and reporting for obligations associated
    with the retirement of tangible long-lived assets and the associated asset
    retirement cost. The standard applies to the legal obligation associated with
    the retirement of long-lived assets that results from the acquisition, construction,
    development and normal use of the asset. ASC 410 requires that the fair value
    of a liability for an asset retirement obligation be recognized in the period
    in which it is incurred, if a reasonable estimate of fair value can be made.
    The asset retirement obligations liability is built up in cash flow layers,
    with each layer being discounted using the discount rate as of the date that
    the layer was created. Remeasurement of the entire obligation using current
    discount rates is not permitted. Each cash flow layer is added to the carrying
    amount of the associated asset. This additional carrying amount is then depreciated
    over the life of the asset. The liability is increased due to the passage
    of time based on the time value of money (&#147;accretion expense&#148;) until
    the obligation is settled. Argentine GAAP is similar to ASC 410, except for
    a change in the discount rate is treated as a change in estimates, so the
    entire liability must be recalculated using the current discount rate, being
    the change added or reduced from the related asset.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">YPF Holdings has a non-contributory
    defined-benefit pension plan and postretirement and postemployment benefits.
    On December 31, 2006, under U.S. GAAP, the company adopted the Statement of
    Financial Accounting Standards (&#147;SFAS&#148;) No. 158 (currently included
    in ASC 715). Under provisions of ASC 715, the company fully recognized the
    underfunded status of defined-benefit pension and postretirement plans as
    a liability in the financial statements, reducing the company&#146;s shareholders&#146;
    equity through the accumulated OCI account. Unrecognized gains and losses
    are recognized in the income statement during the expected average remaining
    working lives of the employees participating in the plans and the life expectancy
    of retired employees. Under Argentine GAAP, the actuarial losses and gains
    are charged to the &#147;Other income/(expense), net&#148; account of the
    statement of income. For</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">109<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_110"></a></font></p>
<p><font size="2" face="Times New Roman, Times, serif">a more detailed discussion
  of the most significant differences between Argentine GAAP and U.S. GAAP, please
  refer to Notes 12, 13 and 14 to the Audited Consolidated Financial Statements.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Finally, as a result
    of YPF&#146;s transition from Argentine GAAP to IFRS, which is mandatory for
    YPF for the fiscal year beginning on January 1, 2012, in future filings we
    will present financial information prepared in accordance with IFRS as issued
    by the IASB. Accordingly, we will no longer include a reconciliation to U.S.
    GAAP.</font></p>
</div>
<a name="110"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b>Principal
      Income Statement Line Items</b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The following is a brief
    description of the principal line items of our income statement.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Net
      sales</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net sales include primarily
    our consolidated sales of unrefined and refined fuel and chemical products
    net of the payment of applicable fuel transfer taxes, turnover taxes and custom
    duties on exports. Royalty payments required to be made to a third party,
    whether payable in cash or in kind, which are a financial obligation, or are
    substantially equivalent to a production or similar tax, are accounted for
    as a cost of production and are not deducted in determining net sales. See
    &#147;Item 4. Information on the Company&#151;Exploration and Production&#151;Oil
    and gas production, production prices and production costs&#148; and Note
    2 (f) to the Audited Consolidated Financial Statements.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Cost
      of sales</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The following table presents,
    for each of the years indicated, a breakdown of our consolidated cost of sales
    by category:</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>For
      the Year Ended December 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  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">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2009</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
      millions of pesos)</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="Times New Roman, Times, serif">Inventories
      at beginning of year</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,865</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,066</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,449</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Purchases
      for the year</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">18,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">9,631</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">5,873</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Production
      costs<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">24,841</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">20,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">16,932</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Holding
      (losses)/gains on inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">676</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(11</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Inventories
      at end of year</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(6,074</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(3,865</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(3,066</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, 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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Cost
      of sales</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">41,932</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">29,899</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">23,177</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>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Times New Roman, Times, serif">(1)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">The table below presents,
      for each of the years indicated, a breakdown of our consolidated production
      costs by category:</font></td>
  </tr>
</table>
<br>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>For
      the Year Ended December 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  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">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2009</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
      millions of pesos)</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="Times New Roman, Times, serif">Salaries
      and social security costs</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,470</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,710</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,245</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Fees
      and compensation for services</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">248</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">222</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">189</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Other
      personnel expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">687</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">488</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">359</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Taxes,
      charges and contributions</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">428</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">351</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">277</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Royalties
      and easements</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,518</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,970</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,516</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Insurance</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">175</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">150</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">176</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Rental
      of real estate and equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">951</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">487</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">449</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">5,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">5,036</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">4,610</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Industrial
      inputs, consumable material and supplies</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">825</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">631</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Operation
      services and other service contracts</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,027</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,228</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,810</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Preservation,
      repair and maintenance</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">4,038</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,955</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,176</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Contractual
      commitments</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">88</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">411</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, 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="Times New Roman, Times, serif">Transportation,
      products and charges</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,215</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,037</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">927</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Fuel,
      gas, energy and miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,785</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,428</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Total</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">24,841</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">20,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">16,932</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>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<p align="center"><font size="2" face="Times New Roman, Times, serif">110<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_111"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Other
      income/(expense), net</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Other income/(expense),
    net principally include credits and charges for pending lawsuits and other
    claims, provisions for environmental remediation and provisions for defined
    benefit pension plans and other post-retirement benefits.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Finance
      income/(expense), net and holding (losses)/gains</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Finance income/(expense),
    net and holding (losses)/gains consist of the net of gains and losses on interest
    paid and interest earned, currency exchange differences and the periodic revaluation
    of inventories.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Taxes</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The effective tax rates
    for the periods discussed in this annual report were similar to the statutory
    corporate income tax rate in Argentina which was 35% during each of the periods
    presented in this annual report. See Note 3(j) to the Audited Consolidated
    Financial Statements.</font></p>
</div>
<a name="111"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b>Results
      of Operations</b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Consolidated
      results of operations for the years ended December 31, 2011, 2010 and 2009</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The following table sets
    forth certain financial information as a percentage of net sales for the years
    indicated.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>Year
      Ended December 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  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">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2009</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>(percentage
      of net sales)</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="Times New Roman, Times, serif">Net sales</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">100.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">100.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">100.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Cost
      of sales</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(74.0</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(67.7</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(67.5</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, 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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Gross
      profit</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">26.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">32.3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">32.5</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Administrative
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(3.3</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(3.2</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(3.2</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Selling
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(6.6</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(6.8</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(7.3</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Exploration
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(1.0</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(0.8</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(1.6</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, 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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Operating
      income</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">15.1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">21.5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">20.4</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>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The tables below present,
    for the years indicated, volume and price data with respect to our sales of
    our principal products in the domestic and export markets, respectively. The
    data presented below does not include sales by Compa&#241;&#237;a Mega S.A.
    (Mega), Refinor or Profertil, jointly controlled companies in which we have
    38%, 50% and 50% interests, respectively, and which are proportionally consolidated
    in our consolidated financial statements. Mega contributed, after consolidation
    adjustments, 0.5%, 0.6% and 0.7%, respectively, of our consolidated net sales
    for 2011, 2010 and 2009. Refinor contributed, after consolidation adjustments,
    1.4%, 1.4% and 1.7%, respectively, of our consolidated net sales for 2011,
    2010 and 2009. Profertil contributed, after consolidation adjustments, 2.2%,
    1.8% and 2.0%, respectively, of our consolidated net sales for 2011, 2010
    and 2009.</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">111<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_112"></a></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="Times New Roman, Times, serif"><b>Domestic
      Market</b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>Year
      Ended December 31,</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 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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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=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"><font size="2" face="Times New Roman, Times, serif"><b>Product</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Units
        sold</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Average
        price per unit<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Units
        sold</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Average
        price per unit<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Units
        sold</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Average
        price per unit<sup>(1)</sup></b></font></div>
    </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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
        pesos)</b></font></div>
    </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">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
        pesos)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Natural
      gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">12,170
      mmcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">341/mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">12,238
      mmcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">288/mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">14,238
      mmcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">244/mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Diesel</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">8,546
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,613/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">8,029
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,029/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">7,733
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,556/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Gasoline</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,884
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,400/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,514
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,922/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,382
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,545/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Fuel
      oil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">353
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,997/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">650
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,556/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">529
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,246/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Petrochemicals</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">665
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,669/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">548
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,175/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">467
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,574/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Times New Roman, Times, serif">(1)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Average prices shown
      are net of applicable domestic fuel transfer taxes payable by consumers.</font></td>
  </tr>
</table>
<br>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif"><b>Export
      Market</b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>Year
      Ended December 31,</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 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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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=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"><font size="2" face="Times New Roman, Times, serif"><b>Product</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Units
        sold</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Average
        price per unit<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Units
        sold</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Average
        price per unit<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Units
        sold</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>Average
        price per unit<sup>(1)</sup></b></font></div>
    </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 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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
        pesos)</b></font></div>
    </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">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
        pesos)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Natural
      gas</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">91
      mmcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,115/mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">315
      mmcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,324/mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">630
      mmcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,427/mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Gasoline</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">290
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,730/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">448
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,893/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">777
      mcm</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,331/m3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Fuel
      oil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">490
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,507/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">677
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,826/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">828
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,384/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Petrochemicals<sup>(2)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">334
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">4,038/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">461
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,813/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">414
      mtn</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,897/ton</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Times New Roman, Times, serif">(1)</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">Average prices shown
      are gross of applicable export withholding taxes payable by us, and, as
      a result, may not be indicative of amounts recorded by us as net sales.
      See &#147;&#151;Factors Affecting Our Operations&#151;International oil
      and gas prices and Argentine export taxes&#148; for more information on
      the export tax withholding rates applicable to our principal products.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Times New Roman, Times, serif">(2)</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">Includes exports of
      refined paraffinic.</font></td>
  </tr>
</table>
<p>&nbsp;</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="Times New Roman, Times, serif"><i>Net
      sales</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net sales in 2011 were
    Ps.56,697 million, representing a 28.4% increase compared to Ps.44,162 million
    in 2010. This increase was attributable to, among other things, the increases
    in the volumes sold of gasoline and diesel, to the adequacy of sales prices
    in the domestic market, as well as a result of the increase in the average
    international market crude oil price (the average Brent price in 2011 was
    approximately 40% higher than in 2010), with the corresponding effect in certain
    products sold in the domestic market which track international prices, such
    as fuel oil and petrochemicals. However, net sales in 2011 were adversely
    affected by the temporary suspension of the Petroleum Plus program according
    to Notes Nos. 707/12 and 800/12 of the Argentine Secretariat of Energy. The
    effects of the suspension extend, retroactively, to benefits accrued and not
    yet redeemed by YPF at the time of such suspension, representing a negative
    impact of approximately U.S.$355 million, taking into account the income recorded
    under the program in 2010 and the reversal of income recorded in 2011 as a
    result of the suspension of the program.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net sales in 2010 were
    Ps.44,162 million, representing a 28.7% increase compared to Ps.34,320 million
    in 2009. This increase was attributable to, among other things, the increases
    in the volumes sold of premium gasoline and premium diesel, to the adequacy
    of sales prices in the domestic market, as well as a result of the increase
    in the average international market price of WTI (approximately a 29% increase
    in the average market price in 2010 compared to 2009), with the corresponding
    effect in certain products sold in the domestic market which track international
    prices, such as LPG, jet fuel and petrochemicals. During 2010, we continued
    with our efforts within the scope of the Petroleum Plus program, reinforcing
    our commitment towards the exploitation and development of available energetic
    resources to fulfill domestic demand, which permitted us to record income
    under such Program.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">For further information
    on our net sales for the periods discussed above, see &#147;&#151;Results
    of operations by business segment for the years ended December 31, 2011, 2010
    and 2009.&#148;</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%" >&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Cost
      of sales</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Cost of sales in 2011
    was Ps.41,932 million compared to Ps.29,899 million in 2010, representing
    a 40.2% increase. The increase is partly attributable to the higher amounts
    of crude oil purchased from third parties (which</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">112<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_113"></a></font></p>
<p><font size="2" face="Times New Roman, Times, serif">increased, in part, in
  order to substitute our decreased production), as well as to the higher average
  price of crude oil purchased from third parties (which increased by approximately
  22% compared to the average purchase price in 2010), and an increase in the
  imported volumes of low-sulfur diesel (Euro Diesel) and regular diesel (Ultra
  Diesel), in order to fulfill the higher demand of these products in the domestic
  market and to satisfy the demand for higher quality products. In 2011, there
  has also been an increase in the volumes purchased of biofuels (biodiesel and
  bioethanol), in order to comply with present regulations, as well as in the
  average purchase prices paid for such biofuels. Additionally, with respect to
  production costs, there was an increase in royalties, driven mainly by the higher
  crude oil prices at the wellhead, which was partially offset by the lower volumes
  produced, as well as generalized cost increases, mainly preservation, repair
  and maintenance costs, salaries and social security costs and costs of services
  rendered by third parties. This increase in costs is attributable mainly to
  our increased activity and upward price pressure in Argentina.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Cost of sales in 2010
    was Ps.29,899 million compared to Ps.23,177 million in 2009, representing
    a 29.0% increase. The increase is partly attributable to the higher average
    price of crude oil purchased from third parties (which increased by approximately
    25% compared to the average purchase price in 2009, whereas the volumes of
    oil bought from such third parties remained almost unchanged), as well as
    an increase in the imported volumes of our new low-sulfur diesel (Euro Diesel),
    gasoline and fertilizers in order to fulfill the higher demand of these products
    in the domestic market and to satisfy the demand for higher quality products.
    In 2010, we have also made purchases of biofuels (biodiesel and bioethanol)
    in order to comply with present regulations. Additionally, within the production
    expenses, there was an increase in royalties, driven mainly by the abovementioned
    higher crude oil prices, as well as general increases in costs, mainly in
    preservation, repair and maintenance, salaries and social security costs and
    costs related to operation services and other service contracts, caused mainly
    by upward price pressure, and also in charges related to contractual commitments.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Selling
      expenses</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our selling expenses
    were Ps.3,723 million in 2011, compared to Ps.3,015 million in 2010, representing
    an increase of 23.5%, resulting from increases in transportation expenses,
    due to higher prices of gasoline and diesel in the domestic market and to
    increases in the corresponding fees paid for these services, in line with
    the general upward price pressure in Argentina. Selling expenses have also
    been affected by increases in wages and higher publicity and promotional expenses.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our selling expenses
    were Ps.3,015 million in 2010, compared to Ps.2,490 million in 2009, representing
    an increase of 21.1%, resulting from increases in transportation expenses,
    due to higher prices of gasoline and diesel in the domestic market and to
    increases in the corresponding fees paid for these services.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Administrative
      expenses</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our administrative expenses
    increased by Ps.476 million (33.3%) in 2011 compared to 2010 particularly
    due to increases in wages and social security costs, as well as by increases
    in fees and compensation for services, mainly related to technology information
    service contracts and licenses expenses.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our administrative expenses
    increased by Ps.327 million (29.7%) in 2010 compared to 2009 particularly
    due to increases in wages and social security costs, driven mainly by a centralization
    process of tasks in the corporate departments that previously were carried
    out in the other business units, as well as by increases in fees and compensation
    for services, mainly related to technology information service contracts and
    licenses expenses and institutional publicity expenses.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Exploration
      expenses</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our exploration expenses
    increased by Ps.230 million in 2011 compared to 2010, mainly as a result of
    the expenses incurred in the Malvinas basin exploration campaign during 2011.
    In addition, in 2011 we continued our search of new energy resources in Argentina,
    including through the exploration of unconventional resources, which</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">113<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_114"></a></font></p>
<p><font size="2" face="Times New Roman, Times, serif">implied a significant investment
  from YPF, with expenditures amounting to approximately Ps.1,731 million in 2011
  (Ps.1,121 million higher than in 2010).</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our exploration expenses
    decreased by Ps.208 million in 2010 compared to 2009, mainly as a result of
    the high exploration expenses incurred in connection with the offshore dry
    wells recognized during 2009 (in the Golfo San Jorge Marina and Austral basins),
    compared to our exploration expenses in 2010 (associated mainly to the Neuquina
    and Noroeste basins). Our expenditures on exploration activities reached approximately
    Ps.610 million in 2010.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Operating
      income</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Operating income in 2011
    was Ps.8,563 million, compared to Ps.9,475 million in 2010, representing a
    9.6% decrease, due to the factors described above.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Operating income in 2010
    was Ps.9,475 million, compared to Ps.6,999 million in 2009, representing a
    35% increase, due to the factors described above.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our operating margins
    (operating income divided by net sales) were 15.1%, 21.5% and 20.4% in 2011,
    2010 and 2009, respectively.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Other
      income/(expense), net</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Other expense, net amounted
    to Ps.62 million in 2011 compared to other expense, net of Ps.155 million
    in 2010, due mainly to: (i) lower expenses related to legal claims and as
    a result of the reassessment of certain legal proceedings in light of new
    developments; (ii) lower expenses related to certain defined benefits pension
    plans of our wholly controlled subsidiary, YPF Holdings; and (iii) income
    derived from our insurance coverage in compensation for certain damages that
    we suffered in our facilities (in the Estrecho de Magallanes platform) in
    2010.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Other expense, net amounted
    to Ps.155 million in 2010 compared to other income, net of Ps.159 million
    in 2009, due mainly to : (i) higher expenses related to certain defined benefits
    pension plans of our wholly controlled subsidiary, YPF Holdings; (ii) recoveries
    related to certain claims brought in 2009, as a result of their reassessment
    in light of new developments in our legal proceedings; and (iii) income derived
    from insurance coverage in compensation for certain damages that we suffered
    in our facilities in 2009.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Financial
      income/(expense), net and holding gains/(losses)</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">In 2011, financial expense,
    net and holding gains, decreased to Ps.347 million, from Ps.379 million in
    2010. This decrease is mainly attributable to a Ps.413 million increase in
    holding gains on inventories valued at replacement cost, as a result of the
    upward cost pressure in Argentina in 2011, which was partially offset by the
    higher negative net exchange rate differences in 2011 (Ps.283 million), related
    to our net liabilities denominated in U.S. dollars, as a result of the higher
    depreciation of the Argentine peso against the U.S. dollar in 2011 compared
    to the previous year.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">In 2010, financial expense,
    net and holding gains, decreased to Ps.379 million, from Ps.1,242 million
    in 2009. This material diminution is mainly attributable to a Ps.687 million
    increase in holding gains on inventories valued at replacement cost, mainly
    to reflect the aforementioned general cost increases in the economy during
    2010 compared to 2009, as well as lower net negative exchange rate differences
    in 2010, related to our net liabilities denominated in U.S. dollars, as a
    result of the lower depreciation of the Argentine peso against the U.S. dollar
    in 2010 compared to the previous year.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Taxes</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Income tax expense in
    2011 decreased 8.7% to Ps.2,950 million from Ps.3,230 million in 2010 mainly
    as a result of the lower net income before income tax, as explained above.
    The effective income tax rates for 2011 and 2010 were 35.77% and 35.81%, respectively,
    compared to the statutory income tax rate of 35%.</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">114<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_115"></a></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Income tax expense in
    2010 increased 45.6% to Ps.3,230 million from Ps.2,218 million in 2009 mainly
    as a result of the higher net income before income tax, as explained above.
    The effective income tax rates for 2010 and 2009 were 35.81% and 37.55%, respectively,
    compared to the statutory income tax rate of 35%.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">For additional information
    on our income tax expense see Note 3(j) to the Audited Consolidated Financial
    Statements.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Net
      income</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net income for 2011 was
    Ps.5,296 million, compared to Ps.5,790 million in 2010, a decrease of 8.5%.
    This decrease is mainly attributable to the decrease in operating income described
    above.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net income for 2010 was
    Ps.5,790 million, compared to Ps.3,689 million in 2009, an increase of 57.0%.
    This increase is mainly attributable to the increase in operating income and
    the decrease in financial expense described above.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Results
      of operations by business segment for the years ended December 31, 2011,
      2010 and 2009</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The following table sets
    forth net sales and operating income for each of our lines of business for
    the years ended December 31, 2011, 2010 and 2009:</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>For
      the Year Ended December 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><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">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2009</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
      millions of pesos)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif"><i>Net
      sales</i><sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Exploration
      and Production<sup>(2)</sup></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=5 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;To
      unrelated parties</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">3,814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">4,611</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">4,757</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;To
      related parties</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,166</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">981</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">751</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
      sales and fees<sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">20,129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">17,428</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">14,473</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      Exploration and Production</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">25,109</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">23,020</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">19,981</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Refining
      and Marketing</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=5 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;To
      unrelated parties</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">46,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">34,209</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">25,733</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;To
      related parties</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,004</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">917</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">627</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
      sales and fees</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,766</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,202</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      Refining and Marketing</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">49,544</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">36,794</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">27,562</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Chemicals</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=5 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;To
      unrelated parties </font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,632</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,445</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,932</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
      sales and fees</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">2,188</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,871</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,105</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      Chemicals</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">4,820</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">4,316</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">3,037</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Corporate
      and Other</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=5 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;To
      unrelated parties</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,307</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">999</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">520</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
      sales and fees</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">651</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">358</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">350</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      corporate and others</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,958</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,357</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">870</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Less
      intersegment sales and fees</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(24,734</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(21,325</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(17,130</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, 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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      net sales<sup>(4)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">56,697</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">44,162</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">34,320</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Operating
      income (loss)</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=5 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Exploration
      and Production</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">4,977</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">6,210</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">5,379</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Refining
      and Marketing</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">3,649</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">3,313</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,896</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Chemicals</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">874</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">559</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Corporate
      and Other</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(1,383</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(952</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(820</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Consolidation
      adjustments</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(131</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(15</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, 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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      operating income</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">8,563</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">9,475</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">6,999</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&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>
  </tr>
</table>
<p>
<font size="2">
<hr noshade align="center" width="100%" size=2>
</font>
<p></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Times New Roman, Times, serif">115<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_116"></a></font></p>
<hr noshade align="left" width="100px" size=1>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Times New Roman, Times, serif">(1)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Net sales are net
      to us after payment of a fuel transfer tax, turnover tax and custom duties
      on exports. Royalty payments required to be made to a third party, whether
      payable in cash or in kind, which are a financial obligation, or are substantially
      equivalent to a production or similar tax, are accounted for as a cost of
      production and are not deducted in determining net sales. See &#147;Item
      4. Information on the Company-Exploration and Production-Oil and gas production,
      production prices and production costs&#148; and Note 2 (f) to the Audited
      Consolidated Financial Statements.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Times New Roman, Times, serif">(2)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Includes exploration
      costs in Argentina, Guyana and the United States and production operations
      in Argentina and the United States.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Times New Roman, Times, serif">(3)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Intersegment sales
      of crude oil to Refining and Marketing are recorded at transfer prices that
      reflect our estimates of Argentine market prices.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Times New Roman, Times, serif">(4)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Total net sales include
      export sales of Ps.6,770 million, 5,678 million and Ps.4,904 million for
      the years ended December 31, 2011, 2010 and 2009 respectively. The export
      sales were mainly to the United States, Chile and Brazil.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Exploration
      and Production</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Exploration and Production
    sales increased to Ps.25,109 million in 2011 from Ps.23,020 million in 2010,
    representing an increase of 9.1%. Intersegment net sales (substantially all
    of which relate to intersegment sales of crude oil) increased by Ps.2,701
    million during 2011 compared to the prior year mainly as a result of an approximately
    26% increase in the average intersegment price in pesos of a barrel of oil
    (an approximately 20% increase in U.S. dollars), which was partially offset
    by an approximately 8.4% decrease in the volumes transferred. The average
    price of natural gas sold in the domestic market increased 18% in 2011 and
    was driven mainly by price increases in the industry segment of the Argentine
    market, especially with respect to sales to our subsidiary Mega, whose contractual
    prices track international prices, which increased along with crude oil international
    prices. Exploration and Production sales in 2011 were adversely affected by
    the temporary suspension of the Petroleum Plus program. The effects of the
    suspension extend, retroactively, to benefits accrued and not yet redeemed
    by YPF at the time of such suspension, representing a negative impact of approximately
    U.S.$355 million, taking into account the income recorded under the program
    in 2010 and the reversal of income recorded in 2011 as a result of the suspension
    of the program. </font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Exploration and Production
    operating income reached Ps.4,977 million in 2011, a 19.9% decrease from Ps.6,210
    million in 2010. Increases in crude oil sales were more than offset by an
    increase in operating expenses. Segment operating expenses increased by approximately
    19.8% due mainly to (i) increases in expenses related to operation services
    and other service contracts undertaken in order to increase and improve our
    reserves replacement ratio, which increased substantially in 2010 and 2011,
    (ii) generalized cost increases, and (iii) a Ps.404 million increase in royalties
    paid, due mainly to the higher value, expressed in pesos, at the wellhead,
    of hydrocarbons produced (used as the basis for calculation of such royalties),
    mainly as a result of the higher product prices in 2011 as previously mentioned.
    The increase in operating expenses is also explained by the effect of the
    strikes that took place in the Santa Cruz and Chubut provinces during the
    second quarter of 2011 and the operational costs that we had to face despite
    the fact that our level of activity was substantially affected in the region
    during such period.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our exploration expenses
    increased by Ps.230 million in 2011 compared to 2010, mainly as a result of
    the expenses incurred in the Malvinas basin exploration campaign during the
    present year. It is remarkable as well that our exploration activities in
    the search of new energetic resources in Argentina, including the exploration
    of non conventional resources, which implies the concentration of an important
    portion of our economic resources, continued to be one of our strategic objectives
    in 2011, with our expenditures on such activities reaching approximately Ps.1,731
    million, Ps.1,121 million more than those incurred in 2010.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Average oil production
    during 2011 reached 273 thousand barrels per day, compared to 293 thousand
    barrels per day in 2010, decreasing by 6.8%, mainly due to the effect of the
    strikes referred to above. Natural gas production in 2011 decreased by 10.3%
    to 1,208 mmcf/d from 1,346 mmcf/d in 2010. In addition to the adverse impact
    of the</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">116<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_117"></a></font></p>
<p><font size="2" face="Times New Roman, Times, serif">strikes in the Santa Cruz
  province, this decline was mainly attributable to the natural decline in the
  production curve resulting from the continuing overall maturity of our fields.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Exploration and Production
    sales increased to Ps.23,020 million in 2010 from Ps.19,981 million in 2009,
    representing an increase of 15.2%. Intersegment net sales (substantially all
    of which relate to intersegment sales of crude oil) increased by Ps.2,955
    million during 2010 compared to the prior year mainly as a result of an approximately
    20% increase in the average intersegment price in pesos of a barrel of oil
    (an approximately 15% increase in U.S. dollars), which was partially offset
    by an approximately 2.5% decrease in the volumes transferred. These positive
    effects were reinforced by the income recorded under the Petroleum Plus program
    referred to above. The average price of natural gas sold in the domestic market
    increased 18% in 2010 and was driven mainly by price increases in the power
    generation and industry segments of the Argentine market, especially with
    respect to sales to our subsidiary Mega, whose contractual prices track international
    prices, which increased along with the WTI price.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Exploration and Production
    operating income reached Ps.6,210 million in 2010, a 15.4% increase from Ps.5,379
    million in 2009, due to the aforementioned increases in crude oil sales, but
    was partially offset by an increase in operating expenses. Segment operating
    expenses increased by approximately 15.1% due mainly to (i) increases in expenses
    related to operation services and other service contracts undertaken in order
    to increase and improve our reserves replacement ratio, which increased substantially
    in 2010, (ii) generalized cost increases and higher contractual commitments
    costs required under present agreements and management estimations, and (iii)
    a Ps.395 million increase in royalties paid, due mainly to the higher value,
    expressed in pesos, at the wellhead (used as the basis for calculation of
    such royalties), of hydrocarbons produced, mainly as a result of higher product
    prices in 2010 as previously mentioned.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Our exploration expenses
    decreased by Ps.208 million in 2010 compared to 2009, mainly as a result of
    the high exploration expenses incurred in connection with the offshore dry
    wells recognized during 2009 (in the Golfo San Jorge Marina and Austral basins),
    compared to our exploration expenses in 2010 (associated mainly to the Neuqu&#233;n
    and Noroeste basins). Our expenditures on exploration activities reached approximately
    Ps.610 million in 2010.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Average oil production
    during 2010 reached 293 thousand barrels per day, compared to 302 thousand
    barrels per day in 2009. Natural gas production in 2010 decreased by 7.8%
    to 1,346 mmcf/d from 1,460 mmcf/d in 2009. This decline was mainly attributable
    to the natural decline in the production curve resulting from the continuing
    overall maturity of our fields.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Refining
      and Marketing</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Refining and Marketing
    net sales in 2011 were Ps.49,544 million, 34.7% higher than the Ps.36,794
    million in net sales recorded in 2010. This increase was attributable, among
    other factors, to higher volumes sold in the domestic market, especially in
    the premium lines of diesel and gasoline, as well as to the higher average
    sale prices of gasoline and diesel sold in the domestic market in 2011 (the
    most important products in this business segment). Notwithstanding the increase
    in the average domestic prices of diesel and gasoline, domestic prices of
    our refined products remained below average international prices, except for
    the domestic prices of certain refined products that tend to track international
    prices, such as propylene, which increased in 2011.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Refining and Marketing
    operating profit increased to Ps.3,649 million in 2011 from Ps.3,313 million
    in 2010. This increase was mainly due to higher volumes and average sales
    prices of products sold in the domestic market, which effect was partially
    offset by the increased operating costs. In addition, purchases of crude oil,
    which account for approximately 90% of the segment&#146;s operating costs,
    were made at an average intersegment price (paid to the Exploration and Production
    business segment) which was 26% higher than in 2010. This increase reflected
    the adjustments made in crude oil prices in the domestic market among local
    producers, considering the market evolution and the differences in crude oil
    qualities. This increase also affected crude oil purchase prices paid to third
    parties. Further, refining costs (excluding crude oil purchases and transportation
    costs) increased by approximately 29%, mainly due to increases in operation
    services and service contract costs, higher energy prices, as well as salary
    increases. Refining costs per barrel, which we calculate as the segment&#146;s
    production costs for the period less crude oil purchase costs, divided by
    the number of barrels produced during the period, was Ps.22.9 in 2011, compared
    to Ps.17.8 in 2010.</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">117<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_118"></a></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Refinery output in 2011,
    including 50% of Refinor&#146;s output (we own 50% of Refinor), reached 290
    thousand barrels per day, representing a 4.6% decrease compared to 304 thousand
    barrels per day processed in 2010. This decrease was mainly attributable to
    certain programmed technical stoppages during 2011, lower crude oil availability
    in the domestic market and the unions conflicts previously mentioned.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Refining and Marketing
    net sales in 2010 were Ps.36,794 million, 33.5% higher than the Ps.27,562
    million in net sales recorded in 2009. This increase was attributable, among
    other factors, to higher volumes sold in the domestic market, especially in
    the premium lines of diesel and gasoline, as well as to the higher average
    sale prices of gasoline and diesel sold in the domestic market in 2010 (the
    most important products in this business segment). Notwithstanding the increase
    in the average domestic prices of diesel and gasoline, domestic prices of
    our refined products remained below average international prices, except for
    the domestic prices of certain refined products that tend to track international
    prices, such as aviation fuel and LPG, which increased in 2010.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Refining and Marketing
    operating profit increased to Ps.3,313 million in 2010 from Ps.1,896 million
    in 2009. This increase was mainly due to higher volumes and average sales
    prices of products sold in the domestic market. In addition, purchases of
    crude oil, which account for approximately 90% of the segment&#146;s operating
    costs, were made at an average intersegment price (paid to the Exploration
    and Production business segment) which was 20% higher than in 2009. This increase
    reflected the adjustments made in crude oil prices in the domestic market
    among local producers, considering the market evolution and the differences
    in crude oil qualities. This increase also affected crude oil purchase prices
    paid to third parties. Further, refining costs (excluding crude oil purchases
    and transportation costs) increased by approximately 20%, mainly due to higher
    energy prices, increases in operation services and service contract costs,
    as well as salary increases. Refining costs per barrel, which we calculate
    as the segment&#146;s production costs for the period less crude oil purchase
    costs, divided by the number of barrels produced during the period, was Ps.17.8
    in 2010, compared to Ps.14.8 in 2009.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Refinery output in 2010,
    including 50% of Refinor&#146;s output (we own 50% of Refinor), reached 304
    thousand barrels per day, representing a 1.9% decrease compared to 310 thousand
    barrels per day processed in 2009.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><i>Chemicals</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net sales increased 11.7%
    to Ps.4,820 million in 2011 compared to Ps.4,316 million in 2010. This increase
    was attributable mainly to higher sales prices in the domestic market, particularly
    with respect to methanol and aromatic products lines, and to higher volumes
    sold in the domestic market of these products. Additionally, higher volumes
    were sold and higher prices were received from the sales of octane bases and
    methanol, which are used in the elaboration of liquid fuels, to the Refining
    and Marketing business unit.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Operating income increased
    by 66.0% to Ps.1,451 million in 2011 compared to Ps.874 million in 2010 due
    mainly to the results obtained from our interest in Profertil S.A. and to
    the higher margins in various aromatics product lines processed at Ensenada
    Industrial Complex and in our Methanol Plant. With respect to the results
    obtained from our interest in Profertil S.A., their increase was attributable
    to the positive effects of higher urea and other fertilizers volumes sold
    in the domestic and international markets and the higher average prices of
    these products both at the domestic and international markets.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net sales increased 42.1%
    to Ps.4,316 million in 2010 compared to Ps.3,037 million in 2009. This increase
    was attributable mainly to higher sales prices in the domestic market, particularly
    with respect to methanol and aromatic products lines, and to higher volumes
    of fertilizers sold in the domestic market. Additionally, higher volumes were
    sold and higher prices were received from the sales of aromatic additives,
    such as toluene and xylene, which are used in the elaboration of liquid fuels,
    to the Refining and Marketing business unit. In the international market,
    net sales rose in 2010, both in terms of volume (essentially, of parafinic
    refined) and in average prices for exported petrochemical products as a consequence
    of an upward trend in reference prices in 2010 compared to 2009, consistent
    with the upward trend in reference prices experienced in other segments.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Operating income increased
    by 56.4% to Ps.874 million in 2010 compared to Ps.559 million in 2009 due
    mainly to higher margins in various aromatics product lines processed at Ensenada
    Industrial Complex. The results obtained from our interest in Profertil S.A.
    remained stable compared to 2009, as the higher urea and other fertilizer
    volumes</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">118<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_119"></a></font></p>
<p><font size="2" face="Times New Roman, Times, serif">sold in the domestic market
  and the higher average prices of these products both at the domestic and international
  market, were offset by a sharp diminution in the volumes of urea sold in the
  international market.</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="Times New Roman, Times, serif"><i>Corporate
      and others</i></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">In fiscal year 2011,
    operating loss for administrative expenses and other expenses reached Ps.1,383
    million, a 45.3% increase over the previous year. The main reasons for the
    increase were higher salaries and related charges, increases in fees and compensation
    for services, higher technology information services and licenses expenses
    and institutional publicity expenses. In addition, there was a slight decrease
    in the operating income of our controlled company A-Evangelista S.A., and
    in the earnings related to support services, mainly IT services, provided
    to related parties, compared to 2010.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">In fiscal year 2010,
    operating loss for administrative expenses and other expenses reached Ps.952
    million, a 16.1% increase over the previous year. The main reasons for the
    increase were higher salaries and related charges, increases in fees and compensation
    for services, higher technology information services and licenses expenses
    and institutional publicity expenses. This increase was, however, partially
    offset by the slight increase in operating income of our controlled company
    A-Evangelista S.A., and by earnings related to support services, mainly IT
    services, provided to related parties.</font></p>
</div>
<a name="119"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b>Liquidity
      and Capital Resources</b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Times New Roman, Times, serif"><b><i>Financial
      condition</i></b></font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Total debt outstanding
    as of December 31, 2011 and 2010 was Ps.12,767 million and Ps.7,789 million,
    respectively, consisting of short-term debt (including the current portion
    of long-term debt) of Ps.8,113 million and long-term debt of Ps.4,654 million
    as of December 31, 2011, and short-term debt of Ps.6,176 million and long-term
    debt of Ps.1,613 million as of December 31, 2010. As of December 31, 2011
    and 2010, a major part of our debt was denominated in U.S. dollars.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Since September 2001,
    we have repurchased certain of our publicly-traded bonds in open market transactions
    on an arms-length basis. As of December 31, 2011, we had repurchased approximately
    U.S.$12.6 million of our outstanding bonds. We may from time to time make
    additional purchases of, or affect other transactions relating to, our publicly-traded
    bonds if in our own judgment the market conditions are attractive.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The following tables
    set forth our consolidated cash flow information for the periods indicated.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>For
      the Year Ended December 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><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">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Times New Roman, Times, serif"><b>2009</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><b>(in
      millions of pesos)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Net cash
      flows provided by operating activities</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">12,770</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">12,726</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">9,414</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Net
      cash flows used in investing activities</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">
      (12,278</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(8,624</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(5,603</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Net cash
      flows used in financing activities</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(1,571</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(3,720</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">(2,881</font></td>
    <td width="2%" align="left"><font size="2" face="Times New Roman, Times, 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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Net
      increase/(decrease) in cash and equivalents</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">(1,079</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">382</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">930</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Times New Roman, Times, serif">Cash
      and equivalents at the beginning of period</font></td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">2,145</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">1,215</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">Cash
      and equivalents at the end of period</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">1,448</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">2,527</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Times New Roman, Times, serif">2,145</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
</table>
<font face="Times New Roman, Times, serif" size="2"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Net cash flow provided
    by operating activities was Ps.12,770 million in 2011, compared to Ps.12,726
    million in 2010. Net cash flow provided by operating activities was Ps.12,726
    million in 2010, compared to Ps.9,414 million in 2009. This 35% increase was
    mainly attributable to higher operating income in 2010 compared to 2009, as
    explained above.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The main uses of cash
    in investing and financing activities in 2011 involved Ps.12,289 million in
    fixed asset acquisitions corresponding mainly to our Exploration and Production
    business segment and our refineries, and Ps.5,565 million to dividend payments.
    These uses of cash were also afforded by Ps.3,994 million net cash flow corresponding
    to proceeds from loans. The main uses of cash in investing and financing activities
    in 2010 involved Ps.8,729 million in fixed asset acquisitions corresponding
    mainly to our Exploration and Production business</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">119<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, serif"><page></font>
<p><font size="2" face="Times New Roman, Times, serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><a name="page_120"></a></font></p>
<p><font size="2" face="Times New Roman, Times, serif">segment and our refineries,
  and Ps.4,444 million to dividend payments. These uses of cash were also afforded
  by Ps.724 million net cash flow corresponding to proceeds from loans. The principal
  uses of cash in investing and financing activities in 2009 included Ps.5,636
  million in fixed asset acquisitions relating mainly to exploration and development
  activities in our upstream operations, Ps.4,897 million in dividend payments,
  while net proceeds from loans reached Ps.2,016 million. Our current financing
  policy is to use cash flows provided by operating activities and debt to fund
  both our investing and operating activities. We have several domestic credit
  lines available from financial institutions in foreign and local currency. We
  believe that our level of working capital will not affect our business operations,
  mainly as a result of the expected net cash flow provided by operating activities
  in 2012.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">In the shareholders&#146;
    agreement entered into by Repsol YPF and Petersen Energ&#237;a in connection
    with the Petersen Transaction, they agreed to effect the adoption of a dividend
    policy under which we would distribute 90% of our net income as dividends,
    starting with our net income for 2007. See &#147;Item 8. Financial Information&#151;Dividend
    Policy&#148; and &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Shareholders&#146;
    Agreement.&#148; However, following repeated public statements by the Argentine
    government that YPF had paid too much of its earnings in dividends and requesting
    the Company to withhold dividend payments for 2010 and 2011 and invest the
    related funds in exploration and production activities in Argentina, in March
    2012, our Board of Directors decided not to pay a cash dividend but rather
    offer a scrip dividend with respect to 2011 and remaining undistributed prior
    years&#146; earnings.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Accordingly, on March
    21, 2012, the Board of Directors resolved to make the following proposals
    to YPF&#146;s shareholders: (i) to transfer Ps.1,057 million included in the
    &#145;Reserve for future dividends&#146; to &#145;Unappropriated retained
    earnings&#146;(this amount, together with the earnings of the 2011 fiscal
    year, total Ps.6,353 million); (ii) to carry out a capital increase of Ps.5,789
    million (which represents approximately 91.1% of such total); (iii) to assign
    Ps.299 million to meet the relevant CNV requirements concerning the distribution
    of profits in connection with deferred negative earnings; and (iv) to assign
    Ps.265 million, which represents 5% of the 2011 fiscal year earnings, to partially
    meet the increase in the legal reserve which will be required when the capital
    increase referred to above is carried out. These proposals as well as our
    accounting documentation corresponding to Fiscal Year N&#186; 35, ended December
    31, 2011, are expected to be evaluated by our shareholders. On April 23, 2012
    the Intervention of the Company has decided to suspend, until further notice,
    the call notice of the General Ordinary Shareholders&#146; Meeting to be held
    on April 25, 2012, in order to guarantee the normality of the meeting and
    protect the interests of the Company and its shareholders and the transparency
    in the market. The agenda for that meeting includes the evaluation of our
    accounting documentation corresponding to Fiscal Year N&#186; 35. We expect
    that the new members of our Board of Directors to be appointed at the General
    Ordinary Shareholders&#146; Meeting of June 4, 2012 lift the aforementioned
    suspension. The effect of the foregoing, if approved by our shareholders,
    will be to pay our dividends with respect to 2011 and remaining undistributed
    prior years&#146; earnings in the form of a scrip dividend.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">Given the recent passage
    of the Expropriation Law, we are developing our new business plan and the
    related new investment, economic and dividend policy for the Company. See
    &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship
    with the Argentine Government&#151;The Expropriation Law.&#148; See &#147;Item
    3. Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;We
    may not be able to pay, maintain or increase dividends.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The shareholder&#146;s
    meeting held on January 8, 2008, approved a Notes Program for an amount up
    to U.S.$1,000 million. Proceeds of any offering under this program shall be
    used exclusively to invest in fixed assets and working capital in Argentina.
    On September 24, 2009, YPF issued Ps.205 million of Negotiable Obligations
    &#147;Class I&#148; under this program, which bore variable interest rate
    and matured in 2011. On March 4, 2010, YPF issued Ps. 143 million of Negotiable
    Obligations &#147;Class II&#148; under this program, which bore variable interest
    rate and matured in 2011, and U.S.$70 million of Negotiable Obligations &#147;Class
    III&#148;, which bear a fixed interest rate and will mature in 2013. As of
    December 31, 2011, the Company had fully complied with the use of proceeds
    disclosed in the pricing supplement relating to each of these classes of Negotiable
    Obligations and Negotiable Obligations &#147;Class I&#148; and &#147;Class
    II&#148; had been fully paid. Additionally, on June 21, 2011, YPF issued Ps.300
    million of Negotiable Obligations &#147;Class V&#148; under this program,
    which bear a variable interest rate and will mature in 2012. The securities
    referred to above have been authorized to be traded on the Buenos Aires Stock
    Exchange (<i>Bolsa de Comercio de Buenos Aires</i>) and the Electronic Open
    Market (<i>Mercado Abierto Electr&#243;nico</i>) in Argentina, while outstanding.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Times New Roman, Times, serif">The following table sets
    forth our commitments for the periods indicated below with regard to the principal
    amount of our debt, as of December 31, 2011, plus accrued but unpaid interest
    through December 31, 2011:</font></p>
</div>
<p align="center"><font size="2" face="Times New Roman, Times, serif">120<br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Times New Roman, Times, 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_121"></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=13  width="8%" align="center"><font size="2"><b>Expected Maturity
      Date</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  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">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Less than<br>
        1 year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>1 - 2 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2 - 3 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>3 - 4 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>4 - 5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>More than 5 years</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  width="8%" align="center"><font size="2"><b>(in millions of
      pesos)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Debt<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">12,767</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,113</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,051</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">592</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>

    <td><font size="1">See &#147;Item 3. Key Information-Risk Factors&#151;Risks
      Relating to Argentina&#151;A significant portion of our outstanding financial
      indebtedness contains covenants that prohibit a change in the control of
      the Company or a nationalization event and we may be required to repay some
      or all of our outstanding debt&#148; and &#147;Item 3. Key Information&#151;Risk
      Factors&#151;Risks Relating to Argentina&#151;Our access to international
      capital markets and the market price of our shares are influenced by the
      perception of risk in Argentina and other emerging economies. Recent developments
      in Argentina may adversely affect our ability to finance our operations
      and the trading values of our securities.&#148;</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Contractual obligations</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table sets forth information with regard to our commitments, expressed in U.S. dollars, under commercial contracts for the years indicated below, as of December 31, 2011:</font></p></div>


<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Contractual Obligations</b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Less than 1 year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>1 - 3 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>3 - 5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>More than 5 years</b></font></div>
    </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 align="right">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td colspan=9 align="center"><font size="2"><b>(in millions of U.S.$)<sup>(5)</sup></b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Debt<sup>(1)</sup></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">3,038</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">1,973</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">800</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">58</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">207</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Operating Lease Obligations</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">623</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">296</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">232</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">69</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">25</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Purchase Obligations<sup>(2)</sup></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">2,416</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">863</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">696</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">456</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">401</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchases of services</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">1,267</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">417</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">297</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">204</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">349</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchases of goods</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">1,150</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">446</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">399</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">253</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">51</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LPG</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">29</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">12</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">16</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Electricity</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">77</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">16</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">24</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">22</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">15</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Gas</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">313</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">104</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">106</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">83</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">20</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Oil</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">430</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">98</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">196</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">135</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Steam</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">43</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">5</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">10</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">10</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">17</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Others</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">259</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">211</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">46</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Other Liabilities<sup>(3)</sup> </font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">4,875</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">3,089</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">297</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">241</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">1,248</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total<sup>(3)(4)</sup></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">10,953</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6,222</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2,025</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">825</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">1,882</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">These projected amounts include interest due during all the periods presented. Interest on variable rate instruments is calculated using the rate as of December 31, 2011 for all periods.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Includes purchase commitments under commercial agreements that do not provide for a total fixed amount, which have been valued using our best estimates. Accordingly, our actual purchase obligations may differ from the estimated amounts shown in the table.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Reserves for contingent liabilities under commercial contracts, which amounted to U.S.$678 million as of December 31, 2011, are not included in the table above since we cannot, based on available evidence, reasonably estimate the settlement dates of such contingencies.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">In addition to the contractual obligations detailed in the preceding table, we are also committed to carry out exploration activities in certain exploration areas and to make certain investments and expenditures until the expiration of some of our concessions. These commitments amounted to approximately U.S.$8.9 billion as of December 31, 2011.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">The table is presented in U.S.$, which is the Company&#146;s functional currency, and not in its reporting currency, as the majority of the Company&#146;s contractual obligations are originally denominated in U.S.$.</font></td>
	</tr>
</table><div style="text-indent:3%">
  <p><font size="2">We have additional commitments under guarantees. For a discussion
    of these additional commitments see &#147;</font><font size="1">&#151;</font><font size="2">Guarantees
    provided&#148; below.</font></p>
</div>
<p align="center"><font size="2">121</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_122"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Covenants in our indebtedness</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our financial debt generally contains customary covenants. With respect to a significant portion of our financial debt totaling Ps.12,767 million, including accrued interest (long- and short-term debt) as of December 31, 2011, we have agreed, among other things and subject to certain exceptions, not to establish liens or charges on our assets. In addition, approximately 21% of our financial debt outstanding as of December 31, 2011 was subject to financial covenants related to our leverage ratio and debt service coverage ratio.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">In addition, a significant portion of our financial debt,
    totaling approximately U.S.$1,600 million as of the date of this annual report
    (U.S.$2,000 million as of December 31, 2011), provides that certain changes
    in control and/or nationalization events with respect to us may constitute
    an event of default. In addition, our outstanding financial indebtedness also
    contains cross-default provisions and/or cross-acceleration provisions that
    could cause all of our debt to be accelerated if the debt having changes in
    control and/or nationalization events provisions goes into default or is accelerated.
    While as of the date of this annual report we have not received any default
    notification or debt acceleration request, we may be required to repay some
    or all of our outstanding debt as a result of the passage of the Expropriation
    Law. Our management is actively pursuing formal waivers from the corresponding
    financial creditors. In case those waivers are not obtained and immediate
    repayment is required, the Company could face short-term liquidity problems.
    However Management expects that in such case it could obtain financing from
    several sources, including the Company&#146;s operating cash flows and available
    credit lines.See &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law.&#148; See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks
    Relating to Argentina&#151;A significant portion of our outstanding financial
    indebtedness contains covenants that prohibit a change in the control of the
    Company or a nationalization event and we may be required to repay some or
    all of our outstanding debt.&#148;</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Guarantees provided</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, we had signed a guarantee in relation to a loan that Central Dock Sud S.A. had borrowed from the European Investment Bank in 2001. As of December 31, 2011 the carrying amount (and maximum potential amount of future payments) of the guarantee was approximately U.S.$9.4 million, consisting of U.S.$8.6 million of principal, plus a 9% cap which covers any sum of interest, commission, liquidated damages, charge or expense or any other sum which is expressed to be payable by the borrower to the bank. The guarantee triggers in the event of a lack of payment of any guaranteed amount by Central Dock Sud S.A. The corresponding loan matures in 2013.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Furthermore, we have issued letters of credit in an aggregate total amount of U.S.$51.32 million to guarantee certain environmental obligations and guarantees in an aggregate amount of U.S.$29.42 million in relation with the performance of contracts of certain of our controlled companies.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Capital investments, expenditures and
      divestitures</i></b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Capital investments and expenditures</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Capital investments in 2011 totaled approximately Ps.13,639 million. The table below sets forth our capital expenditures and investments by activity for each of the years ended 2011, 2010 and 2009.</font></p></div>


<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"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2009</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  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=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(in millions of pesos)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(%)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(in millions of pesos)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(%)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(in millions of pesos)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>(%)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Capital Expenditures and Investments</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Exploration and Production</font></td>
    <td width="8%" align="right"><font size="2">9,125</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,322</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">74</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Refining and Marketing</font></td>
    <td width="8%" align="right"><font size="2">3,186</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,826</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,177</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Chemicals</font></td>
    <td width="8%" align="right"><font size="2">1,098</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">712</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">155</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Corporate and Other</font></td>
    <td width="8%" align="right"><font size="2">230</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">149</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">178</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</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">Total</font></td>
    <td width="8%" align="right"><font size="2">13,639</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">8,961</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">5,832</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">100</font></td>
    <td width="2%" align="left"><font size="2">%</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>
  </tr>
</table>
<br>
<p align="center"><font size="2">122</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_123"></a></font></p>
<div style="text-indent:3%">
  <p><font size="2">Given the recent passage of the Expropriation Law, we are
    developing our new business plan and the related new investment, economic
    and dividend policy for the Company. Our new business plan will be designed
    in accordance with the goals set forth in the Expropriation Law. See &#147;Item
    4. Information on the Company&#151;Regulatory Framework and Relationship with
    the Argentine Government&#151;The Expropriation Law.&#148;</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Capital divestitures</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We have not made any significant divestitures in the past three years.</font></p></div>
<a name="123a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Off-Balance Sheet Arrangements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We do not have any material off-balance sheet arrangements. Our only off-balance sheet arrangements are those described in &#147;&#151;Liquidity and Capital Resources&#151;Guarantees provided.&#148;</font></p></div>
<a name="123b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 6. Directors, Senior Management and Employees</b></font></td>
	</tr>
</table>
<br>
<a name="123c"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Management of the Company under the Intervention</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">On April 16, 2012, the Company was notified, through a notarial certification, of Decree No. 530/12 of the National Executive Power, which provides for the temporary intervention of the Company (the &#147;Intervention&#148;) for a period of thirty (30) days, with the aim of securing the continuity of its business and the preservation of its assets and capital, securing fuel provision and the satisfaction of the country&#146;s needs, and guaranteeing that the goals of the Expropriation Law, are met. See &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship with the Argentine Government&#151;The Expropriation Law.&#148;</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">In accordance with Article 3 of Decree No. 530/2012, the powers
    conferred by YPF&#146;s bylaws on the Board and/or the President of the Company
    have been temporarily granted to Julio M. De Vido, the Intervenor who, as
    of the date of this annual report performs the functions of our Principal
    Executive Officer and Principal Financial Officer. In addition, the Intervenor
    has appointed the following delegates:</font></p>
</div>
<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">&#149;</font></td>
		<td><font size="2">Deputy Intervenor, Mr. Axel Kicillof (Decree No. 532/2012);</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Delegate for the Corporate Legal Services Division, Mr. Rodrigo Cuesta;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Delegate for the Administrative and Tax Division and the Finance Division, Mr. Nicol&#225;s Arceo;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Delegate for the Human Resources Division, Mr. Juan Manuel Abud;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Delegate for the Upstream Executive Division, Mr. Exequiel Espinoza;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Delegate for the Downstream Executive Division, Mr. Walter Fagyas;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Delegate for the Commercial Executive Division, Mr. Emanuel Agis; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Delegate for the Industrial Subsidiaries Division, Mr. Juan Jos&#233; Carbajales.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In addition, a General Operations Unit has been created to optimize and streamline the daily management of the Company and its activities. The General Operations Unit is formed by Mr. Roberto Baratta, Mr. Antonio Pronsato, Mr. Damian Camacho, Mr. Luis Vitullo, the delegates of the Intervenor mentioned above, and the Intervention General Secretariat, which is lead by Mr. Juan Strada. </font></p></div>
<div style="text-indent:3%"><p><font size="2">On May 7, 2012, through Decree No. 676/2012 of the National Executive Power, Mr. Miguel Mat&#237;as Galuccio was appointed General Manager of the Company during the Intervention. We expects that Intervention will be extended up to our next shareholders&#146; meeting to be held on June 4, 2012.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Set forth below is a summary of the professional experience
    of Mr. Miguel Galuccio and Mr. Nicol&#225;s Arceo.</font></p>
</div>
<p align="center"><font size="2">123</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_124"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Miguel Galuccio</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Galuccio holds a degree in oil engineering from the Technological Institute of Buenos Aires. Until April 16, 2012, Mr. Galuccio formed part of the management team of Schlumberger in London. He has more than 20 years of international experience in the oil and gas industry. During his career at Schlumberger, he has held the positions of Real Time Reservoir Manager, Mexico and Central America General Manager, President of Integrated Project Management &#150; IPM and President of Production Management. In 2011, he created the strategic &#147;Schlumberger Production Management&#148; division, based in London, which he led until joining YPF. Throughout his career at Schlumberger, Mr. Galuccio has led companies and working teams in the United States, Middle East, Asia, Europe, Latin America, Russia and China. Prior to joining Schlumberger, he worked at YPF where he participated in the Company&#146;s internationalization process as Manager within Maxus Energy. During his career at YPF, he held among others the positions of Development Manager &#150; YPF Division South, Asset Manager Advisor at Maxus &#150; YPF International and Business Unit Manager at Maxus &#150; YPF International. On May 7, 2012, through Decree No. 676/2012 of the National Executive Power, Mr. Miguel Mat&#237;as Galuccio was appointed General Manager of the Company during the Intervention period.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Nicol&#225;s Arceo</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Arceo has received degrees in economy from the University of Buenos Aires. He holds a PhD in Social Science and a Master&#146;s Degree in Economy Politics from the Latin-American Faculty of Social Sciences. Mr. Arceo is Undersecretary of Economy Planning of the Ministry of Economy of the Republic of Argentina and has been appointed Delegate for the Administrative and Tax Division and the Finance Division of YPF during the Intervention period.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><b>The information provided below describes the composition and responsibilities of our Board of Directors and committees as of the date prior to the Intervention (April 16, 2012). While none of our Board committees have been terminated and our Board of Directors has not been dissolved, they are currently devoid of any powers, functions or duties, as such powers, functions or duties have been temporarily assumed by the Intervenor.</b></font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><b>In compliance with the provisions of the Expropriation
    Law, the CNV has convened a general shareholders&#146; meeting for June 4,
    2012. The removal of all regular members and alternate members of our Board
    of Directors and our Supervisory Committee will be submitted for their approval.
    In addition, such general shareholders&#146; meeting will fix the number of
    regular and alternate members of our Board Directors and Supervisory Committee
    and appoint their new regular and alternate members. The Argentine government
    and the governments of certain provinces will be able to appoint a majority
    of the members of our Board of Directors. See &#147;Item 3. Key Information&#151;Risk
    Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government
    has taken control over the Company and will operate it according to domestic
    energy policies in accordance with the Expropriation Law&#148; and &#147;Item
    4. Information on the Company&#151;Regulatory Framework and Relationship with
    the Argentine Government&#151;The Expropriation Law.&#148;</b></font></p>
</div>
<div style="text-indent:3%"><p><font size="2"><b>We expect that the new members of our Board of Directors, once appointed, will determine the composition and size of our Board committees.</b></font></p></div>
<a name="124"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Board of Directors</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2"><i>The information provided below describes the composition
    and responsibilities of our Board of Directors as of the date prior to the
    Intervention (April 16, 2012). The powers, functions or duties of our Board
    of Directors have been temporarily assumed by the Intervenor and its delegates.
    See &#147;&#151;Management of the Company under the Intervention.&#148;</i></font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Composition of our Board of Directors as of the date prior to the Intervention (April 16, 2012)</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our business and affairs were managed by the Board of Directors in accordance with our by-laws and the Argentine Corporations Law No. 19,550 (the &#147;Argentine Corporations Law&#148;). Our by-laws provide for a Board of Directors of 11 to 21 members, and up to an equal number of alternates. Alternates are those elected by the </font></p></div>
<p align="center"><font size="2">124</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_125"></a></font></p>
<p><font size="2">shareholders to replace directors who are absent from meetings or who are unable to exercise their duties, when and for whatever period appointed to do so by the Board of Directors. Alternates have the responsibilities, duties and powers of directors only if and to the extent they are called upon to attend board meetings and as long as they perform the duties of a director.</font></p>
<div style="text-indent:3%"><p><font size="2">Directors shall hold office from one to three years, as determined by the shareholders&#146; meetings. Since the shareholders&#146; general ordinary meeting held on April 26, 2011, our Board of Directors is composed of 17 directors and 12 alternates.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In accordance with our by-laws, the Argentine government, sole holder of Class A shares, is entitled to elect one director and one alternate. On November 5, 2010, our Board of Directors discussed the resignation handed in by the director representative of Class A shares. A replacement had not yet been appointed as of the date prior to the Intervention (April 16, 2012).</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under the Argentine Corporations Law, a majority of our directors must be residents of Argentina. All directors must establish a legal domicile in Argentina for service of notices in connection with their duties.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our by-laws require the Board of Directors to meet at least once every quarter in person or by video conference, and a majority of directors is required in order to constitute a quorum. If a quorum is not met one hour after the start time set for the meeting, the President or his substitute may invite alternates of the same class as that of the absent directors to join the meeting, or call a meeting for another day. Resolutions must be adopted by a majority of the directors present (including by teleconference), and the President or his substitute is entitled to cast the deciding vote in the event of a tie.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The members of our Board of Directors, the year in which they were appointed and the year their term of appointment expired were as follows as of the date prior to the Intervention (April 16, 2012): </font></p></div>


<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Name</b></font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="40%" align="right">
      <div align="center"><font size="2"><b>Position</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Age</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Director Since</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Term Expiration</b></font></div>
    </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 align="right">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Antonio Brufau Niubo</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Chairman and Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">64</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2004</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Enrique Eskenazi</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Vice-Chairman and Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">86</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Sebasti&#225;n Eskenazi</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Executive Vice-Chairman, Chief Executive
        Officer (CEO) and Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">48</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Antonio Gomis S&#225;ez</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Repsol Argentina General Director, Assistant
        Director to the CEO and Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">59</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2007</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">An&#237;bal Guillermo Belloni</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">77</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Mario Blejer</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">63</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Carlos Bruno</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">63</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2005</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Roberto Baratta</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">38</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2011</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2012</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Carlos de la Vega</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">71</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">1993</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Mat&#237;as Eskenazi Storey</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Assistant Director to the CEO and Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">43</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Carlos Arnoldo Morales-Gil</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">57</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2011</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Salvador Font Estrany</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">61</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Federico Ma&#241;ero</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">55</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2005</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Miguel Mart&#237;nez San Mart&#237;n</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">53</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2011</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Luis Su&#225;rez de Lezo Mantilla</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">60</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Javier Monz&#243;n</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">56</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2005</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Mario V&#225;zquez</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">76</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Alejandro Quiroga L&#243;pez</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">49</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2004</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Alfredo Pochintesta</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and Commercial Executive
        Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">59</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Tom&#225;s Garc&#237;a Blanco</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and Upstream Executive
        Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">47</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">125</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_126"></a></font></p>


<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Name</b></font></div>
    </td>
    <td width="2%" align="right">&nbsp; </td>
    <td width="40%" align="right">
      <div align="center"><font size="2"><b>Position</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Age</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Director Since</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Term Expiration</b></font></div>
    </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 align="right">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Fernando Dasso</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and Director of Human
        Resources</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">46</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Carlos Jim&#233;nez L&#243;pez</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and Director of Management
        Control</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">55</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Carlos Alfonsi</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and Downstream Executive
        Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">51</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">&#193;ngel Ramos S&#225;nchez</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and Director of Administration
        and Tax</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">55</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2009</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Ezequiel Eskenazi Storey</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">51</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Mauro Renato Jos&#233; Dacomo</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and General Counsel</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">48</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Ignacio Cruz Moran</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director and COO</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">41</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Eduardo &#193;ngel Garrote</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">60</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2008</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">2013</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">To be appointed <sup>*</sup></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="left"><font size="2">Alternate Director</font></div>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2">&#151;</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">&#151;</font></div>
    </td>
    <td align="left">&nbsp; </td>
    <td align="right">
      <div align="center"><font size="2">&#151;</font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%"><font size="1">* </font></td>
    <td><font size="1">Representing our Class A shares.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Alternate Director Alejandro Quiroga L&#243;pez, who owned 4,000 Class D shares as of April 13, 2012 (representing approximately 0.001% of our Class D shares outstanding as of such date), was the only director who owned shares in YPF. In addition, Sebasti&#225;n Eskenazi, Enrique Eskenazi, Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi Storey control Petersen Energ&#237;a and PEISA (the &#147;Petersen Group&#148;), which own 25.46% of our capital stock. See &#147;Item 7. Major Shareholders and Related Party Transactions.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">Pursuant to the shareholders&#146; agreement between Repsol YPF and Petersen Energ&#237;a, the composition of our Board of Directors had to reflect a proportional representation of Repsol YPF&#146;s and Petersen Energ&#237;a&#146;s interests in our capital stock. See &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Shareholders&#146; Agreement.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Chairman of the Board of Directors, who, according to our by-laws, must be a Class D director, is elected by the Board of Directors to serve for a two-year term, but not to exceed his term as director. All other officers serve at the discretion of the Board of Directors and may be terminated at any time without notice.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="2%" >&nbsp;</td>
    <td valign=top ><font size="2"><b><i>Outside business interests and experience
      of the members of our Board of Directors as of the date prior to the Intervention
      (April 16, 2012)</i></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Antonio Brufau Niubo</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Brufau Niubo graduated with an economics degree from the University of Barcelona. From 1999 to 2004, he acted as managing director for the La Caixa Group. He served as a member of the Repsol YPF Board of Directors from 1996 until becoming chairman and CEO of Repsol YPF in October 2004, a position he currently occupies. He was appointed chairman of Gas Natural group in July 1997 and is now vice chairman of the group. From July 2002 to July 2005, he served as chairman of Barcelona&#146;s <i>C&#237;rculo de Econom&#237;a</i>. Mr. Brufau has served on the boards of several other companies, including Suez, Enag&#225;s, Abertis, Aguas de Barcelona, Colonial and Caixa Holding, CaixaBank France and CaixaBank Andorra. Until December 2005, he was the only Spanish member of the Executive Committee of the International Chamber of Commerce.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Enrique Eskenazi</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Eskenazi graduated with a chemical engineering degree from the Universidad Nacional del Litoral. In 2008, Mr. Eskenazi was appointed Vice Chairman and Director of YPF. He is the Co-Chief Executive Officer of Marviol S.R.L. and the President of Petersen Inversiones S.A., Napelgrind S.A., Banco de San Juan S.A., Banco de Santa Cruz S.A., Nuevo Banco de Santa Fe S.A., Nuevo Banco de Entre R&#237;os S.A., Petersen Energ&#237;a S.A. (Argentina), Fundaci&#243;n Banco San Juan, Fundaci&#243;n Banco Santa Cruz, Fundaci&#243;n Nuevo Banco de Santa Fe, Fundaci&#243;n Nuevo Banco de Entre R&#237;os, Mantenimientos y Servicios S.A., Petersen, Thiele y Cruz S.A., Estacionamientos Buenos Aires S.A, Petersen Energ&#237;a Pty. Ltd., Agro Franca S.A. and Fundaci&#243;n YPF. Mr. Eskenazi is the father of Messrs. Sebasti&#225;n Eskenazi and Mat&#237;as and Ezequiel Eskenazi Storey.</font></p></div>
<p align="center"><font size="2">126</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_127"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Sebasti&#225;n Eskenazi</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">In March 2008, Mr. Eskenazi was appointed Executive Vice-Chairman,
    Chief Executive Officer and Director of YPF. He is the Co-Chief Executive
    Officer of Marviol S.R.L. and President of Arroyo Lindo S.A. Mr. Eskenazi
    is Vice President of Petersen Inversiones S.A, Petersen Energ&#237;a S.A.
    (Argentina), and Nuevo Banco de Santa Fe S.A. He is member of the Board of
    Directors of Petersen Energ&#237;a Pty. Ltd., Petersen Energ&#237;a S.A. (Spain)
    and Petersen Energ&#237;a Inversora S.A. (Spain), and alternate director in
    Banco de San Juan S.A., Banco de </font><font size="2">Santa Cruz S.A., and
    Nuevo Banco de Entre R&#237;os. Mr. Eskenazi is the son of Mr. Enrique Eskenazi
    and brother of Messrs. Mat&#237;as and Ezequiel Eskenazi Storey.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Antonio Gomis S&#225;ez</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Gomis S&#225;ez graduated with a chemical engineering degree from the Complutense University of Madrid and a master&#146;s in business administration from IESE Business School &#150; University of Navarra in Spain. He began his career in 1974 at the Repsol YPF Petr&#243;leo refinery in Puertollano, Ciudad Real and later went to work at the International Energy Agency in Paris founded by the Organization for Economic Cooperation and Development (&#147;OECD&#148;). He served as advisor to the General Secretary of Energy and Mineral Resources at the Spanish Ministry of Energy. In 1986 he joined the <i>Instituto Nacional de Hidrocarburos</i>, where he was appointed managing director of international and institutional relations of Repsol YPF. From 1997 to 2000, he was general director of energy at the Spanish Ministry of Industry and Energy. From September 2000 to November 2004, he was corporate director of external relations, overseeing investor and media relations. In January 2005 he was appointed CEO of Repsol YPF Qu&#237;mica and managing director of Repsol YPF&#146;s Chemicals Europe and Rest of the World. In July 2007 he was appointed director of our company and in February 2010 he was appointed General Director Repsol Argentina, and Assistant Director to the CEO.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>An&#237;bal Guillermo Belloni</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Belloni holds a degree in Electrical Engineering from the Universidad de Buenos Aires, and has been a director of Petersen, Thiele y Cruz S.A. since 1989. He has worked as an engineer and business development manager at Sade S.A., as a general manager at Cosapi S.A., in Lima, Peru, as a Vice President of Kanter S.A., and as the Argentine representative of Foster Wheeler Corporation. He has been an Executive Board member of the Argentine Chamber of Construction and was a founding member and Executive Board member of the Argentine Union of Construction.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Mario Blejer</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Blejer holds a bachelor&#146;s and a master&#146;s degree in Economics from the Hebrew University, and a master&#146;s degree and a Ph.D. in Economics from the University of Chicago. He has been a professor of Economics at the Hebrew University of Jerusalem, Boston University, the Central European University, in Budapest, and the New York University Graduate School of Business, a senior advisor to the World Bank, Europe and Central Asia region, and the International Monetary Fund, and was a senior researcher at the Center for Latin American Monetary Studies. From 2001 to 2002, he was the Deputy Governor and then the Governor of the Central Bank of Argentina, and from 2003 to 2008 he was the director of the Centre for Central Banking Studies, and advisor to the Governor, of the Bank of England. He is currently an independent economic consultant, professor at the Universidad de San Andr&#233;s in Buenos Aires, and is a director of Inversiones y Representaciones S.A. and Consultants Asset Management, both located in Buenos Aires.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Carlos Bruno</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Bruno graduated with a degree in architecture from the University of Buenos Aires. He is president and co-founder of the <i>Centro de Investigaciones para la Transformaci&#243;n</i>. He has participated in the creation of the Center of International Economy while being a member of the Ministry of Foreign Relations. He was the Undersecretary of Economic Integration and Secretary of International Economy Relations from 1984 to 1989 and was appointed Ambassador V with the Senate&#146;s approval. His areas of expertise are international economic relations and international trade.</font></p></div>
<div style="text-indent:3%">
  <p>&nbsp;</p>
</div>
<p align="center"><font size="2">127</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_128"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Roberto Baratta</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Baratta graduated in International Trade from University
    of Lujan. He also holds an M.B.A. from the University of Buenos Aires. Since
    2003, he has been the Under-Secretary of Coordination and Management Control
    in the Ministry of Planning, Public Investment and Services of Argentina.
    Previously, he was a private and public consultant.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Carlos de la Vega</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. de la Vega was director of La Caja ART from 1996 to 2004
    and director of Luncheon Tickets from 1991 to 1998. Since April 2003 he has
    been president of the Argentine Chamber of Commerce, a position he also held
    from 1988 to 1993. He has been a member of our Board of Directors for Class
    D shares since 1993, and until 1996 he was director of Institutional Relations
    of Ciba-Geigy Argentina. He has been a member of our Audit Committee from
    1993 to 1997 and since 2004.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Mat&#237;as Eskenazi Storey</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Eskenazi Storey is Chief Executive Officer of Administradora
    San Juan S.R.L. He is President of November S.A. and Vice President of Comercial
    Latino S.A. and Nuevo Banco de Entre R&#237;os S.A. Mr. Storey is member of
    the Board of Directors of Petersen Energ&#237;a S.A. (Spain), Petersen Energ&#237;a
    Pty. Ltd., Profertil S.A., </font><font size="2">Refiner&#237;a del Norte
    S.A., Compa&#241;&#237;a Mega S.A., and vice-president of Petersen Energ&#237;a
    S.A. (Spain) and Petersen Energ&#237;a Inversora S.A. (Spain). He is also
    alternate director in Banco de San Juan S.A., Banco de Santa Cruz S.A., and
    Nuevo Banco de Santa Fe S.A. Mr. Eskenazi is the son of Mr. Enrique Eskenazi
    and the brother of Messrs. Sebasti&#225;n Eskenazi and Ezequiel Eskenazi Storey.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Carlos Arnoldo Morales-Gil</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Morales-Gil holds a degree in Petroleum Engineering from the National Autonomous University of Mexico and a Master&#146;s Degree in Science (specializing in Petroleum Engineering) from Standford University, as well as a degree in Project Management and Evaluation from Harvard University. Mr. Morales-Gil was responsible for the Master&#146;s Degree in Petroleum Engineering and lectured courses on Reservoir Engineering and Hydrocarbon Thermodynamics at the National Autonomous University of Mexico. He is currently General Director of Pemex Exploration and Production. During his career at Petroleos Mexicanos, he held the positions of Deputy Director of Planning, Deputy Director of the Southern Region, Planning Manager, Production Manager, Production Facilities Project Coordinator, Deputy Manager of Reservoir Management, Deputy Manager of Applied Computing and Reservoir Engineer, all within Pemex-Exploration and Production. Before joining Pemex, he worked at the Mexican Institute of Petroleum, where he developed foaming agents for gas wells. Outside of Petroleos Mexicanos, he has been Manager of Operations in the Liquid Storage Department of the company Transportaci&#243;n Mar&#237;tima Mexicana. He is an active member of the Society of Petroleum Engineers (SPE), of which he has been a member of the Board of Directors. He is a member of the World Energy Council (WEC), the Mexico Chapter of which he has been President, and of the Academy of Engineering (AI). He is also member of the Association of Petroleum Engineers of Mexico (AIPM) and the College of Petroleum Engineers of Mexico (CIPM). He is currently President of the U. M. A. I. (Mexican Union of Engineering Associations) for the period 2011-2014. He has received both the State of Tabasco Engineering Award and the AIPM&#146;s Miguel &#193;ngel Zenteno Award and in June 2009 he was granted the National Petroleum Engineering Award by the College of Petroleum Engineers of Mexico.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Salvador Font Estrany</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Font Estrany is a civil engineer. He is currently Energy General Manager of Sacyr Vallehermoso, S.A. in Spain. He has previously served as Commercial Director and Chairman of CAMPSA Red, Managing Director of CEPSA Red, Cepdisa and Dispesa, Chairman of CEPSA Estaciones de Servicio, a member of the Executive Committee of CEPSA, and was a Director of CEPSA Lubricantes, CEPSA Gas, Petro Cat, Cepsa Portuguesa and Turyocio. He also previously served as Commercial General Manager and member of the Operating and Executive Committees of Iberdrola.</font></p></div>
<div style="text-indent:3%">
  <p>&nbsp;</p>
</div>
<p align="center"><font size="2">128</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_129"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Federico Ma&#241;ero</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Ma&#241;ero graduated with a law degree from the San Sebasti&#225;n
    Faculty of Law. He is president of Comunicaci&#243;n y Gesti&#243;n de Entornos,
    and has more than 25 years of experience in managerial and consulting positions
    for organizations and private, public and political projects. He is an expert
    in strategic positioning and corporate communications, and has an international
    profile with professional activities in more than 50 countries and strong
    relations in Latin America. He is the founder of various nonprofit projects
    and organizations like <i>Solidaridad Internacional, Programa de Cooperaci&#243;n
    Iberoamericana en Temas de Juventud</i> (<i>Organismo Iberoamericano de Juventud</i>)
    and <i>Movimiento por la Paz, el Desarme y la Libertad</i> and is a regular
    collaborator with the <i>Fundaci&#243;n Salvador Allende</i>, Fundaci&#243;n
    Progreso Global and UNICEF. Mr. Ma&#241;ero is a native speaker of Spanish
    and French.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Miguel Mart&#237;nez San Mart&#237;n</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Mart&#237;nez San Mart&#237;n graduated as Industrial
    Engineer from the Higher Technical School of Industrial Engineering of Madrid
    and is a financial information systems specialist. He has been Managing Auditor
    at Arthur Andersen and CFO at both Elosua and Page Ib&#233;rica.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">In 1993, he joined Repsol YPF as Chief Financial Officer of
    Refining and Repsol Comercial, where he was also Director of the company-owned-and-operated
    network, CAMPSA Red. He has held the positions of Director of Repsol YPF Service
    Stations in Europe and of Executive Director for Corporate Strategy and Development
    of Repsol YPF. In 2007, he was appointed Repsol YPF&#146;s Executive Director
    of Operations. He is currently Repsol YPF&#146;s Chief Financial Officer and
    Director of Affiliated Companies.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Luis Su&#225;rez de Lezo Mantilla</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Su&#225;rez de Lezo Mantilla received his degree in Law
    from the Universidad Complutense of Madrid and is a State Attorney (on leave)
    specializing in Commercial and Administrative Law. He was Director of Legal
    Affairs of CAMPSA, and has been in private legal practice, particularly in
    the energy industry. He is currently Director of Gas Natural SDG, S.A., YPF
    and Repsol-Gas Natural LNG, S.L., Vice Chairman of Foundation </font><font size="2">Repsol
    and member of the Environment and Energy Commission of the International Chamber
    of Commerce (ICC).</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Javier Monz&#243;n</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Monz&#243;n graduated with a degree in economics from the Complutense University of Madrid. He is chairman and CEO of Indra. He has a finance and management background. He has acted as corporate banking director of Caja Madrid, CFO and president of Telef&#243;nica International, executive vice president and member of the executive committee of Telef&#243;nica, worldwide partner of Arthur Andersen, managing partner of Corporate Finance Consulting Services and president of Alpha Corporate in Arthur Andersen Spain. He is a member of the boards of other companies, foundations and entrepreneurial organizations, such as our company, ACS and the American Chamber of Commerce.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Mario E. V&#225;zquez</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. V&#225;zquez graduated as a certified public accountant from the University of Buenos Aires. He has been a professor of auditing at the Economics School of the University of Buenos Aires. Mr. V&#225;zquez has acted as CEO of Grupo Telef&#243;nica in Argentina and was a member of the Board of Telef&#243;nica, S.A. from 2000 to 2006. Mr. V&#225;zquez is currently a member of the Board of Telef&#243;nica Internacional, S.A. (Spain) and of Telef&#243;nica Chile. He is also a member of the boards of directors or a statutory auditor of several companies (including Telef&#243;nica de Argentina S.A., Telef&#243;nica Holding de Argentina S.A., YPF S.A., Santander R&#237;o Seguros, Indra, Universia and Sheraton Hotels). He is a member of the board of F.I.E.L. (Latin American Foundation for Economic Investigation), Fundaci&#243;n Leer, the Argentine Chamber of Commerce, IDEA, CARI (<i>Consejo Argentino para las Relaciones Internacionales</i>) and Fundaci&#243;n Carolina. Mr. V&#225;zquez was also partner and general director of Arthur Andersen (Pistrelli, D&#237;az y Asociados y Andersen Consulting &#150; Accenture) for more than 20 years until his retirement in 1993.</font></p></div>

<p align="center"><font size="2">129</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_130"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Alejandro Quiroga L&#243;pez</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Quiroga L&#243;pez graduated with a law degree from the
    University of Buenos Aires School of Law. Since 2001 and until February 2010
    he has been our general counsel and Secretary of our Board of Directors. He
    was a partner at the law firm Nicholson &amp; Cano from 1986 to 1997, a foreign
    associate at Davis Polk &amp; Wardwell in 2000, and Undersecretary of Banking
    and Insurance at the Ministry of Economy of Argentina from 1997 to 1999. He
    was professor of banking and commercial law at the University of Cema. He
    was a member of the Executive Board of the University of Buenos Aires School
    of Law. He is also a graduate of the Wharton Advanced Management Program.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Alfredo Pochintesta</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Pochintesta has received degrees in public accounting
    and administration from the University of Buenos Aires. Mr. Pochintesta worked
    as a planning and administration manager in Pluspetrol Energy S.A., planning
    manager in Petrosur S.A. and senior auditor at PriceWaterhouseCoopers. He
    worked for Astra for more than 18 years as CFO and since 1990 as head of the
    Gas and Electricity Division. Mr. Pochintesta joined YPF in 1999 when YPF
    merged with Astra. He was in charge of the LPG business for Latin America
    from 1999 to January 2005, when he was appointed marketing director. He also
    serves as director of a number of other companies. As of the date prior to
    the Intervention (April 16, 2012), Mr. Pochintesta was our Commercial Executive
    Director.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Tom&#225;s Garc&#237;a Blanco</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Garc&#237;a Blanco graduated with a degree in mining engineering
    from Oviedo University, a certificate in petroleum engineering from Oil &amp;
    Gas Consultants International in Tulsa, Oklahoma and an IMD Managing Corporate
    Resources degree from Laussane University. He has developed his Exploration
    and Production career internationally in Spain, the United States, Egypt,
    Libya, Venezuela and Argentina. Mr. Garc&#237;a Blanco has held several positions
    in Repsol YPF, including field engineer, reservoir engineer, production engineer,
    development manager, production manager, operations manager, business unit
    manager, director of technical staff. As of the date prior to the Intervention
    (April 16, 2012), Mr. Garc&#237;a Blanco was our Upstream Executive Director.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2"><i>Fernando Dasso</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Mr. Dasso graduated with a labor relations degree from the
    University of Buenos Aires. In 1993, he joined our company and has held several
    positions within our company ever since. In 2006, he was appointed Director
    of Human Resources in the Exploration and Production business unit for Argentina,
    Bolivia and Brazil. As of the date prior to the Intervention (April 16, 2012)
    and since June 2007, Mr. Dasso was our Director of Human Resources.</font></p>
</div>
<p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Carlos Jim&#233;nez L&#243;pez</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Jim&#233;nez graduated with a degree in chemical engineering from the Complutense University of Madrid, Spain and received a master&#146;s degree in business administration and financial management from the Polytechnic University of Madrid. In addition, he completed the Program of Management Development (<i>Programa de Desarrollo Directivo</i>) at the <i>Institut Europ&#233;en d&#146;Administration des Affaires</i> (INSEAD). Mr. Jim&#233;nez began his professional career as a Process and Startup Engineer in 1980 with a leading engineering and construction company, while also being employed as Professor at the Complutense University of Madrid. In 1986, he joined Petronor, S.A., part of the Repsol YPF group, as head of the Department of Technical Studies in the area of commercial planning and coordination. In 1999, he became Director of Refining in the area of strategic planning and development of Repsol YPF. During the period 2002 to 2004, he was Director of the Refining and Marketing business unit in Brazil. From 2004 to 2007, he was Technical Director of Refining and Logistics. In addition, Mr. Jim&#233;nez is a member of the boards of directors of Oiltanking-Ebytem S.A., Oldelval S.A. and OTA and OTC S.A. He is also the President of the Refinery Committee of ARPEL. As of the date prior to the Intervention (April 16, 2012), Mr. Jimenez was our Director of Management Control.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Carlos Alfonsi</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Carlos Alberto Alfonsi graduated with a chemistry degree from Universidad Tecnol&#243;gica of Mendoza, Argentina, an IMD Managing Corporate Resources degree from Lausanne University and studied at the </font></p></div>
<p align="center"><font size="2">130</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_131"></a></font></p>
<p><font size="2">Massachusetts Institute of Technology. In 1987, he joined our company and has held several positions in our company and Repsol YPF, including operations manager, director of the La Plata refinery, operational planning director, trading and transport director for Latin America, refinery and marketing director in Peru, country manager for Peru, and R&amp;M for Peru, Chile, Ecuador and Brazil. As of the date prior to the Intervention (April 16, 2012), Mr. Alfonsi was our Downstream Executive Director.</font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>&#193;ngel Ramos S&#225;nchez</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Ramos S&#225;nchez received a degree in Economics and Business Studies from the Universidad Aut&#243;noma de Madrid. He has been a director in different areas of Repsol YPF&#146;s financial department since 1992. As of the date prior to the Intervention (April 16, 2012), Mr. Ramos was our Director of Administration and Tax.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Ezequiel Eskenazi Storey</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Eskenazi Storey serves as vice president of Agro Franca S.A. and Fundaci&#243;n YPF. He is also member of the board of directors of Petersen, Thiele y Cruz S.A. and Santa Sylvia S.A. and alternate member of the board of directors of Los Boulevares S.A. and Petersen Inversiones S.A. Mr. Eskenazi Storey is the son of Mr. Enrique Eskenazi and the brother of Mr. Sebasti&#225;n Eskenazi and Mr. Mat&#237;as Eskenazi Storey.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Mauro Renato Jos&#233; Dacomo</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Dacomo graduated with a law degree from the University of Buenos Aires, and is Partner at ABD law firm. He is also President of Inwell S.A. and Los Boulevares S.A. Mr. Dacomo serves as General counsel to Fundaci&#243;n Banco de Santa Cruz S.A., Fundaci&#243;n Nuevo Banco de Santa Fe S.A. and Fundaci&#243;n Nuevo Banco de Entre R&#237;os S.A. He is an alternate member of the Board of Directors of Petersen Energ&#237;a S.A. (Argentina), Arroyo Lindo S.A. and Nuevo Banco de Santa Fe S.A., and member of the Board of Directors of Inwell S.A. and Nuevo Banco de Entre R&#237;os S.A. Mr. Dacomo is also Director and Secretary of Petersen Energia S.A. (Spain). As of the date prior to the Intervention (April 16, 2012), and since February 2010. Mr. Dacomo was our General Counsel and Secretary of Board of Directors.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Ignacio Cruz Moran</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Moran has received degrees in public accounting from the University of Buenos Aires. He is an alternate member of the Board of Directors of Banco de Santa Cruz S.A., Nuevo Banco de Santa Fe S.A. and Red Link S.A. and member of the Board of Directors of Banco de San Juan S.A., Nuevo Banco de Entre R&#237;os S.A., ACH S.A. and Petersen Energ&#237;a S.A. (Spain). As of the date prior to the Intervention (April 16, 2012), Mr. Moran was our Chief Operating Officer.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Eduardo &#193;ngel Garrote</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Garrote graduated with a degree in architecture from the University of Buenos Aires. He is a member of the Board of Directors of Nuevo Banco de Santa Fe S.A., and alternate member of the Board of Directors of Nuevo Banco de Entre R&#237;os S.A. Mr. Garrote also serves as General Manager of Petersen, Thiele y Cruz S.A.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>&nbsp;&nbsp;Board practices</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
<p><font size="2"><i>The information provided below describes the composition
  and responsibilities of our Board of Directors as of the date prior to the Intervention
  (April 16, 2012). The powers, functions or duties of our Board of Directors
  have been temporarily assumed by the Intervenor and its delegates. See &#147;&#151;Management
  of the Company under the Intervention.&#148;</i></font>
  <br>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Board practices of our Board of Directors as of the date prior to the Intervention (April 16, 2012)</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In accordance with the Argentine Corporations Law, directors have an obligation to perform their duties with loyalty and with the diligence of a prudent business person. Directors are jointly and severally liable to us, our shareholders and to third parties for the improper performance of their duties, for violating the law or our by-laws or regulations, and for any damage caused by fraud, abuse of authority or gross negligence. Specific duties may be </font></p></div>
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<p><font size="2">assigned to a director by the by-laws, applicable regulations, or by resolution of the shareholders&#146; meeting. In such cases, a director&#146;s liability will be determined by reference to the performance of such duties as long as the director&#146;s appointment and the determination of duties approved by a shareholders&#146; meeting is registered with the Superintendency of Corporations.</font></p>
<div style="text-indent:3%"><p><font size="2">Only shareholders, through a shareholders&#146; meeting may authorize directors to engage in activities in competition with us. Transactions or contracts between directors and us in connection with our activities are permitted to the extent they are performed under fair market conditions. Transactions that do not comply with the above requirements may only be carried out with prior approval of the Board of Directors or, in the case of an absence of a quorum in a Board of Directors meeting, the Supervisory Committee. In addition, these transactions must be subsequently approved by the shareholders at a general meeting. If our shareholders do not approve the relevant transaction, the directors and members of the Supervisory Committee who approved such transactions are jointly and severally liable for any damages caused to us.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Any director whose personal interests are adverse to ours shall notify the Board of Directors and the Supervisory Committee and abstain from voting on such matters. Otherwise, such director may be held liable to us.</font></p></div>
<div style="text-indent:3%"><p><font size="2">A director will not be liable if, notwithstanding his presence at the meeting at which a resolution was adopted or his knowledge of such resolution, a written record exists of his opposition to such resolution and he reports his opposition to the Supervisory Committee before any complaint against him is brought before the Board of Directors, the Supervisory Committee, the shareholders&#146; meeting, the appropriate governmental agency or the courts. Any liability of a director to us terminates upon approval of the director&#146;s actions by the shareholders at a general meeting, provided that shareholders representing at least 5% of our capital stock do not object and provided further that such liability does not result from a violation of the law, our by-laws or other regulations.</font></p></div>
<a name="132"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>The Audit Committee</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2"><i>The information provided below describes the composition
    and responsibilities of our Audit Committee as of the date prior to the Intervention
    (April 16, 2012). The powers, functions and duties of our Audit Committee
    have been temporarily assumed by the Intervenor and its delegates. See &#147;&#151;Management
    of the Company under the Intervention.&#148;</i></font><br></p>
</div>
<div style="text-indent:3%"><p><font size="2"><b><i>Composition and responsibilities of our Audit Committee as of the date prior to the Intervention (April 16, 2012)</i></b></font></p></div>
<div style="text-indent:3%"><p><font size="2">The Transparency Decree (as defined in &#147;Item 9. The Offer and Listing&#151;Argentine Securities Market&#148;) and Resolutions No. 400/02 and No. 402/02 of the CNV, require that Argentine public companies appoint an audit committee (<i>comit&#233; de auditor&#237;a</i>) composed of at least three members of the Board of Directors. The by-laws must set forth the composition and regulations for the operation of the Audit Committee. A majority of the members of the Audit Committee must be independent directors. See &#147;&#151;Independence of the Members of our Board of Directors and Audit Committee&#148; below.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our Audit Committee was created on May 6, 2004. The members of the Audit Committee as of the date prior to the Intervention were: president Mario V&#225;zquez, members Mario Blejer, Carlos de la Vega, Federico Ma&#241;ero and Carlos Bruno.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Mario V&#225;zquez was determined by our Board of Directors to be an &#147;Audit Committee Financial Expert&#148; pursuant to the rules and regulations of the SEC.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Executive directors may not sit on the Audit Committee.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our Audit Committee, among other things:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">periodically inspects the preparation of our financial and economic information;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">reviews and opines with respect to the Board of Directors&#146; proposals regarding the designation of the external auditors and the renewal, termination and conditions of their appointment;</font></td>
	</tr>
</table>
<br>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>&nbsp;&nbsp;</i></font></td>
	</tr>
</table>
<br>
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<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">&#149;</font></td>
    <td><font size="2">evaluates internal and external audit work, monitors our
      relationship with the external auditors, and assures their independence;</font></td>
  </tr>
</table>
<br>
<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">&#149;</font></td>
    <td><font size="2">provides appropriate disclosure regarding operations in
      which there exists a conflict of interest with members of the corporate
      committees or controlling shareholders;</font></td>
  </tr>
</table>
<br>
<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">&#149;</font></td>
    <td><font size="2">opines on the reasonability of the proposals by the Board
      of Directors for fees and stock option plans of the directors and administrators;</font></td>
  </tr>
</table>
<br>
<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">&#149;</font></td>
    <td><font size="2">verifies compliance with applicable national or international
      regulations in matters related to behavior in the stock markets; and</font></td>
  </tr>
</table>
<br>
<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">&#149;</font></td>
    <td><font size="2">ensures that the internal Code of Ethics complies with
      normative demands and is adequate.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activities
      of the Audit Committee prior to the Intervention (April 16, 2012)</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Audit Committee, which pursuant to its regulations shall meets as many times as needed and at least once every quarter, held 7 meetings between March 2011 and March 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Performing its basic function of supporting the Board of Directors in its oversight duties, the Audit Committee periodically reviews economic and financial information relating to us, supervises the internal financial control systems and oversees the independence of the external auditors.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic
      and financial information</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">With the help of the Director of Administration and Tax and considering the work performed by our external and internal auditors, the Audit Committee analyzes the consolidated annual and quarterly financial statements before they are submitted to the Board of Directors. The Audit Committee reviewed our consolidated financial statements as of and for the year ended December 31, 2011, and comparative information, included in our report on Form 6-K submitted to the SEC on March 7, 2012.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, because our shares are traded on the NYSE, pursuant to U.S. law we must include our annual financial information in an annual report on Form 20-F, which must be filed with the SEC.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oversight
      of the internal control system</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">To supervise the internal financial control systems and ensure that they are sufficient, appropriate and efficient, the Audit Committee oversees the progress of the annual internal audit, which is aimed at identifying our critical risks.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Throughout each year, the Audit Committee is informed by our internal audit department of the most relevant facts and recommendations arising out of its work, and the status of the recommendations issued in prior years.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date prior to the Intervention (April 16, 2012), our internal control system for financial reporting was aligned with the requirements established by Section 404 of the Sarbanes-Oxley Act, a process supervised by the Audit Committee. These regulations require that, along with the annual audit, a report must be presented from our management relating to the design, maintenance and periodic evaluation of the internal control system for financial reporting, accompanied by a report from our external auditor. Several of our departments are involved in this activity, including the internal audit department. Our external auditor reported on our internal control system for financial reporting as of December 31, 2011.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relations
      with the external auditors</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Audit Committee maintains a close relationship with the external auditors, allowing it to make a detailed analysis of the relevant aspects of the audit of financial statements and to obtain detailed information on the planning and progress of the work.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">The Audit Committee also evaluates the services provided by our external auditors, determines whether the condition of independence of the external auditors, as required by applicable law, is met and monitors the performance of external auditors to ensure that it is satisfactory.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, and as a consequence of the evaluation process described in the paragraph above, the Audit Committee had no objections to the designation of Deloitte &amp; Co. S.R.L. as our external auditors of the financial statements for the year ending December 31, 2012. The shareholders are expected to consider the designation of Deloitte &amp; Co. S.R.L. as external auditors of the financial statements for the year ended December 31, 2012 in a shareholders&#146; meeting to be celebrated this year.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>&nbsp;&nbsp;Independence of the Members of our Board of Directors and Audit Committee</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Pursuant to CNV regulations, a director is not considered independent when such director (i) owns at least a 35% equity interest in a company, or a lesser interest if the director has the right to appoint one or more directors of the company, which we refer to as a &#147;Significant Participation,&#148; or has a Significant Participation in another company that in turn has a Significant Participation in the company or a significant influence on the company (&#147;significant influence&#148; is defined by Argentine GAAP); (ii) is a member of the Board of Directors of, or depends on, shareholders, or is otherwise related to shareholders, who have a Significant Participation in the company or another company in which these shareholders have a direct or indirect Significant Participation or significant influence; (iii) is or has been in the previous three years an employee of the company; (iv) has a professional relationship with, or is a member of a company that maintains professional relationships with, or receives remuneration (other than that received in consideration of his performance as a director) from the company or any of its shareholders who has a direct or indirect Significant Participation in or significant influence on the company, or with a third-party company that has a direct or indirect Significant Participation or a significant influence; (v) directly or indirectly sells or provides goods or services to the company or to any of its shareholders who has a direct or indirect Significant Participation in or significant influence on the company for an amount exceeding his remuneration as a member of the Board of Directors or audit committee; or (vi) is the spouse or parent (up to second grade of affinity or up to fourth grade of consanguinity) of persons who, if they were members of the Board of Directors or Audit Committee, would not be independent, according to the above-listed rules.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of the date prior to the Intervention (April 16, 2012), Messrs. Carlos Bruno, Carlos de la Vega, Federico Ma&#241;ero, Mario V&#225;zquez and Mario Blejer qualified as independent members of our Board of Directors under the above-described criteria.</font></p></div>
<a name="134"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Disclosure Committee</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2"><i>The information provided below describes the composition
    and responsibilities of our Disclosure Committee as of the date prior to the
    Intervention (April 16, 2012). The powers, functions and duties of our Disclosure
    Committee have been temporarily suspended during the Intervention as thirteen
    members of our senior management are suspended in their functions during the
    Intervention of the Company. We expect that the new Board of Directors to
    be appointed by our next general shareholders&#146; meeting, expected to be held
    on June 4, 2012, will confirm them or replace them by appointing new senior
    managers. See &#147;&#150;-Management of the Company under the Intervention.&#148;
    </i></font>
</div>
<br>
<div style="text-indent:3%"><p><font size="2"><b><i>Composition and responsibilities of our Disclosure Committee as of the date prior to the Intervention (April 16, 2012)</i></b></font></p></div>
<div style="text-indent:3%"><p><font size="2">In February 2003, we created a Disclosure Committee to:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">monitor the overall compliance with regulations and principles of conduct of voluntary application, especially in relation to listed companies and their corporate governance;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">direct, establish and maintain procedures for the preparation of accounting and financial information to be approved and filed by us or which is generally released to the markets;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">direct, establish and maintain internal control systems that are adequate and efficient to ensure that our financial statements included in annual and quarterly reports, as well as any accounting and financial information to be approved and filed by us, are accurate, reliable and clear;</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">134</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_135"></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">&#149;</font></td>
		<td><font size="2">identify significant risks to our businesses and activities that may affect the accounting and financial information to be approved and filed;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">assume the activities that, according to U.S. laws and SEC regulations, are applicable to us and may be assumed by disclosure committees or other internal committees of a similar nature, especially those activities relating to the SEC regulations dated August 29, 2002 (&#147;Certification of Disclosure in Companies&#146; Quarterly and Prospectus&#148; &#151;SEC Release number 33-8124), in relation to the support for the certifications by our Chief Executive Officer and Chief Financial Officer as to the existence and maintenance by us of adequate procedures and controls for the generation of the information to be included in its annual reports on Form 20-F, and other information of a financial nature;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">take on activities similar to those stipulated in SEC regulations for a disclosure committee with respect to the existence and maintenance by us of adequate procedures and controls for the preparation and content of the information to be included in the annual financial statements, and any accounting or financial information to be filed with the CNV and other regulators of the stock markets on which our stock is traded; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">formulate proposals for an internal code of conduct on the stock markets that follow applicable rules and regulations or any other standards deemed appropriate.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In addition, the Disclosure Committee reviews and supervises our procedures for the preparation and filing of:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">official notices to the SEC, the Argentine stock market authorities and other regulators of the stock markets on which our stock is traded;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">interim financial reports;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">press releases containing financial data on results, earnings, large acquisitions, divestitures or any other information relevant to the shareholders;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">general communications to the shareholders; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">presentations to analysts, investors, rating agencies and lending institutions.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">As of the date prior to the Intervention of the Company, the Disclosure Committee was composed of the following people:</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Name</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="50%" align="right">
      <div align="center"><font size="2"><b>Position</b></font></div>
    </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 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">Sebasti&#225;n Eskenazi</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Chief Executive Officer</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Antonio Gomis S&#225;ez</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">General Director Repsol Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Ignacio Cruz Moran</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Chief Operating Officer</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Guillermo Reda </font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Chief Financial Officer and President of
        the Disclosure Committee</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Mauro Renato Jos&#233; Dacomo</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">General Counsel and Secretary of the Disclosure
        Committee</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Tom&#225;s Garc&#237;a Blanco</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Upstream Executive Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Alfredo Pochintesta</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Commercial Executive Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Carlos Alfonsi</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Downstream Executive Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Mat&#237;as Eskenazi Storey</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Assistant Director to the CEO</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Teodoro Marc&#243;</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Industrial Subsidiaries</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Carlos Jim&#233;nez</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Management Control</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&#193;ngel Ramos S&#225;nchez</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Administration and Tax</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Sergio Resumil</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Communication</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Fernando Dasso</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Human Resources</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Juan Carlos Miranda</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Media Director</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Rub&#233;n Marasca</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Internal Audit</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">135</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_136"></a></font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Name</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="50%" align="right">
      <div align="center"><font size="2"><b>Position</b></font></div>
    </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 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">Aquiles Rattia</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Reserves Control</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Juan Bautista Ordo&#241;ez</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Director of Institutional Affairs</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Guillermo Reda was the President of the Disclosure Committee. Mr. Reda has received degrees in public accounting from the University of Rosario. He has worked as the Money Desk Manager of Nuevo Banco de Santa Fe S.A. and served as our financial manager until February 2010. As of the date prior to the Intervention of the Company, Mr. Reda was our Chief Financial Officer.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Share Ownership of Executive Officers</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">None of our executive officers as of the date prior to the
    Intervention of the Company owned any of our shares or held vested options
    to purchase YPF stock as of April 9, 2012. None of our current executive officers
    owned any of our shares or held vested options to purchase YPF stock as of
    May 11, 2012.</font></p>
</div>
<a name="136"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Compliance with NYSE Listing Standards on Corporate Governance</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">On November 4, 2003, the SEC approved rules proposed by the NYSE intended to strengthen corporate governance standards for listed companies.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In accordance with the NYSE corporate governance rules, as of July 31, 2005, all members of the Audit Committee were required to be independent. Independence is determined in accordance with highly detailed rules promulgated by the NYSE and SEC. Each of the members of our Audit Committee as of the date prior to the Intervention was determined to be independent in accordance with the applicable NYSE and SEC rules.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>&nbsp;&nbsp;Significant differences between our corporate governance practices and those required by NYSE listing standards</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Non-U.S., NYSE-listed companies may, in general, follow their home country corporate governance practices in lieu of most of the NYSE corporate governance requirements. The NYSE rules, however, require that non-U.S. companies disclose any significant ways in which their specific corporate governance practices differ from U.S. companies under the NYSE listing standards.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Singe the passage of Decree No. 530/12 of the National Executive Power, which provides for the Intervention of YPF, all powers, duties and responsibilities of the Audit Committee of the Company have been transferred to the government-appointed Intervenor. Accordingly, since April 16, 2012, the Company no longer has an audit committee that satisfies the requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as amended. If we fail to cure this deficiency, NYSE rules provide that the NYSE may initiate suspension and delisting procedures with respect to our securities. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Our Class D Shares and ADSs&#151;We are currently not in compliance with NYSE continued listing requirements regarding our Audit Committee and are at risk of being delisted from the NYSE.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following is a summary of the significant differences between our corporate governance practices prior to the Intervention and those applicable to U.S. companies under the NYSE listing standards. Because more than 50% of our voting stock was then held by another company, Repsol YPF, we would not have been required to comply with the following NYSE corporate governance requirements even if we had been a U.S. company: (i) having a majority of independent directors, (ii) corporate governance committee requirements, and (iii) compensation committee requirements.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Independence of the directors on the Board of Directors</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In accordance with the NYSE corporate governance rules, a majority of the board of directors of U.S. companies listed on the NYSE must be composed of independent directors, whose independence is determined in accordance with highly detailed rules promulgated by the NYSE. The relevant Argentine rules for determining director independence are described under &#147;&#151;Independence of the Members of our Board of Directors and Audit Committee&#148; above.</font></p></div>
<p align="center"><font size="2">136</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_137"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Compensation and nomination committees</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In accordance with the NYSE corporate governance rules, all U.S. companies listed on the NYSE must have a compensation committee and a nominations committee and all members of such committees must be independent in accordance with highly detailed rules promulgated by the NYSE. Under Argentine law, these committees are not required.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Separate meetings for non-management directors</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In accordance with NYSE corporate governance rules, independent directors must meet periodically outside of the presence of the executive directors. Under Argentine law, this practice is not required and as such, the independent directors on our Board of Directors do not meet outside of the presence of the other directors, except for the meetings of the Audit Committee, the members of which are independent directors.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Code of Ethics</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We have adopted a code of ethics applicable to the Board of Directors and all employees. Since its effective date on August 15, 2003, we have not waived compliance with or amended the code of ethics.</font></p></div>
<a name="137a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Compensation of members of our Board of Directors and Supervisory Committee</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Argentine law provides that the aggregate annual compensation paid to the members of the Board of Directors (including those directors acting in an executive capacity) with respect to a fiscal year may not exceed 5% of net income for such year if YPF is not paying dividends in respect of such net income, which percentage is increased up to 25% of net income based on the amount of dividends, if any, are paid. The compensation of the president and other directors acting in an executive capacity, together with the compensation of all other directors, requires the ratification of an ordinary general shareholders&#146; meeting as provided by Argentine law. The compensation of the members of the Supervisory Committee is determined by the shareholders at the ordinary shareholders&#146; meeting.</font></p></div>
<div style="text-indent:3%"><p><font size="2">For the year ended December 31, 2011 the aggregate compensation accrued or paid to the members of the Board of Directors and YPF&#146;s executive officers for services in all capacities was Ps.110 million. During 2011, YPF&#146;s performance-based compensation programs included a bonus plan for approximately 7,000 employees. This bonus plan provided for cash to be paid to its participants based on a measurable and specific set of objectives under Repsol YPF&#146;s Management by Objectives program and the results of the review of individual performance. All of the participants were non-unionized YPF employees. The participation of each eligible employee in the bonus plan ranged from 10% to 45% of such employee&#146;s annual base salary. Bonus percentages were fixed by the president of Repsol YPF with the approval of Repsol YPF&#146;s Compensation Committee at the beginning of each calendar year. The amount set aside or accrued by YPF to provide pension, retirement or similar benefits to members of its Board of Directors amounted to a total of Ps.8.6 million in 2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">YPF&#146;s directors do not have any service contracts with YPF.</font></p></div>
<a name="137b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Supervisory Committee</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Supervisory Committee is responsible for overseeing compliance by the management and the Board of Directors with the Argentine Corporations Law, the by-laws and regulations (if any), and shareholders&#146; resolutions. The functions of the Supervisory Committee include, among others, attending all meetings of the Board of Directors, preparing a report of the financial statements for our shareholders, attending shareholders&#146; meetings and providing information upon request to holders of at least 2% of our capital stock.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The by-laws provide for a Supervisory Committee consisting of three to five members and three to five alternate members, elected to one-year terms. The Class A shares are entitled to elect one member and one alternate member of the Committee so long as one share of such class remains outstanding. The holders of Class D shares elect up to four members and up to four alternates. Under the by-laws, meetings of the Supervisory Committee may be called by any member. The meeting requires the presence of all members, and a majority vote of the members in order to make a decision. The members and alternate members of the Supervisory Committee are not members of our Board of Directors. The role of our Supervisory Committee is distinct from that of the Audit Committee. See &#147;&#151;The Audit </font></p></div>
<p align="center"><font size="2">137</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_138"></a></font></p>
<p><font size="2">Committee.&#148; For the year 2011, the aggregate compensation paid to the members of the Supervisory Committee was Ps.2.27 million.</font></p>
<div style="text-indent:3%"><p><font size="2">The current members of the Supervisory Committee, the year in which they were appointed and the year their current term expires are as follows:</font></p></div>


<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Name</b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Class of Shares <br>
        Represented</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Age</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Member Since</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Term Expires</b></font></div>
    </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 align="right">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Silvana Rosa Lagrosa</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">A</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">53</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2007</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Juan A. Gelly y Obes</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">56</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2005</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Israel Lipsich</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">87</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2008</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Santiago C. Lazzati</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">74</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2005</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Carlos Mar&#237;a Tombeur</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">56</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2008</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Gustavo Adolfo Mazzoni</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">A</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">60</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2010</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Arturo F. Alonso Pe&#241;a</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">61</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2007</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Oscar Oron&#225;</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">64</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2008</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Edgardo A. Sanguineti</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">61</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2008</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Rub&#233;n Laizerowitch</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">D</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">57</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2008</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2012<sup>(*)</sup></font></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(*)</font></td>
		<td><font size="1">Members of our Supervisory Committee are appointed in connection with a fiscal year. Our shareholders, in the general ordinary shareholders&#146; meeting to be held on June 4, 2012 will appoint the members of our Supervisory Committee for fiscal year 2012.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Silvana Rosa Lagrosa</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mrs. Lagrosa graduated as a certified public accountant from the University of Buenos Aires. She has been a member of the National General Audit Office (<i>Sindicatura General de la Naci&#243;n</i> (SIGEN)) since 2000, for which she acts as statutory auditor of our company, Aerol&#237;neas Argentinas S.A., Austral S.A. and Loter&#237;a Nacional S.E.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Juan A. Gelly y Obes</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Gelly y Obes graduated as a certified public accountant from the Belgrano University of Buenos Aires. He is a partner of the consulting firm Gelly y Obes &amp; Asociados-Accountants, and he is a consulting accountant in legal matters to the board of directors of the Argentine Republic Central Bank. Previously, Mr. Gelly y Obes was a member of the statutory audit committees of Aerol&#237;neas Argentinas S.A. and Agritech Inversora S.A.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Israel Lipsich</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Lipsich graduated as a certified public accountant from the University of Buenos Aires. He is currently a member of the Supervisory Committee of Banco de San Juan S.A., Banco de Santa Cruz S.A., Nuevo Banco de Santa Fe S.A., Nuevo Banco de Entre R&#237;os S.A., Petersen, Thiele y Cruz S.A., Santa Sylvia S.A., Turfmax S.A., Petersen Inversiones S.A. and Serra Lima S.A.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Santiago C. Lazzati</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Lazzati graduated as a certified public accountant from the University of Buenos Aires. He was a partner of Arthur Andersen from 1974 until he retired in 1993 and was the head of the Audit and Business Advisory Division from 1975 to 1987 and Practice Director from 1987 until his retirement. He is currently working in Argentina and other Latin American countries in consulting, especially in human capital services. He is a business consultant, specializing in topics related to management and human behavior. He is the author of fifteen books and many articles on accounting, auditing and business administration. Additionally, Mr. Lazzatti is assessor of the International Criminal Court in the Hague of all matters concerning the organization of the Office of the Prosecutor in charge, Dr. Luis Moreno Ocampo. Mr. Lazzati is the statutory auditor of Sheraton Hotels and Telef&#243;nica de Argentina and a full-time business administration professor of the Universidad Cat&#243;lica Argentina.</font></p></div>
<p align="center"><font size="2">138</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_139"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Carlos Mar&#237;a Tombeur</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Tombeur graduated from the University of Buenos Aires, School of Law and Social Sciences, with a law degree in 1976. Previously, he was Professor of Economic Law in the School of Economic Sciences and of Commercial Law in the School of Law, both at the University of Buenos Aires. Mr. Tombeur was also Professor of Economic Law in the Master&#146;s Degree program in Public Policy at the University Di Tella. From 1999 to 2005 he served as member of the Board of Directors of YPF S.A. Mr. Tombeur was appointed controller at Seguro de Dep&#243;sitos S.A. (SEDESA) (Insurance Deposit Company) by the Central Bank for the period 1997-2001. He also served as legal undersecretary of the Ministry of Economy and Public Works and Services from 1992 until 1996 and was member of the Board of Directors of the Central Bank of the Argentine Republic, 1991-1992. Mr. Tombeur was Partner of the firm Caride Fitte &amp; Tombeur from 1977 until 1991. Mr. Tombeur is currently Partner with the firm Severgnini Robiola Grinberg &amp; Larrechea. He is also a member of the Bar Association of the City of Buenos Aires and the International Bar Association. Mr. Tombeur is currently the President of the Board of Directors at EMC Computer Systems Argentina S.A. and Williams Lea Argentina S.A.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Gustavo Adolfo Mazzoni</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Mazzoni graduated as a certified public accountant from the University of Buenos Aires. He is a member of the National General Audit Office (Sindicatura General de la Naci&#243;n (SIGEN)) and acts as statutory auditor of our company, Emprendimientos Energ&#233;ticos Binacionales S.A. (EBISA), Gas Natural Ban, ARSAT and RTA. He is also an assessor of the National General Auditor.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Arturo F. Alonso Pe&#241;a</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Pe&#241;a received his law degree from the University of Buenos Aires School of Law in 1973. He was statutory auditor of Banco Hipotecario Nacional from 1995 to 2001. He was partner of M&amp;M Bomchil law firm from 1980 to 1985, Chief of the trademark department of the National Intellectual Property Registry in 1979, and secretary of the Court of First Instance in commercial matters of the City of Buenos Aires from 1974 to 1978. He is currently an attorney with Severgnini, Robiola, Grinberg &amp; Larrechea.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Oscar Alberto Oron&#225;</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Oron&#225; graduated with a law degree from the Belgrano University of Buenos Aires in 1975. He is a Consultant Lawyer of Cassagne Abogados Law Firm. In 1991 Mr. Oron&#225; completed the Petroleum Management Certificate Program in Boston, Massachusetts. He previously served as a member of the Board of Directors of Astra Compa&#241;&#237;a Argentina de Petr&#243;leo S.A., Terminal Mar&#237;tima Patag&#243;nica S.A., Pluspetrol Energy S.A., Central Dock Sud S.A., Inversora Dock Sud S.A., Empresa Petrolera Andina S.A. (Bolivia), Apex Petroleum Inc., Gas Argentino S.A., Metrogas S.A., Petroken Petroquimica Ensenada S.A. and Empresa de Distribuci&#243;n El&#233;ctrica de Entre R&#237;os S.A. Mr. Oron&#225; was also the Second Vice President of the C&#225;mara de Sociedades An&#243;nimas and President of the Legal Committee of the C&#225;mara de la Industria del Petr&#243;leo and of San Isidro Golf Club S.A. He is a member of the Supervisory Committee of Oleoductos del Valle S.A. and Metrogas S.A., as well as the Colegio de Abogados de Buenos Aires, the American Bar Association, the Asociaci&#243;n de Derecho de la Energ&#237;a, the Instituto Argentino del Petr&#243;leo y Gas (IAPG) and the Association of International Petroleum Negotiators (AIPN).</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Edgardo A. Sanguineti</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Mr. Sanguineti graduated from the University of Buenos Aires with a degree in Business Administration and holds a doctorate in Economic Sciences from the same university, where he was a professor in the Economic Sciences doctoral program. He is a Certified Public Accountant and Partner of Lazzati y Sanguineti &#150; Management Consulting Firm. Mr. Sanguineti is a member of the Statutory Audit Committee of Telef&#243;nica de Argentina, Telef&#243;nica Holding de Argentina S.A., Televisi&#243;n Federal S.A.-Telef&#233;, Atl&#225;ntida Comunicaciones S.A. and Telef&#243;nica Media Argentina S.A., among other companies.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Rub&#233;n Laizerowitch</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Rub&#233;n Laizerowitch received his law degree at the University of Buenos Aires. He is an alternate member of Board of Directors of Petersen, Thiele y Cruz S.A., Estacionamientos Buenos Aires S.A. Mantenimientos y </font></p></div>
<p align="center"><font size="2">139</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_140"></a></font></p>
<p><font size="2">Servicios S.A., and INWELL S.A., and is a member of Supervisory Committee of Nuevo Banco de Santa Fe S.A., Banco de San Juan S.A., and Nuevo Banco de Entre R&#237;os S.A. He is also an alternate member of the Supervisory Committee of Banco Santa Cruz S.A.</font></p>
<a name="140"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Employee Matters</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, we had 16,048 employees, including 7,644 employees of the Refining and Marketing business segment, 2,784 employees of the Exploration and Production business segment, 136 employees of the Chemicals business segment and 5,484 employees of the Corporate and Other segment. Approximately 42% of our employees are represented by the labor union &#147;<i>Federaci&#243;n Sindicatos Unidos Petroleros e Hidrocarbur&#237;feros</i>&#148; (SUPeH) that negotiates with us labor agreements and salaries which apply to YPF and OPESSA unionized employees. The SUPeH is permanently negotiating with us, and we maintain a good level of communication. In general, requests of labor unions related to the petrochemical industry were consistent with general wage increases given by the General Unions Confederation (<i>Confederaci&#243;n General del Trabajo</i> or &#147;CGT&#148;).</font></p></div>
<div style="text-indent:3%"><p><font size="2">In 2011 we began negotiations with the SUPeH, that resulted in the extension of our agreements with such unions until the end of 2014. The negotiations involved the economic and social conditions for employees of ours and of third parties that are addressed in the labor agreement. We consider our current relations with our workforce to be generally good.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, labor conditions and salaries of third-party employees working with YPF and OPESSA in refineries, oil fields and gas stations, are negotiated with sixteen other unions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As part of its privatization, YPF restructured its internal organization and significantly reduced the number of its employees. YPF reduced its work force from over 51,000 employees (including approximately 15,000 personnel under contract) at December 31, 1990 to approximately 7,500 at December 31, 1993. YPF paid to the employees affected by these reductions the termination payments required under Argentine labor laws which amounted to Ps.686 million. A substantial majority of lawsuits which were originated as a consequence of said restructuring process have been brought by former employees who allege that they received insufficient severance payments in connection with their dismissal and various job-related illnesses, injuries, typically seeking unspecified relief.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, YPF was a party in approximately 1,811 labor lawsuits which relate to events or acts that took place after December 31, 1990. The outcome of said lawsuits depends on factual issues that vary from case to case, and it is not always feasible to predict the outcome of particular cases. However, based on the number and character of the lawsuits already commenced, the estimated likelihood of additional claims in view of the number of dismissed employees, applicable statutes of limitations, the legal principles involved in the suits and the financial statement reserves previously established, our management does not expect the outcome of these lawsuits to have a material adverse effect on our financial condition or future results of operations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Maxus (a YPF subsidiary) has a number of trustee noncontributory pension plans covering substantially all its full-time employees. The benefits provided by these plans are based on the number of years of employment and the compensation earned during those years. This company has other noncontributory pension plans for executive officers, selected key employees and former employees of the Maxus group. The Maxus Energy Corporation career average pension plan was frozen effective March 1, 2007. The Maxus Energy Corporation savings plan was amended effective March 1, 2007 to include a non-elective component, through which the plan&#146;s sponsor contributes 7.5% of the employees&#146; annual base salary. Maxus also grants benefits for health care, life insurance and other social benefits to some of its employees who retire early. The amounts payable accrue over the employees&#146; years of service. During March 2008, YPF Holdings purchased a group annuity contract from an insurance company to settle the liability associated with the benefits under certain of Maxus&#146; defined benefits plans, with a one-time premium payment of U.S.$115 million. The assumption by the insurance company of liability under the plans was effective on March 20, 2008, the date the premium was paid by YPF Holdings.</font></p></div>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011 there were also approximately 30,000 third-party employees under contract, mostly with large international service providers. Although we have policies regarding compliance with labor and social security obligations by its contractors, we are not in a position to ensure that contractors&#146; employees will not initiate legal actions to seek indemnification from us based upon a number of Argentine judicial labor court precedents </font></p></div>
<p align="center"><font size="2">140</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_141"></a></font></p>
<p><font size="2">recognizing joint and several liability between the contractor and the entity to which it is supplying services under certain circumstances.</font></p>
<div style="text-indent:3%"><p><font size="2">The following table provides a breakdown of our employees by business units as of December 31, 2011.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Employees by Business Units</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><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"><font size="2">Exploration and Production</font></td>
    <td width="8%" align="right"><font size="2">2,784</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Refining and Marketing</font></td>
    <td width="8%" align="right"><font size="2">7,644</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Chemicals</font></td>
    <td width="8%" align="right"><font size="2">136</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Corporate and Other<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">5,484</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total YPF</font></td>
    <td width="8%" align="right"><font size="2">16,048</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>
  </tr>
</table>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes 3,763 employees of A-Evangelista S.A. and its subsidiaries.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table provides a breakdown of our employees by geographic locations.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Employees by geographic location</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><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"><font size="2">Argentina</font></td>
    <td width="8%" align="right"><font size="2">14,511</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Rest of South America</font></td>
    <td width="8%" align="right"><font size="2">1,508</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">United States</font></td>
    <td width="8%" align="right"><font size="2">29</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total YPF</font></td>
    <td width="8%" align="right"><font size="2">16,048</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>
  </tr>
</table>
<br>
<a name="141"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 7. Major Shareholders and Related Party Transactions</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">The Expropriation Law has significantly changed our shareholding
    structure. The Class D shares expropriated from Repsol YPF or its controlling
    or controlled entities, which represent 51% of our share capital and have
    been declared of public interest, will be assigned as follows: 51% to the
    federal government and 49% to the governments of the provinces that compose
    the National Organization of Hydrocarbon Producing States. In addition, the
    Argentine federal government and certain provincial governments already own
    our Class A and Class B shares. See &#147;Item 3. Key Information&#151;Risk
    Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government
    has taken control over the Company and will operate it according to domestic
    energy policies in accordance with the Expropriation Law.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">As of the date of this annual report, the transfer of the
    expropriated shares between National Excecutive Office and the provinces that
    compose the National Organization of Hydrocarbon Producing States is still
    pending. According to Article 8 of the Expropriation Law, the distribution
    of the shares among the provinces that accept their transfer must be conducted
    in an equitable manner, considering their respective levels of hydrocarbon
    production and proved reserves. To ensure compliance with its objectives,
    the Expropriation Law provides that the National Executive Office, by itself
    or through an appointed public entity, shall exercise all the political rights
    associated with the shares subject to expropriation until the transfer of
    political and economic rights to the provinces that compose the National Organization
    of Hydrocarbon Producing States is completed. In addition, in accordance with
    Article 9 of the Expropriation Law, each of the Argentine provinces to which
    expropriated shares are allocated must enter a shareholder&#146;s agreement
    with the federal government which will provide for the unified exercise of
    its rights as a shareholder. See &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth information relating to the beneficial ownership of our shares as of May 7, 2012:</font></p></div>


<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Number of shares</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><b><font size="2">(%)</font></b></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Repsol YPF<sup>(1)</sup></font></td>
    <td align="right"><font size="2">225,890,313</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">57.43%</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Petersen Group<sup>(2)</sup></font></td>
    <td align="right"><font size="2">100,145,077</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">25.46%</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Public<sup>(3)</sup></font></td>
    <td align="right"><font size="2">67,225,593</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">17.09%</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Argentine federal and provincial governments<sup>(4)</sup></font></td>
    <td align="right"><font size="2">11,388</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&lt;0.01%</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Employee fund<sup>(5)</sup></font></td>
    <td align="right"><font size="2">40,422</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">0.01%</font></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">141</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_142"></a></font></p>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>

    <td><font size="1">For purposes of ensuring the fulfillment of the objectives
      of the Expropriation Law, Class D shares representing 51% of our share capital
      held by Repsol YPF have been declared of public interest and subject to
      expropriation. See &#147;Item 4. Information on the Company&#150;Regulatory
      Framework and Relationship with the Argentine Government&#150;The Expropriation
      Law.&#148; To ensure compliance with its objectives, the Expropriation Law
      provides that the National Executive Office, by itself or through an appointed
      public entity, shall exercise all the political rights associated with the
      shares subject to expropriation until the transfer of political and economic
      rights to the provinces that compose the National Organization of Hydrocarbon
      Producing States is completed.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Corresponds to Petersen Energ&#237;a (14.90%) and PEISA (10.56%).</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">According to data provided by The Bank of New York Mellon, as of April 30, 2012, there were 233,811,262 ADSs outstanding and 78 holders of record of ADSs. Such ADSs represented approximately 59% of the total number of issued and outstanding Class D shares as of such date. Excluding ADSs owned by Repsol YPF and the Petersen Group, outstanding ADSs represented 16% of the total number of outstanding Class D shares as of April 30, 2012. Repsol YPF (including its other subsidiaries) was the holder of 69.9 million of our ADSs at that date, while the Petersen Group collectively held 100,1 million of our ADSs.</font></td>
	</tr>
</table>
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		<td valign=top width="3%"><font size="1">(4)</font></td>

    <td><font size="1">Reflects the ownership of 3,764 Class A shares and 7,624
      Class B shares by the Argentine federal government and provincial governments,
      respectively. In addition, the Class D shares expropriated from Repsol YPF
      or its controlling or controlled entities, which represent 51% of our share
      capital, will be assigned as follows: 51% to the federal government and
      49% to the governments of the provinces that compose the National Organization
      of Hydrocarbon Producing States. The completion of this assignment is pending.
      To ensure compliance with its objectives, the Expropriation Law provides
      that the National Executive Office, by itself or through an appointed public
      entity, shall exercise all the political rights associated with the shares
      subject to expropriation until the transfer of political and economic rights
      to the provinces that compose the National Organization of Hydrocarbon Producing
      States is completed. In addition, in accordance with Article 9 of the Expropriation
      Law, each of the Argentine provinces to which expropriated shares are allocated
      must enter a shareholder&#146;s agreement with the federal government which
      will provide for the unified exercise of its rights as a shareholder. See
      &#147;Item 4. Information on the Company&#151;Regulatory Framework and Relationship
      with the Argentine Government&#151;The Expropriation Law.&#148;</font></td>
	</tr>
</table>
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		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">Reflects the ownership of 40,422 Class C shares.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following are summaries of certain material terms of the agreements entered into by Repsol YPF, Petersen Energ&#237;a and certain of their respective affiliates in connection with the Petersen Transaction and the Petersen Options (as defined below), as described in Repsol YPF&#146;s public filings.</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Share Purchase Agreement and Related Financing Agreements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Pursuant to the share purchase agreement entered into by Petersen Energ&#237;a and Repsol YPF in 2008, Petersen Energ&#237;a purchased 58,603,606 ADSs, representing 14.9% of our outstanding capital stock, from Repsol YPF for a total purchase price of U.S.$2,235 million, or approximately U.S.$38.14 per ADS (the &#147;Petersen Transaction&#148;). Petersen Energ&#237;a&#146;s purchase of our securities was financed by the drawdown of U.S.$1,026 million under a senior secured term loan facility provided by certain financial institutions, borrowing of U.S.$1,015 million under a seller credit agreement entered into with Repsol YPF and equity provided by Petersen Energ&#237;a&#146;s shareholders. The seller credit agreement matures on February 21, 2018. Principal payments are required to be made at certain periodic intervals commencing in 2013 until the maturity date. The loan under the seller credit agreement bears interest at 8.12% per year until May 15, 2013, and thereafter at 7.0% per year, and contains other customary terms and provisions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Securities purchased by Petersen Energ&#237;a are pledged as collateral under the senior secured term loan facility and the seller credit agreement. The seller credit agreement is subordinated to the senior secured term loan facility.</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Option Agreements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Repsol YPF granted certain affiliates of Petersen Energ&#237;a, an option to purchase the number of Class D shares or ADSs amounting to 0.1% of our capital stock, pursuant to the first option agreement (which was exercised in May 2008) (the &#147;First Petersen Option&#148;), and an option to purchase an additional number of Class D shares or ADSs amounting to 10.0% of our capital stock (collectively, the &#147;Option Shares&#148;), pursuant to the second option agreement (which was exercised in May 2011) (the &#147;Second Petersen Option&#148; and, together with the First Petersen </font></p></div>
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<p><font size="2">Option, the &#147;Petersen Options&#148;). Following the exercise of this option, the Petersen Group owns 25.46% of our capital stock.</font></p>
<div style="text-indent:3%"><p><font size="2">The beneficiaries of the Petersen Options have agreed not to transfer for a period of five years the 10% of our capital stock that was acquired pursuant to the Second Petersen Option, but have not made such an agreement as to the 0.1% of our capital stock that was acquired pursuant to the First Petersen Option.</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Shareholders&#146; Agreement</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Petersen Energ&#237;a, Repsol YPF and certain affiliates of Repsol YPF entered into a shareholders&#146; agreement on February 21, 2008 in connection with the Petersen Transaction establishing certain rights and obligations in connection with our governance and certain procedures for and limitations on transfers of our shares, among other matters. The following is a summary of certain material terms of the shareholders&#146; agreement based on Repsol YPF&#146;s public filings. We believe that the voting provisions contained in the shareholders&#146; agreement are without effect since the passage of the Expropriation Law.</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Voting at Shareholders&#146; Meetings</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Repsol YPF and Petersen Energ&#237;a have agreed to discuss and reach agreement on their voting with respect to proposals presented at shareholders&#146; meetings involving certain matters, including certain increases or any reductions in our capital (except reductions that are legally required), the merger, divestiture or dissolution of our company or certain of our subsidiaries, the divestiture of material assets of our company or certain of our subsidiaries, the modification of our by-laws, and the designation or removal of our external auditors, among other matters. In the event that Repsol YPF and Petersen Energ&#237;a cannot reach an agreement on any of these matters, they have agreed to vote against such matters.</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Composition of our Board of Directors</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Repsol YPF and Petersen Energ&#237;a have agreed that the composition of our Board of Directors shall reflect a proportional representation of Repsol YPF&#146;s and Petersen Energ&#237;a&#146;s interests in our capital stock, with (i) Repsol YPF retaining the right to appoint the majority of the members of our Board of Directors for so long as it holds the majority of our capital stock, and (ii) Petersen Energ&#237;a having the right to appoint at least five members to our Board (or three members in the case that its interest in our outstanding capital stock falls below 10%).</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Appointment of Directors and Officers and Certain Board Decisions</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Repsol YPF and Petersen Energ&#237;a have agreed that the Chairman of our Board of Directors and our Chief Operating Officer shall be designated by Repsol YPF while our Chief Executive Officer will be designated by Petersen Energ&#237;a.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Certain decisions of our Board of Directors shall require the affirmative vote of the directors representing Repsol YPF and Petersen Energ&#237;a, including any action that results in any of the specific matters discussed under &#147;&#151;Voting at Shareholders&#146; Meetings&#148; above, the reduction of our direct or indirect interest in certain of our subsidiaries, the contracting of debts, guarantees or investments that contractually limit the payment of dividends or cause our consolidated debt to EBITDA ratio to reach or exceed 3:1, undertake non-budgeted investments or acquisitions that individually exceed U.S.$250 million, and the requesting of the declaration of insolvency or bankruptcy, among other matters. In the event that Repsol YPF and Petersen Energ&#237;a cannot reach an agreement on any of these specific matters, they have agreed to instruct their directors to vote against such matters.</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Lock-Ups and Transfer Restrictions</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Petersen Energ&#237;a has agreed not to sell any shares of our capital stock for a period of five years, subject to certain exceptions, including the condition that Repsol YPF continues to hold at least 35% of our outstanding capital stock. In addition, if our dividend payments are insufficient for Petersen Energ&#237;a to meet its obligations under the senior secured term loan facility, or if Petersen Energ&#237;a repays the senior secured term loan facility in full, Petersen Energ&#237;a may sell shares of our capital stock, so long as Petersen Energ&#237;a maintains a minimum interest in our capital</font></p></div>
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<p><font size="2">stock of between 10% and 15% (depending on whether the beneficiaries of the Petersen Options have fully exercised the Petersen Options and excluding certain dilution events in respect of capital increases).</font></p>
<div style="text-indent:3%"><p><font size="2">Repsol YPF has agreed to hold at least 50.01% of our capital stock for a period of at least five years, unless Petersen Energ&#237;a repays the senior secured term loan facility in full. Once the senior secured term loan facility has been repaid in full, Repsol YPF has agreed to hold at least 35% of our capital stock, so long as Petersen Energ&#237;a maintains a minimum interest in our capital stock of between 10% and 15% (depending on whether its affiliates that are beneficiaries of the Petersen Options have fully exercised the Petersen Options and excluding certain dilution events in respect of capital increases), provided that Repsol YPF may sell shares to a purchaser that is a &#147;first-tier&#148; company in the oil and gas industry and agrees to be bound by the terms of the shareholders&#146; agreement.</font></p></div>
<div style="text-indent:3%"><p><font size="2">After five years: (i) Petersen Energ&#237;a may transfer its shares without limitation; and (ii) so long as Petersen Energ&#237;a maintains a minimum interest in our capital stock of between 10% and 15% (depending on whether its affiliates that are beneficiaries of the Petersen Options have fully exercised the Petersen Options and excluding certain dilution events in respect of capital increases), Repsol YPF must maintain an interest that, combined with Petersen Energ&#237;a&#146;s holdings, amounts to 40% of our outstanding capital stock, subject to certain conditions, provided that Repsol YPF may sell shares to a purchaser that is a &#147;first-tier&#148; company in the oil and gas industry and agrees to be bound by the terms of the shareholders&#146; agreement.</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Tag-Along Rights, Right to Participate in Public Offering and Right of First Refusal</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">If Petersen Energ&#237;a has repaid the senior secured term loan facility in full, when Repsol YPF sells more than 5% of our outstanding capital stock, Petersen Energ&#237;a shall have a <i>pro rata</i> tag-along right with respect to such sale by Repsol YPF. Petersen Energ&#237;a also has a right to participate, on a <i>pro rata</i> basis, in any public offering of our outstanding capital stock conducted by Repsol YPF.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Additionally, when Repsol YPF or Petersen Energ&#237;a sells a block of our shares representing greater than 10% of our capital stock, the other party shall have a right of first refusal to purchase such shares, subject to certain terms and conditions.</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Acquisition of Certain of Repsol YPF&#146;s Latin American Assets</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Repsol YPF and Petersen Energ&#237;a have agreed to allow us to evaluate the possible acquisition, at market price, of certain specified Latin American assets of Repsol YPF in order to expand and diversify our business.</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Dividends</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Repsol YPF and Petersen Energ&#237;a have agreed to effect the adoption of a dividend policy under which we would distribute 90% of our net income as dividends, starting with our net income for 2007. They have also agreed to vote in favor of requiring us to distribute an additional dividend of U.S.$850 million, which was paid jointly with the ordinary dividends in 2008 and 2009.</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Tender Offer by Petersen Energ&#237;a</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Repsol YPF agreed not to participate in the tender offer for our shares that Petersen Energ&#237;a or its affiliates were required to make when they acquired 15% or more of our outstanding capital stock (as a result of its exercise of one of the Petersen Options, or otherwise).</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Duration and Termination</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The shareholders&#146; agreement shall remain in effect during our existence, but is subject to immediate termination if Repsol YPF&#146;s holdings of our capital stock fall below 12.5% or Petersen Energ&#237;a&#146;s holdings of our capital stock fall below 10%. The shareholders&#146; agreement is also subject to termination if there are certain defaults under the shareholders&#146; agreement, or if, within thirty days of the bankruptcy of either party, the bankrupt party cannot provide a sufficient guaranty to the other party.</font></p></div>
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<a name="145a"></a>
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	<tr>
		<td valign=top ><font size="2"><b>Registration Rights and Related Agreements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under the terms of the registration rights agreement between us, Repsol YPF and the financial institutions providing the senior secured term loan facility, we have agreed to file a resale shelf registration statement under the Securities Act with respect to the ADSs sold in the Petersen Transaction, have it declared effective by the SEC, and keep it continuously effective until certain specified conditions have been met. On February 20, 2008, we filed such shelf registration statement on Form F-3 with the SEC. Upon any acceleration of the senior secured term loan facility following the occurrence and continuation of an event of default under such facility, Credit Suisse, London Branch, the administrative agent acting on behalf of the lenders under the senior secured term loan facility as holders of such pledged securities, may sell such securities under the shelf registration statement after giving us notice, provided that we may suspend the use of the registration statement upon the occurrence of certain specified events. Such securities and the associated registration rights may be transferred by any holder.</font></p></div>
<div style="text-indent:3%"><p><font size="2">If the Company fails to keep continuously effective, supplemented and amended a resale shelf registration statement after an event of default under such facility has occurred and is continuing (each such event a &#147;Registration Default&#148;), then the Company must pay, for the benefit of the holders of the securities required to be registered a penalty in cash in an amount equal to the Liquidated Damages Amount (as defined below). Accrued liquidated damages, if any, shall be payable within 45 days of the first Registration Default and every 90 days thereafter if such Registration Default is continuing. This obligation to pay liquidated damages will cease on the date that all Registration Defaults have been cured and shall be the Company&#146;s sole liability for breach of the registration rights agreement. &#147;Liquidated Damages Amount&#148; means, as of the relevant date of determination, an amount payable per share outstanding required to be registered equal to the aggregate outstanding principal amount under the senior secured term loan facility as of such date of determination divided by the number of the shares outstanding required to be registered as of such date (adjusted for any share split or combination), multiplied by the number of days during which an event of default has occurred and is continuing and a Registration Default exists, multiplied by 0.05, and divided by 365.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The registration rights agreement provides that the selling shareholders and us will indemnify each other and their and our respective directors, officers, agents, employees and controlling persons against specific liabilities in connection with the offer and sale of the ADSs, including liabilities under the Securities Act, or will be entitled to contribution in connection with those liabilities. In addition, Repsol YPF and Petersen Energ&#237;a PTY Ltd., the parent holding company of Petersen Energ&#237;a, S.A., have agreed in a separate agreement to indemnify us against certain specific losses resulting from our agreement to indemnify the selling shareholders and their directors, officers and controlling persons pursuant to the registration rights agreement (excluding losses resulting from a final judgment determining the existence of a material misstatement or omission of fact contained in our resale shelf registration statement or a prospectus included therein, or a settlement based on such claims). Repsol YPF or Petersen Energ&#237;a S.A. will pay all of our expenses incidental to the registration, offering and sale of the ADSs to the public (subject to the caps and limitations set forth in the registration rights agreement), and each selling shareholder will be responsible for payment of commissions, concessions, fees and discounts of underwriters, broker-dealers and agents.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We have also entered into a separate registration rights agreement with respect to the Option Shares, with terms and conditions that are substantially similar to those contained in the registration rights agreement entered into with respect to the ADSs sold in the Petersen Transaction.</font></p></div>
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		<td valign=top ><font size="2"><b>Related Party Transactions</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">All material transactions and balances with related parties as of December 31, 2011 are set forth in Note 7 to the Audited Consolidated Financial Statements. The principal such transactions were our sales of refined and other products to certain affiliates (which amounted to Ps.2,170 million in 2011), our purchase of petroleum and other products that we do not produce ourselves from certain affiliates (which amounted to Ps.761 million in 2011), and loans and cancellations of loans granted to us by subsidiaries of Repsol (in a net amount of Ps.135 million). The prices of the transactions with related parties approximate the amounts charged by and/or to us by unrelated third parties. In addition, Repsol YPF and Petersen Energ&#237;a PTY Ltd., the parent holding company of Petersen Energ&#237;a, have agreed to indemnify us against certain specific losses resulting from our agreement to indemnify the selling shareholders and their directors, officers and controlling persons pursuant to the registration rights agreements we have entered into in connection with the Petersen Transaction (excluding losses resulting from a final judgment</font></p></div>
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<p><font size="2">determining the existence of a material misstatement or omission of fact contained in our resale shelf registration statement or a prospectus included therein, or a settlement based on such claims). Repsol YPF or Petersen Energ&#237;a will pay all of our expenses incidental to the registration, offering and sale of the securities registered hereby to the public. See &#147;&#151;Registration Rights and Related Agreements.&#148;</font></p>
<div style="text-indent:3%"><p><font size="2">Since the passage on May 3, 2012 of the Expropriation Law, the federal government and the governments of certain provinces in Argentina are related parties of the Company. We are party to numerous agreements with the federal government and the governments of such provinces, as well as with agencies or institutions dependent on such governments and stated-owned companies.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">For an organizational chart showing our organizational structure,
    including our interests in our principal affiliates, see &#147;Item 4. Information
    on the Company&#151;Overview.&#148;</font></p>
</div>
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	<tr>
		<td valign=top ><font size="2"><b>Argentine Law Concerning Related Party Transactions</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Section 73 of the Transparency Decree provides that before a company whose shares are listed in Argentina may enter into an act or contract involving a &#147;significant amount&#148; with a related party or parties, such company must obtain approval from its board of directors, and obtain an opinion, prior to such board approval, from its audit committee or from two independent valuation firms that states that the terms of the transaction are consistent with those that could be obtained on an arm&#146;s-length basis.</font></p></div>
<div style="text-indent:3%"><p><font size="2">For the purpose of Section 73 of the Transparency Decree, as amended by Decree No. 1020/03, &#147;significant amount&#148; means an amount that exceeds 1% of the issuer&#146;s net worth as reflected in the latest approved financial statements, provided this amount exceeds Ps.300,000. For purposes of the Transparency Decree, &#147;related party&#148; means (i) directors, members of the supervisory committee, managers; (ii) the persons or entities that control or hold a significant participation in the company or in its controlling shareholder (at least 35% of its capital stock, or a lesser amount when they have the right to appoint one or more directors, or have other shareholder agreements related to the management of the company or its controlling shareholder); (iii) any other company under common control; (iv) direct relatives of the persons mentioned in (i) and (ii); or (v) companies in which the persons referred to in (i) to (iv) hold directly or indirectly significant participations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The acts or contracts referred to above, immediately after being approved by the board of directors, shall be disclosed to the CNV, making express indication of the audit committee&#146;s or independent valuation firm&#146;s opinion, as the case may be. Also, beginning on the business day following the day the transaction was approved by the board of directors, the audit committee&#146;s or independent valuation firm&#146;s reports shall be made available to the shareholders at the company&#146;s principal executive offices.</font></p></div>
<div style="text-indent:3%"><p><font size="2">If the audit committee or the two independent valuation firms do not find that the contract is on arm&#146;s-length terms, prior approval must be obtained at the company&#146;s shareholders&#146; meeting.</font></p></div>
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<a name="147a"></a>
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		<td valign=top ><font size="2"><b>ITEM 8. Financial Information</b></font></td>
	</tr>
</table>
<br>
<a name="147b"></a>
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		<td valign=top ><font size="2"><b>Financial Statements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">See Item 18 for our Audited Consolidated Financial Statements.</font></p></div>
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		<td valign=top ><font size="2"><b>Legal Proceedings</b></font></td>
	</tr>
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<br>
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    <td valign=top ><font size="2"><b><i>Argentina</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Privatization Law provides that the Argentine State shall be responsible, and shall hold us harmless, for any liabilities, obligations or other commitments existing as of December 31, 1990 that were not acknowledged as such in the financial statements of Yacimientos Petrol&#237;feros Fiscales Sociedad del Estado, our predecessor, as of that date arising out of any transactions or events that had occurred as of that date, provided that any such liability, obligation or other commitment is established or verified by a final decision of a competent judicial authority. In certain lawsuits related to events or acts that took place before December 31, 1990, we have been required to advance the payment of amounts established in certain judicial decisions, and have subsequently been reimbursed or are currently in the process of requesting reimbursement from the Argentine government of all material amounts in such cases. We are required to keep the Argentine government apprised of any claim against us arising from the obligations assumed by the Argentine government. We believe we have the right to be reimbursed for all such payments by the Argentine government pursuant to the above-mentioned indemnity, which payments in any event have to date not been material. This indemnity also covers fees and expenses of lawyers and technical consultants subject, in the case of our lawyers and consultants, to the requirement that such fees and expenses not be contingent upon the amounts in dispute.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Accrued, probable contingencies</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Accruals totaling Ps.2,252 million, Ps.2,236 million and Ps.1,769 million as of December 31, 2011, 2010 and 2009, respectively, have been provided in connection with contingencies which are probable and can be reasonably estimated. In the opinion of our management, in consultation with our external counsel, the amount accrued reflects the best estimation, based on the information available as of the date of this annual report, of the probable outcome of the mentioned contingencies. The most significant legal proceedings and claims accrued are described in the following paragraphs.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><i>Alleged defaults under natural gas supply contracts</i>.
    Since 2004, the Argentine Secretariat of Energy and the Undersecretariat of
    Fuels, through Rule No. 27/04, Resolutions No. 265/04, 659/04, 752/05, 1329/06
    and 599/07, have on various occasions instructed us to supply certain quantities
    of natural gas to the Argentine domestic market, in each case notwithstanding
    the lack of a contractual commitment on our part to do so. In addition, the
    Argentine government has, at various times since 2004, imposed direct volume
    limitations on natural gas exports in different ways. On January 5, 2012,
    the Official Gazette published Resolution SE No. 172 which temporarily extends
    the allocation rules and other criteria established by Resolution No. 599/07.
    As a result of these measures, from 2004 to the present, we have been forced
    in many instances to partially or fully suspend natural gas export deliveries
    that are contemplated by our contracts with export customers. See &#147;Item
    4. Information on the Company&#151;Exploration and Production&#151;Delivery
    commitments&#151;Natural gas supply contracts&#148; for additional information
    on the restrictions affecting contracted volumes.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">We appealed these measures, but, pending favorable final resolution of such appeals, we have been obliged to comply in order to avoid greater losses to us and our export customers that could be occasioned by the revocation of our export permits or other penalties. We informed our natural gas export customers of our position that these governmental measures constitute an event of <i>force majeure</i> that releases us from any contractual or extra-contractual liability deriving from the failure to deliver the agreed upon volumes of gas. Some of our customers have rejected our position and a number of them have sought damages and/or penalties for breach of supply commitments under a contractual &#147;deliver or pay&#148; clause.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On June 25, 2008, AES Uruguaiana Empreendimientos S.A. (AESU) claimed damages in a total amount of U.S.$28.1 million for missed deliveries of natural gas volumes during the period September 16, 2007 through June </font></p></div>
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<p><font size="2">25, 2008. On July 16, 2008, AESU also claimed damages in a total
  amount of U.S.$2.7 million for missed deliveries of natural gas volumes during
  the period January 18, 2006 through December 1, 2006. We have contested both
  of these claims. Both parties have suspended the fulfillment of their obligations
  under the contract. On September 15, 2008, AESU notified YPF the interruption
  of the fulfillment of its commitments alleging delay and breach of YPF&#146;s
  obligations. YPF has rejected this notification. On December 4, 2008, YPF notified
  that having ceased the <i>force majeure</i> conditions, pursuant to the contract
  in force, it would suspend its delivery commitments, due to the repeated breaches
  of AESU&#146;s obligations. This notification was also rejected. On December
  30, 2008, AESU rejected YPF&#146;s right to suspend its natural gas deliveries
  and on March 20, 2009, AESU notified YPF that it was terminating the contract.
  See &#147;&#151;Non-accrued, remote contingencies&#151;Arbitration with AES
  Uruguaiana Empreendimentos S.A. (AESU), Companhia de G&#225;s do Estado do R&#237;o
  Grande do Sul (Sulg&#225;s) and Transportadora de Gas del Mercosur S.A. (TGM).&#148;</font></p>
<div style="text-indent:3%"><p><font size="2">In addition, YPF is subject to certain claims related to transportation fees and charges associated with transportation services under contracts associated with natural gas exports. Transportadora de Gas del Norte S.A. (&#147;TGN&#148;), one of the parties to these contracts, initiated mediation proceedings with us in order to determine the merits of its claim. The mediation proceedings, did not result in an agreement and, on March 12, 2010, YPF was notified of the lawsuit filed by such company claiming the fulfillment of contractual obligations and the payment of unpaid invoices while reserving the right to claim for damages.<b> </b>TGN subsequently claimed the alleged related damages in a note addressed to the Company in November 2011. The total amount claimed by TGN amounts to approximately U.S.$207 million as of the date of this annual report. YPF has answered the lawsuit brought by TGN. Additionally, the plaintiff notified us that it was terminating the contract, invoking YPF&#146;s alleged breach of such contract due to an alleged lack of payment of the related transportation fees. The Federal Court of Appeals in Civil and Commercial Matters has ruled in favor of the jurisdiction of the federal civil and commercial courts (and against ENARGAS&#146; jurisdiction) to resolve this matter. Additionally, on January 12, 2012 and following a mediation process which ended without any agreement, Naci&#243;n Fideicomisos S.A. filed a complaint against YPF, under art. 66 of Law 24,076, before ENARGAS, claiming the payment of certain transportation charges in an approximate amount of Ps.339 million. We answered the claim raising ENARGAS&#146; lack of jurisdiction (as we did in the proceeding against TGN), rejecting the claim based on the theory of legal impossibility and requesting the consolidation of this proceeding with the one related to TGN. On April 12, 2012, ENARGAS resolved in favor of Naci&#243;n Fideicomisos S.A. This resolution is not final and may be appealed by YPF. We believe the matters referred to above, if resolved unfavorably to YPF will not have a material adverse effect on our results of operations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In connection with the above, on April 8, 2009, YPF filed a complaint against TGN with ENARGAS, seeking the termination of the natural gas transportation contract with TGN for the transport of natural gas in connection with the natural gas export contract entered with AESU and other parties. The complaint is based on the termination of the referenced natural gas export contract and the legal impossibility of assigning the transportation contract to other shippers because of certain changes in law in effect since 2002; as a second order matter, 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 as a third order matter, the Teor&#237;a de la Imprevisi&#243;n (hardship provision under Article 1198 of the Argentine Civil Code) available under Argentine law when extraordinary events render a party&#146;s obligations excessively burdensome.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>La Plata refinery environmental disputes</i>. On June 29, 1999, a group of three neighbors of the La Plata refinery filed claims for the remediation of alleged environmental damages in the peripheral water channels of the refinery, investments related to contamination and compensation for alleged health and property damages as a consequence of environmental pollution caused by YPF prior to and after privatization. We notified the executive branch of the Argentine government that there is a chance that the tribunal may find us responsible for the damages. In such event, due to the indemnity provided by Privatization Law (Law No. 24,145) and in accordance with that law, we should be allowed to request reimbursement of the expenses for liabilities existing on or prior to January 1, 1991 (before privatization) from the Argentine government.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On December 27, 2002, a group of 264 claimants who resided near the La Plata refinery requested compensation for alleged quality of life deterioration and environmental damages purportedly caused by the operation of the La Plata refinery. The amount claimed is approximately Ps.42 million. We filed a writ answering the complaint. There are three similar additional claims raised by three groups of 120, 343 and 126 neighbors, </font></p></div>
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<p><font size="2">respectively. The first group has made a claim for compensation of approximately Ps.16 million, the second group has made a claim for compensation of approximately Ps.45 million and the third one has made a claim of approximately Ps.16 million, in addition to a request for environmental cleanup.</font></p>
<div style="text-indent:3%"><p><font size="2">On December 17, 1999, a group of 37 claimants who resided near La Plata refinery, demanded the specific performance by us of different works, installation of equipment, technology and execution of work necessary to stop any environmental damage, as well as compensation for health damages alleged to be the consequence of gaseous emissions produced by the refinery, currently under monitoring. On August 11, 2011, the judge ruled against YPF and the National State requiring us to pay approximately Ps.3.5 million plus interest. We appealed this ruling.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On January 25, 2011, we entered into an agreement with the Provincial Entity for Sustainable Development (<i>Organismo Provincial para el Desarrollo Sostenible </i>or &#147;OPDS&#148;) of the Government of the province of Buenos Aires, within the scope of the Remediation, liability and environmental risk control program, created by Resolution 88/10 of the OPDS. Pursuant to such agreement, YPF and the relevant authorities agreed to jointly perform an eight-year work program in the canals adjacent to the La Plata refinery, including the conduct of characterization and risk assessment studies of sediments. The agreement provides that when a required remediation action is identified as a result of a risk assessment study, different alternatives and available techniques will be considered, as well as the steps needed for its implementation. Studies to determine how old the contamination is will also be performed pursuant to the agreement, in order to evaluate whether the Argentine government should be liable for such contamination pursuant to its obligation to hold us harmless under the Privatization Law, which established the procedures for our privatization. YPF has provided an accrual of the estimated cost of the characterization and risk assessment studies mentioned above. The cost of the remediation actions, if required, will be recorded in those situations where the loss is probable and can be reasonably estimated.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Quilmes claims</i>. We have been notified of 37 judicial claims filed by neighbors living near the riverside in Quilmes, in the province of Buenos Aires, as a consequence of a leak related to the La Plata &#150; Dock Sud pipeline, which occurred in 1988 as third parties damaged and stole fuel from the pipeline, which was then repaired by Yacimientos Petrol&#237;feros Fiscales. One of the claims has been filed by a group of people that allegedly live in this area and have requested the remediation of environmental damages and the payment of approximately Ps.47 million plus interest as compensation for alleged personal damages for hydrocarbons exposure. We have answered the complaint requesting its rejection and impleading the Argentine government. We have also notified the Argentine government of the existence of this claim and that we plan to request that it hold us harmless and indemnify us against any liability derived from this lawsuit, as provided by the Privatization Law. The Argentine government, through an administrative decision, has denied any responsibility to indemnify us for this matter, and we have sued the Argentine government to obtain a declaratory judgment declaring this administrative decision null and void. Such declaratory judgment is still pending. There are 36 other judicial claims that have been brought against us based on similar allegations, amounting to approximately Ps.19 million. Additionally, we are aware of the existence of other actions brought against us that have not yet been served and which are based on similar allegations. As of the date of this annual report, a remediation plan is being performed in the affected area, under the supervision of the environmental authority of the province of Buenos Aires.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Tax claims</i>. We have received several claims from the Federal Administration of Public Revenue (<i>Administraci&#243;n Federal de Ingresos P&#250;blicos</i>, or &#147;AFIP&#148;) and from the 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 this annual report.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Non-accrued, possible contingencies</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In addition to the probable contingencies described in the preceding paragraphs, we are subject to several labor, civil, commercial and environmental claims in respect of which, we have not provided any accrual since management, based on the evidence available to date and upon the opinion of our external counsel, have considered them to be possible contingencies.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Based on the information available to the Company, including the amount of time remaining before trial, the results of discovery and the judgment of internal and external counsel, the Company is unable to estimate the reasonably possible loss or range of loss resulting for these contingencies.</font></p></div>
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<div style="text-indent:3%">
<p><font size="2">The most significant of these contingencies are described below:</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2"><i>New Jersey claims. </i>On December 13, 2005, the New Jersey
    Department of Environmental Protection (the &#147;DEP&#148;) and the New Jersey
    Spill Compensation Fund filed a claim with a New Jersey court against Occidental
    Chemical Corporation, Tierra, Maxus, Repsol YPF, YPF, YPF Holdings and CLH
    Holdings (see &#147;Item 4. Information on the Company&#151;Environmental
    Matters&#151;YPF Holdings&#151;Operations in the United States&#148;). YPF
    International S.A. and Maxus International Energy Company were added to the
    claim in 2010. The plaintiffs are claiming economic compensation in an undetermined
    amount and punitive damages as a consequence of environmental damages, as
    well as the costs and fees associated with this proceeding, based on alleged
    violations of the Spill Compensation and Control Act (&#147;Spill Act&#148;),
    the Water Pollution Control Act and common law claims relating to a facility
    allegedly operated by the defendants and located in Newark, New Jersey that
    allegedly impacted the Passaic River and Newark Bay. DEP filed its Second
    Amended Complaint in April 2008; YPF&#146;s motion to dismiss for lack of
    personal jurisdiction was denied in September 2008. The decision was affirmed
    by the Court of Appeals following an appeal from YPF. Notwithstanding the
    above, the Court denied the plaintiffs&#146; motion to bar third party practice
    and allowed defendants to file third-party claims. Third-party claims against
    approximately 300 companies and governmental entities (including certain municipalities)
    which could have responsibility in connection with the claim were filed by
    Tierra and Maxus in February 2009. In September 2010, New Jersey governmental
    parties, along with other summoned entities, filed their motions to dismiss,
    which have been answered by Maxus and Tierra. Third-party defendants motions
    to dismiss were rejected by the court in January 2011. Some of the mentioned
    third-parties appealed the decision, but the court denied such appeal in March
    2011. A mediator had prepared a work plan for an alternative dispute resolution
    process, but this process failed since the parties could not reach a consensus.
    In May 2011, the judge issued Case Management Order XVII (&#147;CMO XVII&#148;),
    which contains the Trial Plan for the case. This Trial Plan divides the case
    into two phases. Phase One will determine liability and Phase Two will determine
    damages. Following the issuance of CMO XVII, the State of New Jersey and Occidental
    filed motions for partial summary judgment. The State filed two motions: one
    against Occidental and Maxus on liability under the Spill Act, and one against
    Tierra on liability under the Spill Act. In addition, Occidental filed a motion
    for partial summary judgment that Maxus owes a duty of contractual indemnity
    to Occidental for liabilities under the Spill Act. In July and August 2011,
    the court ruled that, although the discharge of hazardous substances by Chemicals
    has been proved, liability cannot be imposed if the nexus between any discharge
    and the alleged damage is not established. Additionally, the Court ruled that
    Tierra has Spill Act liability to the State based merely on its current ownership
    of the Lister Avenue site (an area located nearby the Passaic river); and
    that Maxus has an obligation under the 1986 Stock Purchase Agreement to indemnify
    Occidental for any Spill Act liability arising from contaminants discharged
    on the Lister Avenue site. Finally, the Special Master (a retired State judge,
    appointed to assist the court for discovery) called for and held a settlement
    conference in late November 2011 between the State of New Jersey, on the one
    hand, and Repsol, YPF and Maxus, on the other hand to discuss the parties&#146;
    respective positions, but no resolution was reached. However, the parties
    have agreed to continue the settlement process, and they have committed to
    further communication during 2012.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">For additional information about this legal proceeding, see &#147;&#151;YPF Holdings-Passaic River/Newark Bay, New Jersey.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Patagonian Association of Land-Owners claims</i>. On August 21, 2003, the Patagonian Association of Land-Owners (&#147;ASSUPA&#148;) sued the companies operating production concessions and exploration permits in the Neuquina basin, including us, claiming for the remediation of the general environmental damage purportedly caused in the execution of such activities or the establishment of an environmental restoration fund, and the implementation of measures to prevent environmental damages in the future. The total amount claimed against all companies is more than U.S.$547.6 million. The plaintiff requested that the Argentine government (Secretariat of Energy), the Federal Environmental Council (<i>Consejo Federal de Medio Ambiente</i>), the provinces of Buenos Aires, La Pampa, Neuqu&#233;n, R&#237;o Negro and Mendoza and the National Ombudsman be summoned. It requested, as a preliminary injunction, that the defendants refrain from carrying out activities affecting the environment. Both the Ombudsman&#146;s summons as well as the requested preliminary injunction were rejected by the Argentine Supreme Court. Once the complaint was served, we and the other defendants filed a motion to dismiss for failure of the plaintiff to state a claim upon which relief may be granted. The court granted the motion, and the plaintiff had to file a supplementary complaint. We requested that the claim be rejected because the defects of the complaint indicated by the Argentine Supreme Court have not been corrected, but such request was denied. However, we have also requested its rejection </font></p></div>
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<p><font size="2">for other reasons, and impleaded the Argentine government, due to its obligation to indemnify us against any liability and hold us harmless for events and claims arising prior to January 1, 1991, according to the Privatization Law and Decree 546/1993. On February 23, 2009, the Argentine Supreme Court ordered that certain provinces, the Argentine government and the Federal Environmental Council be summoned. Therefore, pending issues were deferred until the impleaded parties appear before the court and procedural issues are resolved. The provinces of R&#237;o Negro, Buenos Aires, Neuqu&#233;n, Mendoza, and the Argentine government have presented their arguments to the Supreme Court, although such arguments are not available to us. The provinces of Neuqu&#233;n and La Pampa have claimed lack of jurisdiction, which has been opposed by the plaintiff, and the claim is pending resolution. On December 13, 2011, the Supreme Court suspended the proceeding for 60 days and ordered YPF and the plaintiff to present a schedule of the conferences that would take place during said suspension, authorizing the participation of the rest of the parties as well as third parties in such conferences.</font></p>
<div style="text-indent:3%"><p><font size="2"><i>Dock Sud claim</i>. We have been sued in the following environmental lawsuits that have been filed by residents living near Dock Sud, in the province of Buenos Aires: (i) &#147;Mendoza, Beatriz against National State et al.,&#148; and (ii) &#147;Cicero, Mar&#237;a Cristina against Antivari S.A.C.I. et al. for damages.&#148; In the Mendoza lawsuit before the Argentine Supreme Court, the Argentine government, the province of Buenos Aires, the City of Buenos Aires, 14 municipalities and 44 companies (including us) were sued. The plaintiffs have requested unspecified compensation for collective environmental damage to the Matanza and Riachuelo river basins and for physical and property damage, which they claim to have suffered. The Argentine Supreme Court declared itself legally competent to settle only the conflict related to the collective environmental damages, including prevention of future pollution, remediation of environmental damages already caused and monetary compensation for irreparable environmental damages, and has requested that the defendants submit specific reports. In particular, it has requested that the Argentine government, the province of Buenos Aires, the City of Buenos Aires and the Federal Environmental Council submit a plan with environmental objectives. We answered the complaint and requested the impleading of the Argentine government, based on its obligation to indemnify us against any liability and hold us harmless for events and claims previous to January 1, 1991, according to the Privatization Law and Decree No. 546/1993. In July 2008, the Argentine Supreme Court decided that the Basin Authority (Law 26,168) (&#147;ACUMAR&#148;) will be in charge of performing a remediation plan as well as of taking preventive measures in the area. The National State as well as the Province and City of Buenos Aires will be responsible for the performance of these measures. It also declared the exclusive competence of the First Instance Federal Court in Quilmes to hear any claims or disputes arising out of the remediation plan or the preventive measures and determined that any future action seeking the environmental remediation of the basin will be dismissed (<i>litis pendentia</i>). We have been notified of certain resolutions issued by ACUMAR, pursuant to which we are required to submit a Restructuring Industrial Plan regarding certain of our facilities. While we have appealed such resolutions, we have submitted to the relevant authority the mentioned Restructuring Industrial Plan. Additionally, the Argentine Supreme Court declared that it will determine whether and how much liability is to be borne by the parties involved. In the Cicero lawsuit, the plaintiffs, who are residents of Villa Inflamable, Dock Sud, also demand the environmental remediation of Dock Sud and Ps.33 million in compensation for physical and property damages against many companies that have operations there, including us. We answered the complaint by requesting its rejection and asked the citation of the Argentine government, due to its obligation to indemnify us against any liability and hold us harmless for events and claims previous to January 1, 1991, according to the Privatization Law and Decree No. 546/1993.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>La Plata refinery environmental claims</i>. We are aware of an action in which we have not yet been served, in which the plaintiff requests the cessation of contamination and the cleanup of the canals adjacent to the La Plata refinery, in R&#237;o Santiago, and other sectors near the coast (removal of mud, drainage of wetlands, restoration of biodiversity, among other things), and, if such sanitation is not practicable, compensation of Ps.500 million or an amount to be determined from evidence produced in discovery. We believe that this claim partially overlaps with the requests made by a group of neighbors of the La Plata refinery on June 29, 1999 and with the complaint served on June 6, 2007, mentioned in preceding paragraphs. Accordingly, we consider that if we are served in this proceeding or any other proceeding related to the same subject matters, the cases will need to be consolidated to the extent that the claims overlap. With respect to claims that would not be included in the previous proceedings, for the time being we are unable to estimate the prospects of such claims. Additionally, we believe that most of the damages that do not overlap with the aforementioned claims may be attributable to events that occurred prior to YPF&#146;s privatization and could therefore be the responsibility of the Argentine government in accordance with the Privatization Law concerning YPF.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">In addition to the above, YPF has entered into an agreement with the OPDS in connection with the claims related to the channels adjacent to the La Plata refinery, which is described in &#147;&#151;Accrued, probable contingencies&#151;La Plata refinery environmental disputes&#148; above.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%" >&nbsp;</td>
    <td valign=top ><font size="2"><i>Concessions on Hydrocarbon zones &#150;
      Provincial claims</i></font></td>
  </tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2"><i>R&#237;o Negro Province. </i>We have been notified of Resolution 433/08 issued by the Ministry of Production, Hydrocarbon Department of the R&#237;o Negro Province concerning compliance with certain obligations by exploitation concessionaires in the hydrocarbon bearing zones of Barranca de los Loros, Bajo del Piche, El Medanito and Los Caldenes, all located in R&#237;o Negro Province. This resolution asserts that we, among others, in our capacity as a concessionaire, are liable for failing to meet certain concession and environmental obligations. If found liable, we could be at risk of termination of these concession contracts.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The Hydrocarbons Law grants the concessionaire and/or licensee the right, prior to termination based upon contractual provisions, to cure a contractual breach within a certain period of time after receiving notice thereof. Accordingly, on May 29, 2008, we filed a request for nullification of Resolution 433/08, since this resolution failed to grant us this right. Additionally, on June 13, 2008, we submitted a response denying the charges against us and on November 12, 2008, the Ministry of Production ordered the initiation of the evidence production period. On November 28, 2008, we filed a writ requesting the production of certain evidence and the appointment of our technical expert. We have challenged certain aspects related to the production of evidence. On May 12, 2009, we were notified of the issuance of Resolution No. 31/09 dated March 13, 2009 by the Ministry of Production, Hydrocarbon Department of the R&#237;o Negro Province, which ordered an extension of the evidence production period in this case. On December 1, 2009, we presented the requested documentary evidence, while stating that the resolution of our claims related to certain aspects of the production of evidence were 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 hydrocarbon bearing zones between 2007 and 2010 and (b) the actions taken as regards to the environmental matters. YPF later submitted a new presentation providing updated information on the amounts invested in 2010, expected investments in exploratory activity for 2011 and for the period 2011-2016, requesting the resolution of a claim brought against the intervention of the Hydrocarbon&#146;s Secretariat in all issues being investigated by the provincial environmental authority (CODEMA), and making a new request for the termination of this claim.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 28, 2012, YPF was notified that a legal process was initiated for purposes of declaring the expiration of the concession in Los Caldenes area due to YPF&#146;s alleged failure to meet the minimum investment requirements. YPF is currently analyzing its course of action. The net value of the assets and the proved reserves related to this concession is not material to the Company.</font></td>
	</tr>
</table>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2"><i>Chubut Province.</i> On March 1, 2012, the province of Chubut, through Decree No. 271, requested YPF to submit a response in relation to the Company&#146;s alleged breach of its obligation to make investments in certain concessions (El Tr&#233;bol-Escalante and Campamento Central- Bella Vista Este- Ca&#241;ad&#243;n Perdido) and to propose a work plan aimed at remedying such alleged breach.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">YPF submitted its response on March 13, 2012, rejecting the alleged breach of the relevant regulation and submitted a work plan concerning the affected areas. On March 20, 2012, YPF was notified of Decree 324/12, which ordered the expiration of the exploitation concessions of the areas El Tr&#233;bol-Escalante and Campamento Central-Bella Vista Este-Ca&#241;ad&#243;n Perdido. According to the decree, the expiration will be effective 90 calendar days after its notification. YPF filed a declaratory action before the Argentine Supreme Court requesting that the decree be declared unconstitutional and requesting a preliminary injunction against its implementation until the action brought by YPF is solved. On April 10, 2012, an open call for tenders was published in the Government Gazette for the rating and selection of companies to form a joint venture with Petrominera Chubut SE for the exploitation of hydrocarbons in the El Trebol-Escalante and Ca&#241;adon Perdido-Campamento Central. YPF has informed the Supreme Court of this most recent event. Assets (net of deferred income tax liabilities and asset retirement obligations) related to the areas affected by this expiration totaled approximately Ps.188 million as of December 31, 2011 (0.34% of our total assets as of such date), had a production of approximately 4.3 mmboe in 2011 (2.42% of our </font></td>
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		<td valign=top ><font size="2">production in 2011) and had proved reserves totaling 21.1 mmboe as of December 31, 2011 (2.11% of our total proved reserves as of such date).</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">In addition, on April 3, 2012, the province of Chubut requested YPF to submit a new investment and work proposal for the Manantiales Behr area within a period of 10 working days, and invited YPF to hold a meeting to discuss the matters referred to above. Such proposal was made in accordance with Resolutions No. 319/93 and 10/06 of the Subsecretariat of Hydrocarbons and Mining of the province of Chubut in connection with the investments made in this area. On May 11, 2012, YPF submitted a new investment and work proposal for this area. Assets (net of deferred income tax liabilities and asset retirement obligations) related to this area totaled approximately Ps.1,468 million as of December 31, 2011 (2.65% of our total assets as of such date), had a production of approximately 7.6 mmboe in 2011 (4.29% of our production in 2011) and had proved reserves totaling approximately 24.7 mmboe as of December 31, 2011 (2.46% of our total proved reserves as of such date).</font></td>
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		<td><font size="2"><i>Santa Cruz Province.</i> On March 2, 2012, the province of Santa Cruz, through a registered letter, requested YPF to inform the province&#146;s Energy Institute of the technical, economic and financial reasons for which YPF had allegedly failed to make the required investments in the following concessions: Barranca Yankowsky, Barranca Baya, Ca&#241;ad&#243;n de la Escondida, Cerro Grande, Ca&#241;ad&#243;n Le&#243;n, Ca&#241;ad&#243;n Seco, Meseta Espinosa, Ca&#241;ad&#243;n Vasco, Ca&#241;ad&#243;n Yatel, Estancia Cholita, Estancia Cholita Norte, Cerro Guadal, Cerro Guadal Norte, Cerro Piedras, Los Sauces, El Guadal, Lomas del Cuy, Aguada Bandera, Los Monos, Cerro Bayo, La Cueva, Las Mesetas and Koluel Kaike, under penalty of being subject to the sanctions provided for in section 80, subsection c), of the Hydrocarbons Law, pursuant to which concessions and permits may expire, among other reasons, as a result of a material and unjustified breach of the applicable productivity, conservation and investment obligations. Assets (net of deferred income tax liabilities and asset retirement obligations) related to the areas affected by this request totaled approximately Ps.1,681 million as of December 31, 2011 (3.04% of our total assets as of such date), had a production of approximately 11.5 mmboe in 2011 (6.43% of our production in 2011) and had proved reserves totaling 80.3 mmboe as of December 31, 2011 (8% of our total proved reserves as of such date).</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">In addition, on March 12, 2012, the Energy Institute of Santa Cruz requested YPF to submit, within 24 hours, information aimed at rejecting the conclusions reached by a report prepared by said institute, which would indicate that investments made in the exploitation concessions Barranca Yankowsky, Los Monos and Cerro Piedra-Cerro Guadal Norte were insufficient, as well as an action plan aimed at putting an end to the alleged breach of YPF&#146;s obligations, under penalty of declaring the expiration of these concessions pursuant to section 80, subsections c) and d), of the Hydrocarbons Law.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 13, 2012, YPF submitted its response relating to the province of Santa Cruz&#146;s request of March 2, 2012 providing information on investments made and rejecting the accusations made against it.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 20, 2012, YPF was notified of Decree 393/12, which: (i) declares the expiration of the concessions relating to the areas Los Monos and Cerro Piedra-Cerro Guadal Norte, and (ii) rejects YPF&#146;s request for authorization concerning the assignment to YPF of the participating interest held by BG International Limited, Argentine Subsidiary in the Barranca Yankowsky area. On March 21, 2012, the province&#146;s Energy Institute declared that the expiration of the concessions referred to in (i) above shall be effective within 90 days following said notification. Assets (net of deferred income tax liabilities and asset retirement obligations) related to the areas affected by this expiration totaled approximately Ps.53 million as of December 31, 2011 (0.10% of our total assets as of such date), had a production of approximately 0.609 mmboe in 2011 (0.34% of our production in 2011) and had proved reserves totaling 2.7 mmboe as of December 31, 2011 (0.27% of our total proved reserves as of such date).</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 23, 2012, YPF was notified of Resolution No. 004 of the Energy Institute of Santa Cruz, which: (i) acknowledges that YPF has submitted its response; (ii) provides YPF with an additional period of 10 days to submit annual reports providing information on investments, production and reserves relating to the period 2006-2011 in the areas of Ca&#241;adon La Escondida, Cerro Grande, Ca&#241;adon Seco, Meseta Espinosa, El Guadal, Estancia Cholita, Estancia Cholita Norte, Cerro Bayo, La Cueva, Las Mesetas and Koluel Kaike; and (iii) provides YPF with a period of 10 days to submit a Work Plan aimed at curing the alleged </font></td>
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		<td valign=top ><font size="2">breaches, under penalty of applying section 80, subsection c), of the Hydrocarbons Law. On April 11, 2012, YPF submitted its response with respect to Ca&#241;ad&#243;n de la Escondida, Cerro Grande, Ca&#241;ad&#243;n Seco, Meseta Espinosa, Estancia Cholita, Estancia Cholita Norte, El Guadal, Cerro Bayo, la Cueva, Las Mesetas and Koluel Kaike. Assets (net of deferred income tax liabilities and asset retirement obligations) related to the areas affected by this resolution totaled approximately Ps.1,290 million as of December 31, 2011 (2.33% of our total assets as of such date), had a production of approximately 7.3 mmboe in 2011 (4.13% of our production in 2011) and had proved reserves totaling approximately 53.16 mmboe as of December 31, 2011 (5.29% of our total proved reserves as of such date).</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On April 18, 2012, YPF was notified of Decree No. 575/12, which declares the expiration of the concessions relating to the areas Los Perales &#150; Las Mesetas, Ca&#241;adon Vasco y Pico Truncado &#150; El Cord&#243;n Los Monos and Cerro Piedra-Cerro Guadal Norte. Assets (net of deferred income tax liabilities and asset retirement obligations) related to the areas affected by this Decree totaled approximately Ps.84 million as of December 31, 2011 (0.15% of our total assets as of such date), had a production of approximately 9.1 mmboe in 2011 (5.14% of our production in 2011) and had proved reserves totaling approximately 66.4 mmboe as of December 31, 2011 (6.62% of our total proved reserves as of such date).</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On May 4, 2012, YPF filed a motion of reconsideration of Decree No. 575/12 with the governor of the Santa Cruz Province.</font></td>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2"><i>Neuqu&#233;n Province. </i>On March 9, 2012, the province of Neuqu&#233;n requested YPF to submit, within seven calendar days, a plan for future action aiming at curing its alleged breaches in the areas of Don Ruiz, Chihuido de la Salina and Rinc&#243;n del Mangrullo, setting forth verifiable information concerning investments and production, under penalty of imposing the sanction set forth in section 80, subsection c), of the Hydrocarbons Law.</font></td>
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    <td valign=top ><font size="2">On March 19, 2012, YPF responded to the province&#146;s
      request by submitting a work plan for the areas Don Ruiz and Rinc&#243;n
      del Mangrullo and informing that it has decided to return the areas Chihuido
      de la Salina and Portezuelo Minas. Assets (net of deferred income tax liabilities
      and asset retirement obligations) related to these areas totaled approximately
      Ps.13 million as of December 31, 2011 (0.02% of our total assets as of such
      date), with no proved reserves as of December 31, 2011 and no production
      in 2011.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">With respect to the areas Don Ruiz and Rinc&#243;n del Mangrullo, YPF has rejected the alleged breach of its obligations to make investments.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On April 4, 2012, YPF was notified by Decree 0558/12 of the expiration of the Don Ruiz area concession which shall be effective within 90 days following said notification.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On April 11, 2012, YPF was notified of Decree 0559/12, accepting the reversion of the Chihuido de la Salinas Sur and Portezuelo Minas areas. According to the Decree, the reversion shall be effective within 90 days following its notification.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 30, 2012, the province of Neuqu&#233;n requested YPF to submit, within 7 days, a plan for future action aimed at curing its alleged breaches with respect to its failure to meet requirements relating to investment, production and reserves in the Se&#241;al Cerro Bayo, Paso de las Bardas Norte, Cerro Hamaca, Filo Morado, Octogono, Se&#241;al Picada Punta Barda, Las Manadas and Loma Campana areas, under penalty of imposing the expiration sanction established by section 80 of the Hydrocarbons Law. On April 13, 2012, YPF requested an extension for the submission of the required plan. On that same day, a 10-day extension was granted. On April 27, 2012, YPF requested an additional extension of 30 days which was granted on the same day. YPF is currently preparing its response.</font></td>
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		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2"><i>Mendoza Province. </i>On March 8, 2012, the province of Mendoza, though a certified notification, requested YPF to, within 7 working days, submit information on investments made in connection with concessions Ceferino and Cerro Mollar Norte and to submit a Complementary Development and Exploration investment plan for these areas, under penalty of ordering the expiration of the related concessions, </font></td>
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		<td valign=top ><font size="2">according to sections 31 and 80, subsection c), of the Hydrocarbons Law, as a result of the alleged breaches of YPF&#146;s obligations concerning the productivity of these exploitation concessions.</font></td>
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		<td valign=top ><font size="2">On March 19, 2012, YPF submitted its response to the province of Mendoza, providing information on investments made in these areas (which had already been provided in the past to the relevant authorities) and proposing a plan for future investment. On March 26, 2012, YPF was notified of Decree 502/12, which declared the expiration of the exploitation concessions relating to the areas Ceferino and Cerro Mollar Norte. According to this decree, the expiration will be effective 90 calendar days after its notification. Assets (net of deferred income tax liabilities and asset retirement obligations) related to these areas totaled approximately Ps.12 million as of December 31, 2011 (0.02% of our total assets as of such date), had a production of 0.084 mmboe in 2011 (0.05% of our production in 2011) and had proved reserves totaling approximately 0.69 mmboe as of December 31, 2011 (0.07% of our total proved reserves as of such date).</font></td>
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		<td valign=top ><font size="2">On April 25, 2012, YPF filed an administrative claim before the Supreme Court of Mendoza Province regarding the areas Ceferino and Cerro Mollar Norte.</font></td>
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		<td><font size="2"><i>Tierra del Fuego Province. </i>On March 26, 2012, YPF was notified of Resolution No. 88/12 of the Secretariat of Energy and Hydrocarbons, which requests YPF to submit, within a period of 15 working days following its notification, a plan aimed at complying with YPF&#146;s obligations concerning production, investment and reserves in the Lobo area, which is reasonable and adequate considering the characteristics of such area, under penalty of declaring the expiration of the related exploitation concession. On April 17, 2012, YPF submitted its response to the Province of Tierra del Fuego, providing information on reserves in this area. As of December 31, 2011, there were no proved reserves or assets assigned to this area.</font></td>
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<br>
<div style="text-indent:3%"><p><font size="2">In addition to the legal action referred to above, following the passage of the Expropriation Law, the Intervenor and its delegates have initiated negotiations with the relevant provincial authorities so that the revocations and intimations referred to above are withdrawn. The governors of certain of these provinces have publicly manifested that they will reconsider the matter in view of the stated objectives of the Intervention and the Expropriation Law. However, as of the date of this annual report, we have not been notified of the withdrawal of any of these revocations or intimations.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><i>Claims related to the gas market and others. </i>In addition
    to the claims described under &#147;&#151;Accrued, probable contingencies&#151;Alleged
    defaults under natural gas supply contracts&#148;, we are involved in the
    following proceedings also related to the restrictions imposed by the Argentine
    government in the natural gas market:</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2"><i>Arbitration with Transportadora de Gas del Mercosur S.A.
    (TGM)</i>. YPF was notified by the International Chamber of Commerce (ICC)
    of an arbitration brought by TGM against YPF claiming unpaid and outstanding
    payments in an approximate amount of U.S.$10 million, in connection with the
    transportation fee 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, AESU and Companhia de G&#225;s do
    Estado do R&#237;o Grande do Sul (Sulg&#225;s). See &#147;&#151;Non-accrued,
    remote contingencies&#151;Arbitration with AES Uruguaiana Empreendimentos
    S.A. (AESU), Companhia de G&#225;s do Estado do R&#237;o Grande do Sul (Sulg&#225;s)
    and Transportadora de Gas del Mercosur S.A. (TGM).&#148; On April 8, 2009,
    YPF requested that this claim be rejected and counterclaimed for the termination
    of the natural gas transportation contract, based on its termination rights
    upon the termination by AESU and Sulg&#225;s of the related natural gas export
    contract. On July 10, 2009, TGM increased the amount of its claim to approximately
    U.S.$17.3 million and claimed an additional amount of approximately U.S.$366.4
    million for lost profits, a claim for which we believe YPF should not be responsible.
    YPF rejected TGM&#146;s arguments. The Arbitration Tribunal was constituted.
    On April 20, 2010, 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 declare 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, AESU and Sulg&#225;s
    is solved. On February 14, 2011, we were notified of the Arbitration Tribunal&#146;s
    decision to sustain our motion, and suspend the proceeding until the arbitration
    brought by YPF was solved. On April 6, 2009, YPF registered a request for
    arbitration at the ICC against TGM, AESU and Sulg&#225;s, seeking an award
    declaring the termination of the gas transportation contract with TGM as a
    result of the termination of the natural gas export contract with AESU and
    Sulg&#225;s by such parties. On the same date, YPF was notified by the ICC
    of an arbitration </font></p>
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<p><font size="2">brought against it by AESU and Sulg&#225;s (see &#147;&#151;Non-accrued,
  remote contingencies&#151;Arbitration with AES Uruguaiana Empreendimentos S.A.
  (AESU), Companhia de G&#225;s do Estado do R&#237;o Grande do Sul (Sulg&#225;s)
  and Transportadora de Gas del Mercosur S.A. (TGM),&#148; below). On April 6,
  2011, the Arbitration Tribunal appointed in the &#147;YPF vs. AESU, Sulgas and
  TGM&#148; arbitration decided to sustain YPF&#146;s motion, and ordered the
  consolidation of all the related arbitrations (&#147;AESU and Sulgas vs. YPF&#148;,
  &#147;TGM vs. YPF&#148; and &#147;YPF vs. AESU and Sulgas&#148;) in the &#147;YPF
  vs. AESU, Sulgas and TGM&#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, Sulgas and
  TGM&#148; arbitration. Between December 15 and 22, 2011, evidence production
  hearings took place in Montevideo, Uruguay. On January 13, 2012 the parties
  presented their post-hearing briefs, closing the evidence production period.
  The Arbitration Tribunal has indicated that it will reach a resolution by July
  31, 2012. On April 19 and 24, 2012, AESU and Sulg&#225;s presented new evidence
  requesting its admission in the arbitration proceedings. YPF and TGM commented
  on the admission of such new evidence on April 27, 2012. On May 1, 2012, the
  Arbitration Tribunal denied the admission of such new evidence, while ruling
  that, if during the trial the Tribunal considers such evidence to be necessary,
  such new evidence may be admitted.</font></p>
<div style="text-indent:3%"><p><font size="2"><i>CNDC claims. </i>On November 17, 2003, the CNDC requested explanations, within the framework of an official investigation pursuant to Art. 29 of the Antitrust Protection Law, from a group of almost 30 natural gas production companies, including us, with respect to the following items: (i) the inclusion of clauses purportedly restraining trade in natural gas purchase/sale contracts and (ii) gas imports from Bolivia, in particular (a) expired contracts 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, we submitted explanations in accordance with Art. 29 of the Antitrust Protection 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, we received a notification of resolution dated December 2, 2005, whereby the CNDC (i) rejected the &#147;non bis in idem&#148; petition filed by us, 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 preliminary opening of the proceedings be undertaken pursuant to the provisions of Section 30 of Law 25,156. On January 15, 2007, the CNDC charged us and eight other producers with violations of Law 25,156. We have 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 have presented evidence in support of our position. On June 22, 2007, without acknowledging any conduct in violation of the Antitrust Protection Law, we filed with the CNDC a commitment according to Article 36 of the Antitrust Protection Law requesting that the CNDC approve the commitment, suspend the investigation and dismiss the proceedings. We are still awaiting a formal response. On December 14, 2007, the CNDC elevated the investigation to the Court of Appeals.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, on January 11, 2012, the Argentine Secretary of Transport filed with the CNDC a complaint against five oil companies (including YPF) for alleged abuse of a dominant position regarding bulk sales of diesel fuel to public bus transportation companies. The alleged conduct consists of selling bulk diesel fuel to public bus transportation companies at prices higher than the price charged in service stations. According to the provisions of Article 29 of Law 25,156 of Antitrust Protection, YPF has submitted the corresponding explanations to the CNDC, questioning certain formal aspects of the complaint, and arguing that YPF has acted at all times in conformity with current regulations and that it did not engage in any discrimination or abuse in determining prices.</font></p></div>
<div style="text-indent:3%"><p><font size="2">On January 26, 2012, the Secretary of Domestic Commerce issued Resolution No. 6/2012 whereby (i) each of these five oil companies was ordered to sell diesel oil to public bus transportation companies at a price no higher than the retail price charged by its service station located, in general terms, nearest to the place of delivery of diesel fuel to each such transportation company, while maintaining both historic volumes and delivery conditions; and (ii) it created a price monitoring scheme of both the retail and the bulk markets to be implemented by the CNDC. YPF has challenged this Resolution and requested a preliminary injunction against its implementation. YPF&#146;s preliminary injunction has been granted and the effects of the Resolution No. 6/2012 have been temporarily suspended.</font></p></div>
<div style="text-indent:3%"><p><font size="2">We are also subject to other claims before the CNDC which are related to alleged price discrimination in the sale of fuels. Our management, based on the evidence available to date and upon the opinion of our external counsel, has considered them to be possible contingencies.</font></p></div>
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<div style="text-indent:3%"><p><font size="2"><i>Users and Consumers&#146; Association claim. </i>The Users and Consumers&#146; Association (<i>Uni&#243;n de Usuarios y Consumidores</i>) claimed (originally against Repsol YPF before extending its claim to YPF) the reimbursement of allegedly excessive prices charged to bottled LPG consumers between 1993 and 2001. The claim is for a sum of Ps.91.2 million for the period 1993 to 1997 (this sum, in current pesos, would amount to approximately Ps.365 million), together with an undetermined amount for the period 1997 to 2001. We invoked the statute of limitations, since the applicable two-year statute of limitation had already elapsed. A ruling is pending on the applicability of the statute of limitations. Notwithstanding the above, the evidence production period commenced on August 6, 2009.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Alleged defaults under natural gas contracts &#150; Mega. </i>Mega, a company in which YPF has a 38% interest, has claimed compensation from us for failure to deliver natural gas under the contract between us and Mega. We invoked that natural gas deliveries to Mega pursuant to the contract were affected by the Argentine government&#146;s interference. Consequently, we believe that we are not liable for such natural gas delivery deficiencies pursuant to the doctrine of &#147;force majeure.&#148; However, Mega has recently served a written claim on YPF for the total sum of U.S.$94 million corresponding to undelivered volumes for the years 2009, 2010 and 2011. While we believe we have meritorious arguments in our defense, we have considered these claims as possible contingencies.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Quilmes claims. </i>The Company has recently been notified of a complaint filed by a group of neighbors of Quilmes, in the province of Buenos Aires, claiming approximately Ps.209 million in compensation for personal damages. </font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="2%" >&nbsp;</td>
    <td valign=top ><font size="2"><i>Non-accrued, remote contingencies</i></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Our management, in consultation with our external counsel,
    believes that the following contingencies, while individually significant,
    are remote:</font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><i>Congressional request for investigation to CNDC. </i>On
    November 7, 2003, certain former members of the Argentine Congress, Arturo
    Lafalla, Ricardo Falu and others, filed with the CNDC a complaint against
    us for abuse of a dominant position in the bulk LPG market during 2002 and
    part of 2003. The alleged conduct consisted of selling bulk LPG in the domestic
    market at prices higher than the export price, thereby restricting the availability
    of bulk LPG in the domestic market. On December 15, 2003, the CNDC decided
    to forward the complaint to us, and requested explanations under Art. 29 of
    the Antitrust Protection Law. On January 21, 2004, we submitted explanations
    in accordance with Art. 29 of the Antitrust Protection Law, contending that
    no antitrust violations had been committed. At this point, the CNDC may accept
    our explanations or begin a criminal investigation. We contend that we did
    not restrict LPG supply in the domestic market during the relevant period,
    that during this period all domestic demand for LPG could have been supplied
    by our competitors and that therefore our market share could not be deemed
    a dominant position. On September 2, 2008, the CNDC issued Note No. 1131/08
    requesting information in relation to the prices in the internal and external
    markets corresponding to the years 2000-2008. On October 7, 2008, we presented
    the information. On December 10, 2008, the CNDC requested us to file the LPG
    export contracts signed during the years 2001-2004 as well as to explain the
    evolution of the prices in the internal and external markets of propane and
    butane during the March to December period in the years 2001-2004. On December
    16, 2008, we presented the requested information. Having filed the requested
    information, we have become aware that the CNDC has issued an opinion suggesting
    that the proceedings be dismissed. However, the matter is still pending before
    the Secretary of Domestic Commerce.</font><br></p>
</div>
<div style="text-indent:3%"><p><font size="2">Pursuant to the provisions of Resolution No. 189/99, referred to above, certain third parties have claimed compensation for alleged damages suffered by them as a consequence of our sanctioned conduct. We have denied these claims and presented our defenses.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Other export tax disputes</i>. Between 2006 and 2009, the Customs General Administrations in Neuqu&#233;n, Comodoro Rivadavia and Puerto Deseado informed us that certain summary proceedings had been brought against us based on alleged formal misstatements on forward oil deliveries (future commitments of crude oil deliveries) in the loading permits submitted before these agencies. In December 2008, the Customs General Administration of Neuqu&#233;n rejected our arguments and issued a resolution against us. We will appeal before the National Fiscal Court. Although our management, based on the opinion of legal counsel, believes the claim has no legal basis, the potential fines imposed could be substantial.</font></p></div>
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<div style="text-indent:3%"><p><font size="2"><i>Mendoza royalties dispute</i>. Following certain claims from the province of Mendoza that the international market price be used in the calculation of royalties relating to internal market transactions based on its interpretation of Section 6 of Law No. 25,561, we commenced an administrative proceeding. Our request is currently pending. Additionally, YPF filed a declaratory action with the Argentine Supreme Court, with application for an injunction to declare unconstitutional the interpretation that the province of Mendoza applies to Section 6 of Law No. 25,561. On April 7, 2009, we were notified that the Argentine Supreme Court declared itself competent to hear the case brought by YPF, and issued a preliminary injunction to restrain the province of Mendoza from applying the international market price in calculating the royalties payable by YPF. The final resolution of this case is still pending.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><i>Arbitration with AES Uruguaiana Empreendimentos S.A. (AESU),
    Companhia de G&#225;s do Estado do R&#237;o Grande do Sul (Sulg&#225;s) and
    Transportadora de Gas del Mercosur S.A. (TGM)</i>. On April 6, 2009, YPF was
    notified by the ICC of an arbitration brought against it by AESU and Sulg&#225;s
    claiming damages in an amount of approximately U.S.$1,052 million, which includes
    damages for the matter described above with respect to AESU, in connection
    with YPF&#146;s alleged liability resulting from the termination by AESU and
    Sulg&#225;s of the natural gas export contract entered into in September 1998.
    See &#147;&#151;Accrued, probable contingencies&#151;Alleged defaults under
    natural gas supply contracts&#148; above. YPF denies all liability arising
    from such termination. Moreover, YPF believes that AESU&#146;s damages assessment
    is far beyond any reasonable assessment, since it exceeds six-fold the maximum
    aggregate deliver-or-pay penalties that would have accrued in the event that
    YPF would breached its delivery obligations for the maximum daily quantity
    through the expiration of the term of the natural gas export contract. In
    addition, more than 90% of AESU&#146;s damages assessment relates to alleged
    loss of profits that may be strongly challenged on the basis that prior to
    the termination of the natural gas export contract, AESU voluntarily terminated
    all of its long term power purchase contracts. Furthermore, on April 6, 2009,
    YPF registered a request for arbitration against AESU, Sulg&#225;s and TGM
    at the ICC seeking a declaration from the arbitral tribunal that, among other
    things, AESU and Sulg&#225;s have repudiated and unilaterally and illegally
    terminated the natural gas export contract entered into in September 1998
    and declaring AESU and Sulg&#225;s liable for any damages suffered by the
    parties because of such termination, including but not limited to the damages
    resulting from the termination of the natural gas transportation contracts
    associated with the natural gas export contract. See &#147;&#151;Non-accrued,
    possible contingencies&#151;Arbitration with Transportadora de Gas del Mercosur
    S.A. (TGM).&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">In October 2010, the parties agreed on the Terms of Reference
    of both proceedings, determining &#150; among other matters &#150; the controversial
    issues of both claims. Furthermore, the Arbitration Tribunal ordered to divert
    proceedings in order to solve jurisdictional oppositions before ruling on
    the object of the claims. On April 6, 2011, the Arbitration Tribunal appointed
    in &#147;YPF vs. AESU, Sulgas and TGM&#148; arbitration decided to sustain
    YPF&#146;s motion, and ordered the consolidation of all the related arbitrations
    (&#147;AESU and Sulgas vs. YPF&#148;, &#147;TGM vs. YPF&#148; and &#147;YPF
    vs. AESU and Sulgas&#148;) in the &#147;YPF vs. AESU, Sulgas and TGM&#148;
    arbitration. Consequently, AESU TGM desisted from and abandoned their respective
    arbitrations, and all the matters claimed in the three proceedings are to
    be solved in the &#147;YPF vs. AESU, Sulgas and TGM&#148; arbitration. Between
    December 15 and 22, 2011, evidence production hearings took place in Montevideo,
    Uruguay. On January 13, 2012 the parties presented their post-hearing briefs,
    closing the evidence production period. The Arbitration Tribunal has indicated
    that it will reach a resolution by July 31, 2012. On April 19 and 24, 2012,
    AESU and Sulg&#225;s presented new evidence requesting its admission in the
    arbitration proceedings. YPF and TGM commented on the admission of such new
    evidence on April 27, 2012. On May 1, 2012, the Arbitration Tribunal denied
    the admission of such new evidence, while ruling that, if during the trial
    the Tribunal considers such evidence to be necessary, such new evidence may
    be admitted.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2"><i>Proceedings related to foreign currency proceeds</i>. On
    December 9, 2002, we filed a declaratory judgment action (<i>Acci&#243;n Declarativa
    de Certeza</i>) before an Argentine federal court requesting clarification
    as to the uncertainty generated by opinions and statements of several organizations
    providing official advice that the right of the hydrocarbon industry to freely
    dispose of up to 70% of foreign currency proceeds from exports of hydrocarbons
    products and byproducts, as provided by Executive Decree No. 1,589/89, had
    been implicitly abolished by the new exchange regime established by Executive
    Decree No. 1,606/01. On December 9, 2002, a federal judge issued an injunction
    ordering the Argentine government, the Central Bank and the Ministry of the
    Economy to refrain from interfering with our access to and use of 70% of the
    foreign exchange proceeds from our hydrocarbon exports. Following the enactment
    of Decree No. 2,703/02 in December 2002, we expanded the scope of the declaratory
    judgment action before the federal court to clear any doubts and uncertainty
    arising after the enactment of this decree. See &#147;Item 4. Information
    on the Company&#151;Regulatory Framework and Relationship with the Argentine
    </font></p>
</div>
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<p><font size="2">Government&#151;Repatriation of Foreign Currency.&#148; On December 1, 2003, the National Administrative Court of Appeals decided that the issuance of Decree No. 2,703/02, which allows companies in the oil and gas sector to keep abroad up to 70% of the export proceeds, rendered the injunction unnecessary. Nevertheless, the Court of Appeals&#146; decision was silent with respect to the availability of the exemption to convert proceeds from export operations carried out by oil and gas companies into domestic currency prior to the issuance of Decree No. 2,703/02.</font></p>
<div style="text-indent:3%"><p><font size="2">On October 12, 2007, we were notified of the initiation of an administrative summary proceeding for alleged late repatriation of foreign currency proceeds, and the failure to repatriate the remaining 70%, in connection with some hydrocarbon export transactions made in 2002 (during the period between the issuance of Decree No. 1,606/01 and the issuance of Decree No. 2,703/02). Nevertheless, a final and unchallenged judicial judgment issued by a First Instance Court in Criminal Economic Matters in a similar administrative summary proceeding against a different company for alleged violation of the criminal exchange law (lack of repatriation of 70% of foreign currency proceeds) regarding export transactions made in 2002 resolved the matter in favor of that company based on well-founded arguments that were not challenged by the prosecutor. In addition, the Office of the General Prosecutor of Argentina has issued an opinion in a similar administrative summary proceeding involving another oil company stating that no criminal law violations existed in that case due to the lack of willful misconduct and the existence of differing regulations that created uncertainty as to the scope of certain obligations, and stating that the proceeding should be dismissed. On April 30, 2009, in similar administrative proceedings involving another oil company, the National Administrative Court of Appeals resolved the matter in favor of that company, on the basis that the free disposal regime of up to 70% of export proceeds was in force during 2002, upon the publication of Decree No. 1638/01 on December 12, 2001. Extraordinary appeals filed by the Argentine government and the Central Bank have been rejected. Consequently, YPF considers that the administrative summary proceeding against YPF is unlikely to be successful.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>La Plata refinery environmental claims</i>. On June 6, 2007, we were served with a complaint in which nine residents of the vicinity of the La Plata refinery request (i) the cessation of contamination and other harms they claim are attributable to the refinery and (ii) the cleanup of the adjacent canals, R&#237;o Santiago and R&#237;o de la Plata (water, soils and aquifers, including within the refinery), or, if cleanup is impossible, compensation for environmental and personal damages. The plaintiffs have also requested physical and property damages of approximately Ps.52 million, or an amount to be determined from evidence produced in discovery. We believe that most damages that are alleged by the plaintiffs, if proven, may 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 of YPF. Notwithstanding the aforesaid, there is the possibility a judgment could order us to meet the expenses of remedying these liabilities, in which case we could ask the Argentine government to reimburse the remediation expenses for liabilities existing prior to January 1, 1991 pursuant to the Privatization Law. In addition, we believe that this claim partially overlaps with the request made by a group of neighbors of the La Plata refinery on June 29, 1999, mentioned in preceding paragraphs. Accordingly, we consider that the cases will need to be partially consolidated to the extent that the claims overlap. We answered the complaint by requesting its rejection and asked for the citation of the Argentine government, due to its obligation to indemnify us against any liability and hold us harmless for events and claims previous to January 1, 1991, according to the Privatization Law and Decree No. 546/1993. Additionally, we believe that any contamination that may exist could be attributable to numerous sources, including dumping of refuse over many years by other industrial facilities and by ships.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b><i>YPF Holdings</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following is a brief description of certain environmental and other liabilities related to YPF Holdings Inc., a Delaware corporation. See &#147;Item 4. Information on the Company-Environmental Matters&#151;YPF Holdings&#151;Operations in the United States&#148; for additional information.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">In connection with the sale of Maxus&#146; former chemical
    subsidiary, Chemicals, to Occidental 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 Closing Date, including certain environmental
    liabilities relating to certain chemical plants and waste disposal sites used
    by Chemicals prior to the Closing Date. See &#147;Item 4. Information on the
    Company&#151;Environmental Matters&#151;YPF Holdings&#151;Operations in the
    United States.&#148;</font></p>
</div>
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<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, YPF Holdings&#146; accruals for environmental and other contingencies totaled approximately Ps.665 million. YPF Holdings management believes it has adequately accrued for all environmental and other contingencies that are probable and can be reasonably estimated based on information available as of such time; however, many such contingencies are subject to significant uncertainties, including the completion of ongoing studies, the discovery of new facts, and the issuance of orders by regulatory authorities, which could result in material additions to such accruals in the future. It is possible that additional claims will be made, and additional information about new or existing claims (such as results of ongoing investigations, the issuance of court decisions or the signing of settlement agreements) is likely to develop over time. YPF Holdings&#146; accruals for the environmental and other contingencies described below are based solely on currently available information and as a result, YPF Holdings, Maxus and Tierra may have to incur costs that may be material, in addition to the accruals already taken.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In the following discussion concerning plant sites and third party sites, references to YPF Holdings include, as appropriate and solely for ease of reference, references to Maxus and Tierra. As indicated above, Tierra is also a subsidiary of YPF Holdings and has assumed certain of Maxus&#146; obligations.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Newark, New Jersey</i>. A consent decree, previously agreed upon by the U.S. Environmental Protection Agency (the &#147;EPA&#148;), the New Jersey Department of Environmental Protection (the &#147;DEP&#148;) and Occidental, as successor to Chemicals, was entered in 1990 by the United States District Court of New Jersey for Chemicals&#146; former Newark, New Jersey agricultural chemicals plant. The approved interim remedy has been completed and paid for by Tierra pursuant to the above described indemnification agreement with Occidental. Operations and maintenance of the constructed remedy are ongoing, and as of December 31, 2011, YPF Holdings has accrued approximately Ps.59 million in connection with such activities.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Passaic River/Newark Bay, New Jersey. </i>Maxus, acting on behalf of Occidental, negotiated an agreement with the EPA (the &#147;1994 AOC&#148;) under which Tierra has conducted testing and studies to characterize contaminated sediment and biota in a six-mile portion of the Passaic River near the Newark, New Jersey plant site described above. While some work remains, the work under the 1994 AOC was substantially subsumed by the remedial investigation and feasibility study (&#147;RI/FS&#148;) being performed and funded by Tierra and a number of other entities of the lower 17-mile portion of the Passaic River (including the six-mile portion already studied) pursuant to a 2007 administrative settlement agreement (the &#147;2007 AOC&#148;). The parties to the 2007 AOC are discussing the possibility of further work with the EPA. The entities that have agreed to fund the RI/FS have negotiated an interim allocation of RI/FS 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;).</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">The EPA&#146;s findings of fact in the 2007 AOC (which amended
    the 1994 AOC) indicate that combined sewer overflow/storm water outfall discharges
    are an ongoing source of hazardous substances to the Lower Passaic River Study
    Area (the 17-mile stretch of the Passaic river from the Dundee Dam south to
    Newark Bay). For this reason, during the first half of 2011, Maxus and Tierra
    negotiated with the EPA, on behalf of Occidental, a draft Administrative Settlement
    Agreement and Order on Consent for Combined Sewer Overflow/Storm Water Outfall
    Investigation (&#147;CSO AOC&#148;), which was signed and became effective
    in September 2011. Besides providing for a study of combined sewer overflows
    in the Passaic River, the CSO AOC confirms that there will be no further obligations
    to be performed under the 1994 AOC. Tierra estimates that the total cost to
    implement the CSO AOC is approximately U.S.$5.0 million and will take approximately
    two years to complete.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">Tierra, acting on behalf of Occidental, is also performing and funding a separate RI/FS to characterize sediment contamination and evaluate remedial alternatives in Newark Bay and portions of the Hackensack River, the Arthur Kill, and the Kill van Kull pursuant to a 2004 administrative order on consent with EPA (the &#147;2004 AOC&#148;). The 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. In addition, in August 2010, Tierra proposed to the other parties that, for the third stage of the RI/FS undertaken in Newark Bay, the costs be allocated on a per capita<i> basis</i>. As of April 12, 2012, the parties had not agreed to Tierra&#146;s 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 phase III is approved, as well as the proposed distribution mentioned above.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">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 costs of developing a Source Control Dredge Plan focused on allegedly dioxin-contaminated sediment in the lower six-mile portion of the Passaic River described above. The development of this Plan was estimated by the DEP to cost approximately U.S.$2.3 million. The DEP has advised the recipients that they are not required to respond to the directive until otherwise notified.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Passaic River Mile 10.9 Removal Action</i>. In February 2012, the EPA issued to the Cooperation Parties Group (&#147;CPG&#148;), of which Tierra is a member, a draft Administrative Settlement Agreement and order on Consent (&#147;AOC RM 10.9&#148;) for Removal Action and Pilot Studies to address high levels of contamination of TCDD dioxin, PCBs, mercury and other contaminants of concern in the vicinity of the Passaic River&#146;s mile 10.9, comprised of a sediment formation (&#147;mud flat&#148;) of approximately 8.9 acres. In connection with this AOC RM 10.9, the EPA is asking the CPG that 16,000&#150;30,000 cubic yards of sediments be removed and that pilot scale studies be conducted to evaluate ex situ decontamination beneficial reuse technologies, innovative capping technologies, and in situ stabilization technologies for consideration and potential selection as components of the remedial action to be evaluated in the 2007 AOC and the FFS and selected in one or more subsequent records of decision. The EPA has requested that a final AOC RM 10.9 be ready for signature by mid to late May 2012. The CPG&#146;s technical consultants are negotiating a Scope of Work with the EPA and the CPG internally has retained an allocation consultant to assist in developing a proposed plan for allocation of the cost of the AOC RM 10.9. Tierra currently does not have sufficient information regarding either the Scope of Work or the cost allocation to estimate with any degree of certainty what would be Tierra&#146;s financial responsibility under the AOC RM 10.9.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>New Jersey &#150; litigation with DEP</i>. In December 2005, the DEP and the New Jersey Spill Compensation Fund sued YPF Holdings, Tierra, Maxus and other affiliates, as well as Occidental, alleging that dioxin, DDT and other &#147;hazardous substances&#148; discharged from Chemicals&#146; former Newark plant and contaminated the lower 17-mile portion of the Passaic River, Newark Bay, other nearby waterways and surrounding areas. The plaintiffs seek damages for the past cost of investigation and cleanup of these waterways, property damage and other economic impacts (such as decreases in tax revenues and value of real estate and increases in public medical costs, etc.), and punitive damages. The defendants have made responsive pleadings and/or filings. In March 2008, the court denied motions to dismiss for failure to state a claim by Occidental Chemical Corporation, and by Tierra and Maxus. DEP filed its Second Amended Complaint in April 2008; YPF&#146;s motion to dismiss for lack of personal jurisdiction was denied in September 2008. The decision was affirmed by the Court of Appeals following an appeal by YPF. The court denied the plaintiffs&#146; motion to bar third party practice and allowed defendants to file third-party claims. Third-party claims against approximately 300 companies and governmental entities (including certain municipalities) which could have responsibility in connection with the claim were filed by Tierra and Maxus in February 2009. Anticipating this considerable expansion of the number of parties in the litigation, the court appointed a Special Master to assist the court in the administration of discovery. 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 motions to dismiss and Maxus and Tierra filed their responses. Except in a few cases, these motions were rejected in January 2011. In October 2010, a number of public third-party defendants filed a motion to sever and stay, which would allow the State of New Jersey to proceed against the direct defendants. However, the judge ruled against this motion in November 2010. Third-party defendants have also brought motions to dismiss, which have been rejected by the Special Master in January 2011. Some of the mentioned third-parties appealed the decision, but the judge denied such appeal in March 2011. In May 2011, the judge issued Case Management Order XVII (&#147;CMO XVII&#148;), which contains the Trial Plan for the case. This Trial Plan divides the case into two phases. Phase One will determine liability and Phase Two will determine damages. Following the issuance of CMO XVII, the State of New Jersey and Occidental filed motions for partial summary judgment. The State filed two motions: one against Occidental and Maxus on liability under the Spill Act and the other against Tierra on liability under the Spill Act. In addition, Occidental filed a motion for partial summary judgment that Maxus owes a duty of contractual indemnity to Occidental for liabilities under the Spill Act. In July and August 2011, the judge ruled that, although the discharge of hazardous substances by Chemicals has been proved, liability cannot be imposed if the nexus between any discharge and the alleged damage is not established. Additionally, the Court ruled that Tierra has Spill Act liability to the State based merely on its current ownership of the Lister Avenue site; and that Maxus has an obligation under the 1986 Stock Purchase Agreement to indemnify Occidental for any Spill Act liability arising from contaminants discharged on the Lister Avenue site.</font></p></div>
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<div style="text-indent:3%">
  <p><font size="2">During the fourth quarter of 2011, the parties agreed on a
    consensus trial plan for Track III under CMO XVII, which narrowed the scope
    of issues for discovery and trial in May 2012 to factual issues relevant to
    determining Maxus's alleged direct liability to the State of New Jersey and
    to issues relating to responsibility for discharges during the era when the
    Newark plant site was under the ownership of Kolker Chemical Works. The Court
    accepted six applications for Fast Track Arbitration-discovery proceeded in
    January 2012, to be followed by depositions and arbitration briefing. In addition,
    Maxus submitted to the Special Master and the &quot;Additional Dischargers&quot;
    Committee a plan to sample the area around mile 10.9 of the Passaic River
    for the HCX chemical marker that Maxus suspects may be associated with dioxin
    discharged by one or more third-party defendants. The HCX sampling was completed
    in January 2012 and validated results were received in March.</font></p>
  <p><font size="2">In February 2012, plaintiffs and Occidental filed motions
    for partial summary judgment, seeking summary adjudication that Maxus has
    liability under the Spill Act. In March 2012, Maxus submitted its briefs in
    opposition and OCC and plaintiffs submitted reply briefs in April. In addition,
    in May 2012: (i) approximately 60 private-sector parties stipulated to at
    least one discharge of hazardous substances into the Passaic River or Newark
    Bay, thereby establishing their liability (but not the quantum of such liability,
    which will be decided in Track VII); (ii) YPF and Repsol moved to stay the
    Track IV case for 120 days; however, the Court agreed only to a temporary
    stay until June 11, 2012, at which time there will be a hearing to decide
    whether a further stay is warranted.</font><br></p>
  <p><font size="2">Finally the Special Master called for and held a settlement
    conference in November 2011 between the State of New Jersey, on the one hand,
    and Repsol YPF, YPF and Maxus, on the other hand to discuss the parties&#146;
    respective positions, but no resolution was reached.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">DEP has not placed dollar amounts on all its claims, but it has (a) contended that a U.S.$50 million cap on damages under one of the New Jersey statutes should not be applicable, (b) alleged that it has incurred approximately U.S.$118 million in past &#147;cleanup and removal costs,&#148; and is seeking an additional award of between U.S.$10 and U.S.$20 million to fund a study to assess natural resource damages, and (c) notified Maxus and Tierra&#146;s legal defense team that DEP is preparing financial models of the cost of other economic impacts. Based on the information available to the Company, including the amount of time remaining before trial, the results of discovery and the judgment of internal and external counsel, the Company is unable to estimate a reasonable loss or range of losses on these outstanding matters.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In June 2007, EPA released a draft Focused Feasibility Study (&#147;FFS&#148;) that outlines several alternatives for remedial action in the lower eight miles of the Passaic River. These 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 U.S.$0.9 billion to U.S.$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 draft FFS to EPA, as did a number of other interested parties. EPA has stated that it expects to issue a revised remedy proposal during the second half of 2012. Tierra plans to respond to any further EPA proposal as may be appropriate at that time.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In August 2007, the National Oceanic Atmospheric Administration (&#147;NOAA&#148;), as one of the Federal Natural Resources Trustees (&#147;Trustees&#148;), sent a letter to a number of entities that it alleged have liability for natural resource damages, including Tierra and Occidental, requesting that the group enter into an agreement to conduct a cooperative assessment of natural resources damages in the Passaic River and Newark Bay. In January 2008, the NOAA sent a letter to YPF Holdings, CLH Holdings Inc. and other entities. In November 2008, Occidental and Tierra entered into an agreement with the Trustees to fund a portion of the Trustees&#146; past costs and conduct certain assessment activities during 2009. A group of approximately 20 other parties has also entered into a similar agreement with the Trustees. In November 2009, Tierra declined to extend this agreement.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">In June 2008, the EPA, Occidental, and Tierra entered into
    an Administrative Order on Consent (&#147;Removal AOC&#148;), pursuant to
    which Tierra (on behalf of Occidental) will undertake the removal of sediment
    from a portion of the Passaic River in the vicinity of Chemicals&#146; former
    Newark, New Jersey facility described above. This action will result in the
    removal of approximately 200,000 cubic yards of sediment, which will be carried
    out in two phases. The field work on the first phase, which will encompass
    the removal of 40,000 cubic yards, started in July 2011 and is expected to
    be completed at the end of 2012. The second phase, which will encompass the
    removal of approximately 160,000 cubic yards of sediment, will be completed
    on a different schedule. Pursuant to the Removal AOC, the EPA has required
    the provision of financial assurance in the amount of U.S.$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. As of
    December 31, 2011, U.S.$42 million had been contributed to the fund; an additional
    U.S.$10 million must be contributed every six months until a total of U.S.$80
    million has been deposited into the fund. The total amount of required financial
    assurance may be decreased or increased over time if the anticipated cost
    of completing the removal work contemplated by the AOC changes. Tierra may
    request modification of the form and timing of financial assurance for the
    Removal AOC, and during 2010 substituted, with EPA approval, letters of credit
    to provide financial assurance rather than paying additional funds into the
    trust. During the fourth quarter of 2011, construction commenced of the facilities
    required for the agreed works which were completed in the first quarter of
    2012. The removal work will remove a number of contaminants, such as dioxin,
    PCBs, and mercury, which may have come from sources other than or in addition
    to the former Chemicals plant. YPF Holdings may seek cost recovery from the
    parties responsible for such contamination; however, at this time it is not
    possible to make any predictions regarding the likelihood of success or the
    funds potentially recoverable in a cost-recovery action. The removal work
    required pursuant to the Removal AOC will be conducted concurrently with and
    in addition to the other investigations and remedial actions described above,
    including those undertaken in connection with the FFS concerning the lower
    eight miles of the Passaic River, </font></p>
</div>
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<p><font size="2">the RI/FS addressing the lower 17-mile portion of the Passaic River, and the RI/FS relating to contamination in Newark Bay, portions of the Hackensack River, the Arthur Kill and the Kill van Kull.</font></p>
<div style="text-indent:3%"><p><font size="2">As of December 31, 2011, YPF Holdings has accrued approximately Ps.409 million in connection with the foregoing matters related to the Passaic River, the Newark Bay and the surrounding area comprising the estimated costs for studies, estimated costs in connection with the Removal AOC, and certain other matters related to the Passaic River and Newark Bay. However, it is possible that other works, including interim remedial measures, may be ordered. How these matters are resolved, including the development of new information, the imposition of natural resource damages or the selection of remedial actions differing from the scenarios we have proposed could result in Maxus and Tierra incurring material costs in addition to the amount currently accrued.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Hudson and Essex Counties, New Jersey</i>. Until the 1970s, Chemicals operated a chromite ore processing plant at Kearny, New Jersey (the &#147;Kearny Plant&#148;). 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. Tierra, Occidental and DEP signed an administrative consent order in April 1990 (&#147;ACO&#148;) which requires remediation at 40 sites in Hudson and Essex Counties alleged to be impacted by the Kearny Plant operations. Tierra, on behalf of Occidental, is providing financial assurance in the amount of U.S.$20 million for performance of the work required by the ACO (which is ongoing at all ACO Sites at various stages) and associated with the issues described below.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">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 (the &#147;Respondents&#148;)
    directing them to arrange for the cleanup of chromite ore residue at three
    sites in Jersey City and for the conduct of a study by paying the DEP a total
    of U.S.$19.5 million. Second, the DEP filed a lawsuit against Occidental and
    two other entities in state court in Hudson County 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 U.S.$2.3 million dollars allegedly spent for investigations and
    studies) and, with respect to certain costs at 18 sites, treble damages. In
    February 2008, the parties reached an agreement in principle, pursuant to
    which Tierra agreed to pay, on behalf of Occidental, U.S.$5 million and agreed
    to perform remediation works at three sites, with a total cost of approximately
    U.S.$2.1 million, subject to the terms of a Consent Judgment between and among
    DEP, Occidental and two other parties, which was published in the New Jersey
    register in June 2011 and became final and effective as of September 2011.
    Pursuant to the Consent Judgment, the U.S.$5 million dollar payment was made
    in October 2011 and a master schedule was delivered to DEP in February 2012
    for the remediation, during a ten-year period, of the three orphan sites plus
    the remaining chromite ore sites (approximately 28 sites) under the Kearny
    ACO. DEP indicated that it could not approve a ten-year term; therefore, in
    March 2012, Maxus submitted a revised eight-year schedule and is awaiting
    DEP's comments. </font></p>
</div>
<div style="text-indent:3%"><p><font size="2">In November 2005, several environmental groups sent a notice of intent to sue the owner of the property adjacent to the former Kearny Plant and five other parties, including Tierra, under the Resource Conservation and Recovery Act. 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. In March 2008, the DEP approved an Interim Response Action work plan for work to be performed at the Kearny Plant site by Tierra and at the adjacent property by Tierra in conjunction with other parties. Work on the Interim Response Action has begun. In addition, 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 three parties have agreed to coordinate remedial efforts, forming the &#147;Peninsula Restoration Group&#148; or &#147;PRG.&#148; In the fourth quarter of 2011, the PRG reached an agreement in principle with another potentially responsible party (Cooper Industries), whereby Cooper Industries would join the PRG at an allocated share of 16.6%. The PRG is in active negotiations with the EPA for an RI/FS AOC for the Standard Chlorine Chemical Company site.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Pursuant to a request of the DEP, in the second half of 2006,
    the PRG tested the sediments in a portion of the Hackensack River near the
    former Kearny Plant. A report of those test results was submitted to the DEP.
    DEP requested additional sampling, and the PRG submitted to DEP work plans
    for additional sampling in January 2009. In March 2012, the PRG received a
    Notice of Deficiency (&quot;NOD&quot;) letter from DEP relating to the Hackensack
    River Study Area (&quot;HRSA&quot;) Supplemental Remedial Investigation Work
    Plan (&quot;SRIWP&quot;) that the PRG had submitted to the DEP in January
    2009. In the NOD, DEP seeks to expand the scope of work that would be required
    in the Hackensack River under the SRIWP to add both additional sample locations/core
    segments and parameters. While the PRG acknowledges that it is required to
    investigate and prevent chrome releases from certain upland sites into the
    river, the PRG contends that it is has no obligation under the governing ACOs
    and Consent Judgment to investigate chrome contamination in the river generally.
    Negotiations between the PRG and the DEP are ongoing.</font></p>
  <p><font size="2">As of December 31, 2011, YPF Holdings has accrued a total
    of approximately Ps.43 million in connection with the foregoing chrome-related
    matters. Soil action levels for chromium in New Jersey have not been finalized,
    and the DEP continues to review the proposed action levels. The cost of addressing
    these chrome-related matters could increase significantly depending upon the
    final soil action levels, the DEP&#146;s response to Tierra&#146;s studies
    and reports and other developments.</font></p>
</div>
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<div style="text-indent:3%"><p><font size="2"><i>Painesville, Ohio</i>. From about 1912 through 1976, Chemicals operated manufacturing facilities in Painesville, Ohio (the &#147;Painesville Works Site&#148;). The operations there over the years involved several discrete but contiguous plant sites over an area of about 1,300 acres. The investigation and remediation of the Painesville Works Site is governed by agreements and orders in place with the EPA and the Ohio Environmental Protection Agency (&#147;OEPA&#148;). The primary area of concern historically has been Chemicals&#146; former chromite ore processing plant (the &#147;Chrome Plant&#148;). The OEPA has approved certain work, including the remediation of 20 specific operable units within the former Painesville Works Site and work associated with development plans (the &#147;Remediation Work&#148;). The Remediation Work has begun. As each operable unit within the Site receives OEPA approval for projects related to investigation, Remediation Work, or operation and maintenance activities, additional orders and agreements will be implemented, and additional amounts may need to be accrued. YPF Holdings has accrued a total of approximately Ps.58 million as of December 31, 2011 for its estimated share of the cost to perform the remedial investigation and feasibility study, the Remediation Work and other operation and maintenance activities at this site.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><i>Third Party Sites</i>. Pursuant to settlement agreements
    with the Port of Houston Authority (the &#147;Port&#148;) and other parties,
    Tierra and Maxus are participating (on behalf of Occidental) in the remediation
    of property adjoining Chemicals&#146; former Greens Bayou facility where dichloro-diphenyl-trichloroethane
    (&#147;DDT&#148;) and certain other chemicals were manufactured. Additionally,
    in 2007 the parties entered into a Memorandum of Agreement (&#147;MOA&#148;)
    with federal and state natural resources trustees in connection with claims
    for natural resources damages. In 2008, the Final Damage Assessment and Restoration
    Plan/Environmental Assessment was approved specifying the restoration projects
    to be implemented. During the first half of 2011, Tierra negotiated, on behalf
    of Occidental, a draft Consent Decree with governmental agencies of the United
    States and Texas addressing natural resource damages at the Greens Bayou Site.
    This Consent Decree, which is expected to be signed in the second quarter
    of 2012, will incorporate by reference the Final Damage Assessment and Restoration
    Plan/Environmental Assessment which specifies the restoration projects to
    be implemented. Although the primary work was largely finished in 2009, some
    follow-up activities and operation and maintenance remain pending. As of December
    31, 2011, YPF Holdings has accrued approximately Ps.17 million for its estimated
    share of the remediation and the MOA associated with the Greens Bayou facility.
    The remediation activities were largely finished in 2009, but some minor closure
    activities, as well as ongoing operations and maintenance, are still in progress.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">In June 2005, the EPA designated Maxus as a potentially responsible party (PRP) at the Milwaukee Solvay Coke &amp; Gas Site in Milwaukee, Wisconsin. The basis for this designation is Maxus&#146; 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. In 2006, Maxus and four other PRPs entered into a Joint Participation and Defense Agreement, and in January 2007 those PRPs and EPA entered into an AOC to perform a RI/FS regarding the investigation of &#147;upland&#148; soil and groundwater, as well as sediment in the Kinnickinnic River. Maxus&#146; exposure at the Site appears tied to the 1966-1973 time period, although there is some dispute about it. The PRP Agreement includes an interim allocation, under which Maxus&#146;s share is 50%. Preliminary work in connection with the RI/FS in respect of this site commenced in the second half of 2006. YPF Holdings has accrued approximately Ps.10 million as of December 31, 2011 for its estimated share of the costs of the RI/FS. The main area of concern and focus is the extent of river sediment investigation that will be required. Maxus lacks sufficient information to determine additional exposure or costs, if any, it might have in respect of this site.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Maxus is responsible for certain liabilities attributable to Occidental, as successor to Chemicals, in respect of the Malone Service 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.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Chemicals has also been designated as a PRP by the EPA under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (&#147;CERCLA&#148;) 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. Numerous PRPs have been named at substantially all of these sites. At several of these, Chemicals has no known exposure. At December 31, 2011, YPF Holdings had accrued approximately Ps.1 million in connection with its estimated share of costs related to the Milwaukee Solvay Coke &amp; Gas Site, the Malone Service Company Superfund Site, and the other sites mentioned in this paragraph.</font></p></div>
<div style="text-indent:3%"><p><font size="2"><i>Dallas Litigation.</i> 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 </font></p></div>
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<p><font size="2">to Occidental to defend and indemnify Occidental from and against certain historical obligations of Chemicals, notwithstanding the fact that said agreement contains a 12-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 12-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&#146; petition to the Texas Supreme Court for review was denied. This decision will require Maxus to accept responsibility for various matters for which it has refused to indemnify Occidental since 1998, which could result in the incurrence of costs in addition to YPF Holdings&#146; current accrued for this matter. This decision will also require Maxus to reimburse Occidental for past costs. In 2009, Maxus received a statement from Occidental of the costs Occidental believed to be due under the judgment, in the amount of U.S.$16.7 million. In March 2009, Maxus paid U.S.$14.9 million in respect of court costs, interests through the end of 2007 and estimates of future costs for which Maxus could become liable under the declaratory judgment. In September 2009, Maxus paid to Occidental U.S.$1.9 million. As of December 31, 2011, only approximately U.S.$0.3 million of disputed claims (relating to Occidental&#146;s internal costs) remains pending. Maxus has allowances for this claimed amount. A significant category of claims refused by Maxus on the basis of its interpretation of the 12-year clause, were claims relating to &#147;Agent Orange.&#148; All pending Agent Orange litigation was dismissed in December 2009. Although it is possible that additional claimants may come forward in the future, it is estimated that no significant liability will result from this category of claims.</font></p>
<div style="text-indent:3%"><p><font size="2">The remaining claims refused consist primarily of claims of 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 judgment includes liability for claims arising in the future, if any, which are currently unknown as of the date of this report, and if such claims arise, they could result in additional liability. As of December 31, 2011, YPF Holdings had accrued approximately Ps.1 million in respect of these matters.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2"><i>Turtle Bayou Litigation</i>. In March 2005, Maxus agreed
    to defend Occidental, as successor to Chemicals, in respect of an action seeking
    the contribution of costs for the remediation of the Turtle Bayou waste disposal
    site in Liberty County, Texas. Judgment was entered in this action, and Maxus
    filed a motion for reconsideration which was partially successful. The court's
    decision was appealed by Maxus 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. A new
    ruling was issued in January 2011, requiring Maxus to pay, on behalf of Occidental,
    15.86% of the costs incurred by one of the plaintiffs. On behalf of Occidental,
    Maxus filed its appeal in the February 2011, and the Court of Appeals affirmed
    the District Court's ruling in March 2012. It is expected that Occidental
    will be ordered to make payment of the judgment in June or July 2012. As of
    December, 2011, YPF Holdings has accrued approximately Ps.16 million in respect
    of this matter.</font></p>
  <p><font size="2">In May 2008, Ruby Mhire and others (&quot;Mhire&quot;) brought
    suit against Maxus and others, alleging that various parties including a predecessor
    of Maxus had contaminated certain property in Cameron Parish, Louisiana, during
    oil and gas activities on the property; Maxus' predecessor operated on the
    property from 1969 to 1989. The Mhire plaintiffs have demanded remediation
    and other compensation in excess of $150 million, basing themselves on plaintiffs'
    expert's study. There will be a court-ordered mediation session in June 2012.
    Maxus management presently believes that relatively little remediation activity
    is merited and intends to vigorously defend the case. Maxus has made appropriate
    responsive pleadings in the matter. The case is currently in the discovery
    phase and is expected to go to trial in the first quarter of 2013. Based on
    the information currently available, the Company is unable to estimate a possible
    loss or range of loss on this matter.</font><br></p>
</div>
<div style="text-indent:3%"></div>
<div style="text-indent:3%"><p><font size="2">YPF Holdings, including its subsidiaries, is a party to various other lawsuits, the outcomes of which are not expected to have a material adverse affect on the company&#146;s financial condition. YPF Holdings has established accrued for legal contingencies and environmental issues in those situations where a loss is probable and can be reasonably estimated.</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Dividend Policy</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">See &#147;Item 10. Additional Information&#151;Dividends.&#148;</font></p></div>
<p align="center"><font size="2">165</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_166"></a></font></p>

<a name="166a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 9. The Offer and Listing</b></font></td>
	</tr>
</table>
<br>
<a name="166b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Shares and ADSs</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top><font size="2"><b><i>New York Stock Exchange</i></b></font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The ADSs, each representing one Class D share, are listed on the NYSE under the trading symbol &#147;YPF.&#148; The ADSs began trading on the NYSE on June 28, 1993, and were issued by The Bank of New York Mellon as depositary (the &#147;Depositary&#148;).</font></p></div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth, for the five most recent full financial years and for the current financial year, the high and low closing prices in U.S. dollars of our ADSs on the NYSE:</font></p></div>


<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">
      <div align="center"><font size="2"><b>High</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Low</b></font></div>
    </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">2007</font></td>
    <td width="8%" align="right"><font size="2">50.10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34.37</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2008</font></td>
    <td width="8%" align="right"><font size="2">49.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37.75</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2009</font></td>
    <td width="8%" align="right"><font size="2">47.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">16.81</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2010</font></td>
    <td width="8%" align="right"><font size="2">50.60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33.89</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2011</font></td>
    <td width="8%" align="right"><font size="2">54.58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">31.25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2012<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">41.14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13.11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Through May 10, 2012.</font></td>
	</tr>
</table><div style="text-indent:3%"><p><font size="2">The following table sets forth, for each quarter of the most recent two financial years and for each quarter of the current financial year, the high and low closing prices in U.S. dollars of our ADSs on the NYSE.</font></p></div>


<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">
      <div align="center"><font size="2"><b>High</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Low</b></font></div>
    </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"><b>2010:</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">&nbsp;&nbsp;First Quarter</font></td>
    <td width="8%" align="right"><font size="2">45.80</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">40.11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Second Quarter</font></td>
    <td width="8%" align="right"><font size="2">44.63</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33.89</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Third Quarter</font></td>
    <td width="8%" align="right"><font size="2">43.45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37.52</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Fourth Quarter</font></td>
    <td width="8%" align="right"><font size="2">50.60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38.61</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>2011:</b></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">&nbsp;&nbsp;First Quarter</font></td>
    <td width="8%" align="right"><font size="2">54.58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">41.43</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Second Quarter</font></td>
    <td width="8%" align="right"><font size="2">46.34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">40.95</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Third Quarter</font></td>
    <td width="8%" align="right"><font size="2">46.12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34.21</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Fourth Quarter</font></td>
    <td width="8%" align="right"><font size="2">38.49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">31.25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>2012:</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">&nbsp;&nbsp;First Quarter</font></td>
    <td width="8%" align="right"><font size="2">41.14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26.21</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Second Quarter<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">24.01</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13.11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Through May 10, 2012.</font></td>
	</tr>
</table><div style="text-indent:3%"><p><font size="2">The following table sets forth, for each of the most recent six months and for the current month, the high and low closing prices in U.S. dollars of our ADSs on the NYSE.</font></p></div>


<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">
      <div align="center"><font size="2"><b>High</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Low </b></font></div>
    </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"><b>2011:</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">&nbsp;&nbsp;November</font></td>
    <td width="8%" align="right"><font size="2">36.69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">31.25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;December</font></td>
    <td width="8%" align="right"><font size="2">35.46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32.45</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>2012:</b></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">&nbsp;&nbsp;January</font></td>
    <td width="8%" align="right"><font size="2">41.14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">35.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;February</font></td>
    <td width="8%" align="right"><font size="2">35.90</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26.23</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;March</font></td>
    <td width="8%" align="right"><font size="2">29.72</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26.21</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;April</font></td>
    <td width="8%" align="right"><font size="2">24.01</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13.12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;May<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">15.90</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14.15</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">(1)</font></td>
    <td><font size="1">Through May 10, 2012.</font></td>
  </tr>
</table>
<br>
<p align="center"><font size="2">166</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_167"></a></font></p>
<br>
<div style="text-indent:3%">
  <p><font size="2">According to data provided by The Bank of New York Mellon,
    as of April 30, 2012, there were 233,811,262 ADSs outstanding and 78 holders
    of record of ADSs. Such ADSs represented approximately 59% of the total number
    of issued and outstanding Class D shares as of such date. Excluding ADSs owned
    by Repsol YPF and the Petersen Group, outstanding ADSs represented 16% of
    the total number of outstanding Class D shares as of April 30, 2012. Repsol
    YPF (including its other subsidiaries) was the holder of 69.9 million of our
    ADSs at that date, while the Petersen Group collectively held 100,1 million
    of our ADSs.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Buenos Aires Stock Market</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Buenos Aires Stock Market is the principal Argentine market for trading the ordinary shares.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Buenos Aires Stock Market (<i>Mercado de Valores de Buenos Aires</i>, or &#147;<i>MERVAL</i>&#148;) is the largest stock market in Argentina and is affiliated with the BASE. MERVAL is a corporation consisting of 133 shareholders who are the sole individuals or entities authorized to trade, either as principals or agents, in the securities listed on the BASE. Trading on the BASE is conducted either through the traditional auction system from 11 a.m. to 5 p.m. on trading days, or through the Computer-Assisted Integrated Negotiation System (<i>Sistema Integrado de Negociaci&#243;n Asistida por Computaci&#243;n</i>, or &#147;<i>SINAC</i>&#148;). SINAC is a computer trading system that permits trading in both debt and equity securities and is accessed by brokers directly from workstations located in their offices. Currently, all transactions relating to listed negotiable obligations and listed government securities can be effectuated through SINAC. In order to control price volatility, MERVAL imposes a 15-minute suspension on trading when the price of a security registers a variation in price between 10% and 15% and between 15% and 20%. Any additional 5% variation in the price of a security will result in an additional 10-minute successive suspension period.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Investors in the Argentine securities market are mostly individuals and companies. Institutional investors, which are responsible for a growing percentage of trading activity, consist mainly of insurance companies and mutual funds.</font></p></div>
<p><font size="2">Certain information regarding the Argentine stock market is set forth in the table below</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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2008</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2007</b></font></div>
    </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">Market capitalization (in billions of pesos)<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">1,611</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,900</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,185</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,234</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,773</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">As percent of GDP<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">86%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">132%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">191%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">119%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">218%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Volume (in millions of pesos)</font></td>
    <td width="8%" align="right"><font size="2">207,805</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">177,613</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">133,208</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">237,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">209,905</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Average daily trading volume (in millions
      of pesos)</font></td>
    <td width="8%" align="right"><font size="2">848.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">722.0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">545.93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">962.71</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">849.82</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">End-of-period figures for trading on the BASE.</font></td>
	</tr>
</table>
<p><font size="1"><i>Source: Instituto Argentino de Mercado de Capitales.</i></font></p>
<div style="text-indent:3%"><p><font size="2">The following table sets forth, for the five most recent full financial years and for the current financial year, the high and low prices in Argentine pesos of our Class D shares on the Buenos Aires Stock Market:</font></p></div>


<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">
      <div align="center"><font size="2"><b>High</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Low</b></font></div>
    </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">2007</font></td>
    <td width="8%" align="right"><font size="2">153.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">110.90</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2008</font></td>
    <td width="8%" align="right"><font size="2">183.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">118.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2009</font></td>
    <td width="8%" align="right"><font size="2">162.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">64.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2010</font></td>
    <td width="8%" align="right"><font size="2">205.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">137.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2011</font></td>
    <td width="8%" align="right"><font size="2">222.60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">150.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2012<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">188.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">70.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Through May 10, 2012.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table sets forth, for each quarter of the most recent two financial years and for each quarter of the current financial year, the high and low prices in Argentine pesos of our Class D shares on the Buenos Aires Stock Market.</font></p></div>
<p align="center"><font size="2">167</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_168"></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="8%" align="right">
      <div align="center"><font size="2"><b>High</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Low</b></font></div>
    </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"><b>2010:</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter</font></td>
    <td width="8%" align="right"><font size="2">170.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">150.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter</font></td>
    <td width="8%" align="right"><font size="2">172.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">137.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter</font></td>
    <td width="8%" align="right"><font size="2">167.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">149.70</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter</font></td>
    <td width="8%" align="right"><font size="2">205.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">152.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>2011</b>:</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter</font></td>
    <td width="8%" align="right"><font size="2">222.60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">177.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter</font></td>
    <td width="8%" align="right"><font size="2">202.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">176.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter</font></td>
    <td width="8%" align="right"><font size="2">195.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">150.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter</font></td>
    <td width="8%" align="right"><font size="2">180.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">150.95</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>2012:</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter</font></td>
    <td width="8%" align="right"><font size="2">188.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">125.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">125.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">70.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Through May 10, 2012.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table sets forth, for each of the most recent six months and for the current month, the high and low prices in Argentine pesos of our Class D shares on the Buenos Aires Stock Market.</font></p></div>


<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">
      <div align="center"><font size="2"><b>High</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Low</b></font></div>
    </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"><b>2011:</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November</font></td>
    <td width="8%" align="right"><font size="2">173.15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">150.95</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December</font></td>
    <td width="8%" align="right"><font size="2">167.55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">154.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>2012:</b></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January </font></td>
    <td width="8%" align="right"><font size="2">188.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">164.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February</font></td>
    <td width="8%" align="right"><font size="2">165.30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">125.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March</font></td>
    <td width="8%" align="right"><font size="2">149.95</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">129.40</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April</font></td>
    <td width="8%" align="right"><font size="2">125.00</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">70.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">89.50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">77.10</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Through May 10, 2012.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">As of April 30, 2012, there were approximately 11,820 holders of Class D shares in Buenos Aires Stock Market.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Stock Exchange Automated Quotations System
      International</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The ADSs are also quoted on the Stock Exchange Automated Quotations System International.</font></p></div>
<a name="168"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Argentine Securities Market</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The securities market in Argentina is composed of 10 stock exchanges, which are located in the City of Buenos Aires (the &#147;BASE&#148;), Bah&#237;a Blanca, Corrientes, C&#243;rdoba, La Plata, La Rioja, Mendoza, Rosario, Santa Fe, and Tucum&#225;n. Five of these exchanges (the BASE, Rosario, C&#243;rdoba, Mendoza, and Santa Fe) have affiliated stock markets and, accordingly, are authorized to quote publicly offered securities. Securities listed on these exchanges include corporate equity and bonds and government securities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The BASE, which began operating in 1854, is the principal and longest-established exchange in Argentina. Bonds listed on the BASE may simultaneously be listed on the Argentine over-the-counter market (<i>Mercado Abierto Electr&#243;nico</i>, or &#147;<i>MAE</i>&#148;), pursuant to an agreement between BASE and MAE that stipulates that equity securities are to be traded exclusively on the BASE, while debt securities (both public and private) may be traded on both the MAE and the BASE. In addition, through separate agreements with the BASE, all of the securities listed on the BASE may be listed and subsequently traded on the C&#243;rdoba, Rosario, Mendoza, La Plata and Santa Fe exchanges, by virtue of which many transactions originating on these exchanges relate to BASE-listed companies and are subsequently settled in Buenos Aires. Although companies may list all of their capital stock on the BASE, </font></p></div>
<p align="center"><font size="2">168</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_169"></a></font></p>
<p><font size="2">controlling shareholders in Argentina typically retain the majority of a company&#146;s capital stock, resulting in a relatively small percentage of active trading of the companies&#146; stock by the public on the BASE.</font></p>
<div style="text-indent:3%"><p><font size="2">Argentina&#146;s equity markets have historically been composed of individual investors, though in recent years there has been an increase in the level of investment by banks and insurance companies in these markets; however, Argentine mutual funds (<i>fondos comunes de inversi&#243;n</i>) continue to have very low participation.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Regulation of the Argentine securities
      market</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Argentine securities market is regulated and overseen by the CNV, pursuant to Law No. 17,811, as amended, which, in addition to having created the CNV, governs the regulation of security exchanges, as well as stockbroker transactions, market operations, the public offering of securities, corporate governance matters relating to public companies and the trading of futures and options. Argentine pension funds and insurance companies are regulated by separate government agencies, whereas financial institutions are regulated primarily by the Central Bank.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In Argentina, debt and equity securities traded on an exchange or the over-the-counter market must, unless otherwise instructed by their shareholders, be deposited with Stock Exchange Incorporated (<i>Caja de Valores S.A.</i>), a corporation owned by the BASE, MERVAL and certain provincial exchanges. Stock Exchange Incorporated is the central securities depositary of Argentina and provides central depositary facilities, as well as acting as a clearinghouse for securities trading and as a transfer and paying agent for securities transactions. Additionally, it handles the settlement of securities transactions carried out by the BASE and operates SINAC.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Despite a change in the legal framework of Argentine securities trading in the early 1990s, which permitted the issuance and trading of new financial products in the Argentine capital markets, including commercial paper, new types of corporate bonds and futures and options, there is still a relatively low level of regulation of the market for Argentine securities and investors&#146; activities in such markets and enforcement of them has been extremely limited. Because of the limited exposure and regulation in these markets, there may be less publicly available information about Argentine companies than is regularly published by or about companies in the United States and certain other countries. However, the CNV has taken significant steps to strengthen disclosure and regulatory standards for the Argentine securities market, including the issuance of regulations prohibiting insider trading and requiring insiders to report on their ownership of securities, with associated penalties for noncompliance.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In order to improve Argentine securities market regulation, the Argentine government issued Decree No. 677/01 on June 1, 2001 (the &#147;Transparency Decree&#148;), which provided certain guidelines and provisions relating to capital markets transparency and best practices. The Transparency Decree applies to individuals and entities that participate in the public offering of securities, as well as to stock exchanges. Among its key provisions, the decree broadens the definition of a &#147;security,&#148; governs the treatment of negotiable securities, obligates publicly listed companies to form audit committees composed of three or more members of the Board of Directors (the majority of whom must be independent under CNV regulations), authorizes market stabilization transactions under certain circumstances, governs insider trading, market manipulation and securities fraud and regulates going-private transactions and acquisitions of voting shares, including controlling stakes in public companies.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Before offering securities to the public in Argentina, an issuer must meet certain requirements established by the CNV with regard to the issuer&#146;s assets, operating history and management. Only securities approved for a public offering by the CNV may be listed on a stock exchange. However, CNV approval does not imply any kind of certification as to the quality of the securities or the solvency of the issuer, even though issuers of listed securities are required to file unaudited quarterly financial statements and audited annual financial statements and various other periodic reports with the CNV and the stock exchange on which their securities are listed, as well as to report to the CNV and the relevant stock exchange any event related to the issuer and its shareholders that may affect materially the value of the securities traded.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Money laundering regulations</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Recent modifications to Argentine money laundering regulations have resulted in their application to increasing numbers and types of securities transactions.</font></p></div>
<p align="center"><font size="2">169</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_170"></a></font></p>
<div style="text-indent:3%"><p><font size="2">Argentine Law No. 25,246 (as amended by Law No. 26,087 and Law 26,119) categorizes money laundering as a crime under the Argentine Criminal Code and created the <i>Unidad de Informaci&#243;n Financiera</i> (&#147;UIF&#148;), an agency of the Ministry of Justice and Human Rights of Argentina responsible for investigating questionable transactions. The Argentine Criminal Code defines money laundering as the exchange, transfer, management, sale or any other use of money or other assets obtained through a crime, by a person who did not take part in such crime, with the possible result that such original assets (or new asset resulting from such original asset) have the appearance of having been obtained through legitimate sources, provided that the aggregate value of the assets exceeded Ps.50,000, whether such amount results from one or more connected transactions.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The money laundering legal framework assigns control and information reporting duties to certain private sector entities, including banks, broker-dealers, trading companies and insurance companies, in many cases according to highly general criteria. According to the rules of the Guide to Unusual or Questionable Financial and Foreign Exchange Transactions (<i>Gu&#237;a de Transacciones Inusuales o Sospechosas en la &#211;rbita del Sistema Financiero y Cambiario</i>) approved by Resolution No. 2/2002 of the UIF (as amended), such entities have an obligation to notify the UIF of transactions falling into the following general categories: (a) investments in securities in amounts significantly exceeding the amounts normally invested by a particular investor, taking the business of the investor into account; (b) deposits or back-to-back loans in jurisdictions known as tax havens; (c) requests for asset management services where the origin of funds is not certain, is unclear or does not relate to the business of the investor; (d) unusual transfers of large amounts of securities or interests; (e) unusual and frequent use of special investment accounts; and (f) frequent purchases and sales of securities during the same day for the same amount and volume, when such transactions seem unusual and inadequate considering the business of the investor.</font></p></div>
<p align="center"><font size="2">170</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_171"></a></font></p>

<a name="171a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 10. Additional Information</b></font></td>
	</tr>
</table>
<br>
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		<td valign=top ><font size="2"><b>Capital Stock</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our capital stock consists of Ps.3,933,127,930, divided into 3,764 Class A shares, 7,624 Class B shares, 40,422 Class C shares and 393,260,983 Class D shares, each fully subscribed and paid, with a par value of ten pesos each and the right to one vote per share. Our total capital stock has not changed since December 31, 2004.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In November 1992, the Privatization Law became effective. Pursuant to the Privatization Law, in July 1993, we completed a worldwide offering of 160 million Class D shares, representing approximately 45% of our outstanding capital stock, which had been owned by the Argentine government. Concurrently with the completion of such offering, the Argentine government transferred approximately 40 million Class B shares to the Argentine provinces, which represented approximately 11% of our outstanding capital stock, and made an offer to holders of pension bonds and certain other claims to exchange such bonds and other claims for approximately 46.1 million Class B shares, representing approximately 13% of our outstanding capital stock. As a result of these transactions, the Argentine government&#146;s ownership percentage of our capital stock was reduced from 100% to approximately 30%, including shares that had been set aside to be offered to our employees upon establishment of the terms and conditions by the Argentine government in accordance with Argentine law. The shares set aside to be offered to employees represented 10% of our outstanding capital stock.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In July 1997, the Class C shares set aside for the benefit of our employees in conjunction with the privatization, excluding approximately 1.5 million Class C shares set aside as a reserve against potential claims, were sold through a global public offering, increasing the percentage of our outstanding shares of capital stock held by the public to 75%. Proceeds from the transactions were used to cancel debt related to the employee plan, with the remainder distributed to participants in the plan. Additionally, Resolution 1,023/06 of the Ministry of Economy and Production, dated December 21, 2006, effected the transfer to the employees covered by the employee share ownership plan, or PPP, of 1,117,717 Class C shares, corresponding to the Class C shares set aside as a reserve against potential claims, and reserving 357,987 Class C shares until a decision was reached in a pending lawsuit. Subsequently, with a final decision having been reached in the lawsuit, and consistent with the mechanism of conversion of Class C shares into Class D shares established by Decree 628/1997 and its accompanying rules, as of December 31, 2009, 1,447,983 Class C shares had been converted into Class D shares. In 2010, a former employee of the company who was allegedly excluded from the National Government&#146;s YPF PPP, filed a claim against YPF seeking recognition of his status as a shareholder of YPF. In addition, the Federation of Former Employees of YPF joined the proceeding as a supporting third-party claimant, purportedly acting on behalf of other former employees who were also allegedly excluded from the PPP. Pursuant to the plaintiff&#146;s request, the federal judge of first instance of Bell Ville, in the province of Cordoba, granted a preliminary injunction (the &#147;Preliminary Injunction&#148;), ordering that any sale of shares of YPF or any other transaction involving the sale, assignment or transfer of shares of YPF carried out by Repsol YPF or YPF be suspended, unless the plaintiff and other beneficiaries of the PPP, organized under the Federation of Former Employees of YPF, are involved or participate in such transactions. We filed an appeal against such decision, requesting that the Preliminary Injunction be revoked. In addition, we requested the recusal of the federal judge of first instance of Bell Ville and the issuance of a preliminary injunction offsetting the effects of the Preliminary Injunction. On March 1, 2011, we were notified that the intervening judge had allowed our appeal, suspending the effects of the Preliminary Injunction. In addition, a preliminary injunction was granted to explicitly allow the free disposition of our shares, provided that Repsol YPF, directly or indirectly continues to own at least 10% of our shares. On December 5, 2011, the Court of Appeals confirmed this preliminary injunction and modified the Preliminary Injunction of the federal judge of first instance of Bell Ville. Both the federal judge of first instance of Bell Ville, on July 21, 2011, and the Court of Appeals, on December 15, 2011, decided in favor of the jurisdiction the federal court in Buenos Aires to resolve this matter. Under the jurisprudence of the Federal Supreme Court of Argentina (upholding numerous decisions of the relevant Courts of Appeals), YPF should not be held liable for claims of this nature related to the PPP. Through Law No. 25.471, the National Government assumed sole responsibility for any compensation to be received by YPF&#146;s former employees who were excluded from the PPP.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Additionally, the Company was notified of the preliminary injunction granted by a First Instance Labor Court in Tierra del Fuego Province, which suspended, until the ongoing nullification request is solved, the exercise of the political and economic rights that correspond to the 45,215,888 ADSs (each representing one ordinary Class D share of YPF) that Repsol YPF sold to certain investors in March 2011. In addition, YPF was ordered to inform about the </font></p></div>
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<p><font size="2">suspension of such rights. As the Company had not been sued in the relevant proceedings, it requested its intervention as a third party. Additionally, YPF challenged the preliminary injunction requesting the suspension of its effects and invoking that the claim is barred by the applicable statute of limitations and submitting a motion to dismiss on the grounds of lack of jurisdiction, failure of the plaintiff to state a claim and litis pendentia. Moreover, the Company alleged that it was impossible to comply with the preliminary injunction due to the existence of successive share transfers and the impossibility of identifying present stockholders.</font></p>
<div style="text-indent:3%"><p><font size="2">The Class A shares held by the Argentine government became eligible for sale in April 1995 upon the effectiveness of legislation which permitted the Argentine government to sell such shares. In January 1999, Repsol YPF acquired 52,914,700 Class A shares in block (14.99% of our shares) which were converted to Class D shares. Additionally, on April 30, 1999, Repsol YPF announced a tender offer to purchase all outstanding Class A, B, C and D shares at a price of U.S.$44.78 per share (the &#147;Offer&#148;). Pursuant to the Offer, in June, 1999, Repsol YPF acquired an additional 82.47% of our outstanding capital stock. On November 4, 1999, Repsol YPF acquired an additional 0.35%. On June 7, 2000, Repsol YPF announced a tender offer to exchange newly issued Repsol YPF&#146;s shares for 2.16% of our Class B, C and D shares held by minority shareholders. Pursuant to the tender offer, and after the merger with Astra Compa&#241;&#237;a Argentina de Petr&#243;leo, S.A. (&#147;Astra&#148;) and Repsol Argentina, S.A., Repsol YPF owned 330,551,981 Class D shares and therefore controlled us through a 99.04% ownership interest until 2008. On February 21, 2008, Petersen Energ&#237;a purchased 58,603,606 of our ADSs, representing 14.9% of our capital stock, from Repsol YPF for U.S.$2,235 million. In addition, Repsol YPF granted certain affiliates of Petersen Energ&#237;a options to purchase up to an additional 10.1% of our outstanding capital stock within four years. On May 20, 2008, PEISA exercised an option to purchase shares representing 0.1% of our capital stock. Additionally, PEISA launched a tender offer to purchase all of the shares of YPF that were not already owned by them at a price of U.S.$49.45 per share or ADS. Repsol YPF, pursuant to its first option agreement with Petersen Energ&#237;a, had stated that it would not tender YPF shares to PEISA. A total of 1,816,879 shares (including Class D shares and ADSs), representing approximately 0.462% of our total shares outstanding, were tendered. On May 3, 2011, PEISA exercised an option to acquire from Repsol YPF shares or ADSs representing 10.0% of our capital stock and on May 4, 2011, Repsol YPF acknowledged and accepted such exercise. Following the exercise of this option, the Petersen Group owns shares representing 25.46% of our capital stock.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">The Expropriation Law has significantly changed our shareholding
    structure. The Class D shares expropriated from Repsol YPF or its controlling
    or controlled entities, which represent 51% of our share capital and have
    been declared of public interest, will be assigned as follows: 51% to the
    federal government and 49% to the governments of the provinces that compose
    the National Organization of Hydrocarbon Producing States. In addition, the
    Argentine federal government and certain provincial governments already own
    our Class A and Class B shares. See &#147;Item 3. Key Information&#151;Risk
    Factors&#151;Risks Relating to Argentina&#151;The Argentine federal government
    has taken control over the Company and will operate it according to domestic
    energy policies in accordance with the Expropriation Law.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">As of the date of this annual report, the transfer of the
    expropriated shares between National Excecutive Office and the provinces that
    compose the National Organization of Hydrocarbon Producing States is still
    pending. According to Article 8 of the Expropriation Law, the distribution
    of the shares among the provinces that accept their transfer must be conducted
    in an equitable manner, considering their respective levels of hydrocarbon
    production and proved reserves. To ensure compliance with its objectives,
    the Expropriation Law provides that the National Executive Office, by itself
    or through an appointed public entity, shall exercise all the political rights
    associated with the shares subject to expropriation until the transfer of
    political and economic rights to the provinces that compose the National Organization
    of Hydrocarbon Producing States is completed. In addition, in accordance with
    Article 9 of the Expropriation Law, each of the Argentine provinces to which
    expropriated shares are allocated must enter a shareholder&#146;s agreement
    with the federal government which will provide for the unified exercise of
    its rights as a shareholder. See &#147;Item 4. Information on the Company&#151;Regulatory
    Framework and Relationship with the Argentine Government&#151;The Expropriation
    Law&#148; and &#147;Item 7. Major Shareholders and Related Party Transactions.&#148;</font></p>
</div>
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		<td valign=top ><font size="2"><b>Memorandum and Articles of Association</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF&#146;s by-laws were approved by National Executive Decree No. 1,106, dated May 31, 1993, and notarized by public deed No. 175, dated June 15, 1993 at the National Notary Public Office, sheet 801 of the National Registry, </font></p></div>
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<p><font size="2">and registered at the Inspection Board of Legal Entities of the Argentine Republic on the same date, June 15, 1993 under number 5,109 of the book of Corporations number 113, volume &#147;A.&#148;</font></p>
<div style="text-indent:3%"><p><font size="2">At a Shareholder&#146;s Meeting on April 14, 2010, YPF&#146;s shareholders approved an amendment to YPF&#146;s by-laws. Copies of the by-laws, which have been filed as described in &#147;Item 19. Exhibits&#148; in this annual report, are also available at the offices of YPF.</font></p></div>
<div style="text-indent:3%"><p><font size="2">For a detailed description of YPF&#146;s object and purpose, see &#147;Item 4. Information on the Company.&#148; YPF&#146;s object is set forth in Section 4 of its by-laws.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Pursuant to Argentine Corporations Law No. 19,550 (the &#147;Corporations Law&#148;), the Board of Directors or the Supervisory Committee shall call either annual general or extraordinary shareholders&#146; meetings in the cases provided by law and whenever they consider appropriate. Shareholders representing not less than 5% of YPF&#146;s capital stock may also request that a shareholders&#146; meeting be called.</font></p></div>
<div style="text-indent:3%"><p><font size="2">A shareholders&#146; meeting shall be called at least twenty days prior to the meeting date by notice published in the legal publications journal for a period of five days. The notice shall include the nature, date, time and place of the meeting, the agenda to be discussed and the specific requirements shareholders must meet to attend the meeting.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In order to attend the meeting, shareholders must obtain a deposit certificate from a broker or from the depository trust company. This certificate will allow each shareholder to be registered in the attendance book which closes three business days before the date on which the meeting will be held. YPF will issue to each shareholder a deposit certificate required for admission into the meeting. Shares certified and registered in the attendance book shall not be disposed of before the meeting is held unless the corresponding deposit is cancelled.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Directors, members of the Supervisory Committee and senior managers are both entitled and required to attend all shareholders&#146; meetings. These persons may only exercise voting power to the extent they have been previously registered as shareholders, in accordance with the provisions described in the above paragraph. Nevertheless, these persons are not allowed to vote on any proposal regarding to the approval of their management duties or their removal for cause.</font></p></div>
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	<tr>
		<td valign=top ><font size="2"><b>Shareholders&#146; Meetings</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Pursuant to the Argentine Corporations Law, the Board of Directors or the Supervisory Committee shall call either annual ordinary or extraordinary shareholders&#146; meetings in the cases provided by law and whenever they consider appropriate. Shareholders representing not less than 5% of our capital stock may also request that a shareholders&#146; meeting be called, in which case the meeting must take place within 40 days of such shareholders&#146; request. If the Board of Directors or the Supervisory Committee fails to call a meeting following such a request, a meeting may be ordered by the CNV or by the courts.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Shareholders&#146; meetings may be ordinary meetings or extraordinary meetings. We are required to convene and hold an ordinary meeting of shareholders within four months of the close of each fiscal year to consider the matters specified in the first two paragraphs of Section 234 of the Argentine Corporations Law, such as the approval of our financial statements, allocation of net income for such fiscal year, approval of the reports of the Board of Directors and the Audit Committee and election, performance and remuneration of directors and members of the Supervisory Committee. In addition, pursuant to the Transparency Decree, at ordinary shareholders&#146; meetings, shareholders must consider (i) the disposition of, or creation of any lien over, assets as long as such decision has not been performed in the ordinary course of business and (ii) the execution of administration or management agreements and whether to approve any agreement by virtue of which the assets or services provided to us are paid partial or totally with a percentage of our income, results or earnings, if the payment is material when measured against the volume of the ordinary course of business and our shareholders&#146; equity. Other matters which may be considered at an ordinary shareholders&#146; meeting convened and held at any time include the responsibility of directors and members of the Supervisory Committee, capital increases and the issuance of certain notes. Extraordinary shareholders&#146; meetings may be called at any time to consider matters beyond the authority of an ordinary meeting including, without limitation, the amendment of our by-laws, issuance of debentures, early dissolution, merger, spin-off, reduction of </font></p></div>
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<p><font size="2">capital stock and redemption of shares, transformation from one type of entity to another and limitation or suspension of shareholders&#146; preemptive rights.</font></p>
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    <td valign=top ><font size="2"><b><i>Notices of meetings</i></b></font></td>
	</tr>
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<br>
<div style="text-indent:3%"><p><font size="2">Notice of shareholders&#146; meetings must be published for five days in the Official Gazette, in an Argentina newspaper of wide circulation and in the bulletin of the Buenos Aires Stock Exchange, at least 20 but not more than 45 days prior to the date on which the meeting is to be held. Such notice must include information regarding the type of meeting to be held, the date, time and place of such meeting and the agenda. If a quorum is not available at such meeting, a notice for a meeting on second call, which must be held within 30 days of the date on which the first meeting was called, must be published for three days at least eight days before the date of the meeting on second call. The above-described notices of shareholders&#146; meetings may be effected simultaneously for the meeting on second call to be held on the same day as the first meeting, only in the case of ordinary meetings. Shareholders&#146; meetings may be validly held without notice if all the shares of our outstanding share capital are present and resolutions are adopted by unanimous vote of shares entitled to vote.</font></p></div>
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    <td valign=top ><font size="2"><b><i>Quorum and voting requirements</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Except as described below, the quorum for ordinary meetings of shareholders on first call is a majority of the shares entitled to vote, and action may be taken by the affirmative vote of an absolute majority of the shares present that are entitled to vote on such action. If a quorum is not available at the first meeting, a meeting on second call may be held at which action may be taken by the holders of an absolute majority of the shares present, regardless of the number of such shares. The quorum for an extraordinary shareholders&#146; meeting on first call is 60% of the shares entitled to vote, and if such quorum is not available, a meeting or second call may be held, at which action may be taken by the holders of an absolute majority of the shares present, regardless of the number of such shares.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our by-laws<b> </b>establish that in order to approve (i) the transfer of our domicile outside Argentina, (ii) a fundamental change of the corporate purpose set forth in our by-laws, (iii) delisting of our shares in the BASE or NYSE, and (iv) a spin-off by us, when as a result of such spin-off more than 25% of our assets are transferred to the resulting corporations, a majority of the shares representing 75% or more of our voting shares is required, both in first and second call. Our by-laws also establish that in order to approve (i) certain amendments to our by-laws concerning tender offers of shares (as described below), (ii) the granting of certain guarantees in favor of our shareholders, (iii) full stop of refining, commercialization and distribution activities and (iv) rules regarding appointment, election and number of members of our Board of Directors, a majority of the shares representing 66% or more of our voting shares is required, both in first and second call, as is the affirmative vote of the Class A shares, granted in a special meeting of the holders of such shares.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In order to attend the meeting, shareholders must deposit their shares, or a certificate representing book-entry shares issued by a bank, clearing house or depository trust company, with us. This certificate will allow each shareholder to be registered in the attendance book which closes three business days before the date on which the meeting will be held. We will issue to each shareholder a deposit certificate required for admission into the meeting. Shares certified and registered in the attendance book may not be disposed of before the meeting is held unless the corresponding deposit is cancelled.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under the Argentine Corporations Law, foreign companies that own shares in an Argentine corporation are required to register with the Superintendent of Corporations (<i>Inspecci&#243;n General de Justicia</i>, or IGJ) in order to exercise certain shareholder rights, including voting rights. Such registration requires the filing of certain corporate and accounting documents. Accordingly, if a shareholder owns Class D shares directly (rather than in the form of ADSs) and it is a non-Argentine company, and such shareholder fails to register with the IGJ, the ability to exercise its rights as a holder of Class D shares may be limited.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Directors, members of the Supervisory Committee and senior managers are both entitled and required to attend all shareholders&#146; meetings. These persons may only exercise voting power to the extent they have been previously registered as shareholders, in accordance with the provisions described in the above paragraph. Nevertheless, these persons are not allowed to vote on any proposal regarding the approval of their management duties or their removal for cause.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Shareholders who have a conflict of interest with us and who do not abstain from voting may be liable for damages to us, but only if the transaction would not have been approved without such shareholders&#146; votes. Furthermore, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to the law or our by-laws may be held jointly and severally liable for damages to us or to other third parties, including shareholders.</font></p></div>
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		<td valign=top ><font size="2"><b>Directors</b></font></td>
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<br>
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		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Election of Directors</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our business and affairs are managed by the Board of Directors in accordance with our by-laws and the Argentine Corporations Law. Our by-laws provide for a Board of Directors of 11 to 21 members, and up to an equal number of alternates. Alternates are those elected by the shareholders to replace directors who are absent from meetings or who are unable to exercise their duties, when and for whatever period appointed to do so by the Board of Directors. Alternates have the responsibilities, duties and powers of directors only if and to the extent they are called upon to attend board meetings or for such longer period as they may act as replacements.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Directors shall hold office from one to three years, as determined by the shareholders&#146; meetings. Since the shareholders&#146; general ordinary meeting held on April 26, 2011, our Board of Directors is composed of 17 directors and 12 alternates.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In accordance with our by-laws, the Argentine government, sole holder of Class A shares, is entitled to elect one director and one alternate.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under the Argentine Corporations Law, a majority of our directors must be residents of Argentina. All directors must establish a legal domicile in Argentina for service of notices in connection with their duties.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our by-laws require the Board of Directors to meet at least once every quarter in person or by video conference, and a majority of directors is required in order to constitute a quorum. If a quorum is not met one hour after the start time set for the meeting, the President or his substitute may invite alternates of the same class as that of the absent directors to join the meeting, or call a meeting for another day. Resolutions must be adopted by a majority of the directors present, and the President or his substitute is entitled to cast the deciding vote in the event of a tie.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Prior to the passage of the Expropriation Law and the related
    Intervention, the composition of certain of our Board committees, as well
    as the roles of certain members thereof, were affected by the implementation
    of the shareholders&#146; agreement between Repsol YPF and Petersen Energ&#237;a.
    See &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Shareholders&#146;
    Agreement&#148; and &#147;Item 6. Directors, Senior Management and Employees&#151;Management
    of the Company under the Intervention.&#148;</font></p>
</div>
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		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Duties and liabilities of Directors</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In accordance with the Argentine Corporations Law, directors have an obligation to perform their duties with loyalty and with the diligence of a prudent business person. Directors are jointly and severally liable to us, our shareholders and to third parties for the improper performance of their duties, for violating the law or our by-laws or regulations, and for any damage caused by fraud, abuse of authority or gross negligence. Specific duties may be assigned to a director by the by-laws, company regulations, or by resolution of the shareholders&#146; meeting. In such cases, a director&#146;s liability will be determined by reference to the performance of such duties.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Only shareholders, through a shareholders&#146; meeting may authorize directors to engage in activities in competition with us. Transactions or contracts between directors and us in connection with our activities are permitted to the extent they are performed under fair market conditions. Transactions that do not comply with the Argentine Corporations Law require prior approval of the Board of Directors or the Supervisory Committee. In addition, these transactions must be subsequently approved by the shareholders at a general meeting. If our shareholders do not approve the relevant transaction, the directors and members of the Supervisory Committee who approved such transactions are jointly and severally liable for any damages caused to us.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Any director whose personal interests are adverse to ours shall notify the Board of Directors and the Supervisory Committee and abstain from voting on such matters. Otherwise, such director may be held liable to us.</font></p></div>
<div style="text-indent:3%"><p><font size="2">A director will not be liable if, notwithstanding his presence at the meeting at which a resolution was adopted or his knowledge of such resolution, a written record exists of his opposition to such resolution and he reports his opposition to the Supervisory Committee before any complaint against him is brought before the Board of Directors, the Supervisory Committee, the shareholders&#146; meeting, the appropriate governmental agency or the courts. Any liability of a director to us terminates upon approval of the director&#146;s actions by the shareholders at a general meeting, provided that shareholders representing at least 5% of our capital stock do not object and provided further that such liability does not result from a violation of the law, our by-laws or other regulations.</font></p></div>
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		<td valign=top ><font size="2"><b>Foreign Investment Legislation</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under the Argentine Foreign Investment Law, as amended, and its implementing regulations (together, referred to as the &#147;Foreign Investment Legislation&#148;), the purchase of shares of an Argentine corporation by an individual or legal entity domiciled abroad or by an Argentine company of &#147;foreign capital&#148; (as defined in the Foreign Investment Legislation) constitutes foreign investment. Currently, foreign investment in industries other than broadcasting is not restricted, and no prior approval is required to make foreign investments. No prior approval is required in order to purchase Class D shares or ADSs or to exercise financial or corporate rights thereunder.</font></p></div>
<a name="176b"></a>
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		<td valign=top ><font size="2"><b>Dividends</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under our by-laws, all Class A, Class B, Class C and Class D shares rank equally with respect to the payment of dividends. All shares outstanding as of a particular record date share equally in the dividend being paid, except that shares issued during the period to which a dividend relates may be entitled only to a partial dividend with respect to such period if the shareholders&#146; meeting that approved the issuance so resolved. No provision of our by-laws or of the Argentine Corporations Law gives rise to future special dividends only to certain shareholders.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The amount and payment of dividends are determined by majority vote of our shareholders voting as a single class, generally, but not necessarily, on the recommendation of the Board of Directors. In addition, under the Argentine Corporations Law, our Board of Directors has the right to declare dividends subject to further approval of shareholders at the next shareholders&#146; meeting.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">We have distributed over 85% of our net income attributable
    to the years 2001 through 2006 in dividends to our shareholders. We have not
    adopted a formal dividend policy. Any dividend policy adopted will be subject
    to a number of factors, including our debt service requirements, capital expenditure
    and investment plans, other cash requirements and such other factors as may
    be deemed relevant at the time. In the shareholders&#146; agreement entered
    into by Repsol YPF and Petersen Energ&#237;a in connection with the Petersen
    Transaction, they agreed to effect the adoption of a dividend policy under
    which we would distribute 90% of our net income as dividends, starting with
    our net income for 2007. See &#147;Item 7. Major Shareholders and Related
    Party Transactions&#151;Shareholders&#146; Agreement.&#148; However, following
    repeated public statements by the Argentine government that YPF had paid too
    much of its earnings in dividends and requesting the Company to withhold dividend
    payments for 2010 and 2011 and invest the related funds in exploration and
    production activities in Argentina, in March 2012, our Board of Directors
    decided not to pay a cash dividend but rather offer a scrip dividend with
    respect to 2011 and remaining undistributed prior years&#146; earnings. This
    proposal as well as our accounting documentation corresponding to Fiscal Year
    N&#186; 35, ended December 31, 2011, are expected to be evaluated by our shareholders.
    On April 23, 2012 the Intervention of the Company has decided to suspend,
    until further notice, the call notice of the General Ordinary Shareholders&#146;
    Meeting to be held on April 25, 2012, in order to guarantee the normality
    of the meeting and protect the interests of the Company and its shareholders
    and the transparency in the market. The agenda for that meeting includes the
    evaluation of our accounting documentation corresponding to Fiscal Year N&#186;
    35. We expect that the new members of our Board of Directors to be appointed
    at the General Ordinary Shareholders&#146; Meeting of June 4, 2012 lift the
    aforementioned suspension. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks
    Relating to Argentina&#151;We may not be able to pay, maintain or increase
    dividends.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">The following table sets forth for the periods and dates indicated, the quarterly dividend payments made by us, expressed in pesos.</font></p></div>
<p align="center"><font size="2">176</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_177"></a></font></p>


<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=9 align="center"><font size="2"><b>Pesos Per Share/ADS</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=9 align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><b><font size="2">Year Ended December 31,</font></b></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>1Q</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2Q</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>3Q</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>4Q</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </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 align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2003</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">5.00</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">2.60</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">7.60</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2004</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">9.00</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">4.50</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">13.50</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2005</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">8.00</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">4.40</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">12.40</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2006</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.00</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.00</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2007</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.00</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.00</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2008</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">10.76</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.50</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.35</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">23.61</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2009</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.30</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">6.15</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">12.45</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">2010</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">5.50</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">5.80</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">11.30</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">2011</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">7.00</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">7.15</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2">14.15</font></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our Board of Directors approved a dividend of Ps.7.00 per share or per ADS, which was paid out of the reserve for future dividends on May 6, 2011, and a dividend of Ps.7.15 per share or per ADS, which was paid out of the reserve for future dividends on November 14, 2011.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">On March 21, 2012, the Board of Directors resolved to make
    the following proposals to YPF&#146;s shareholders: (i) to transfer Ps.1,057
    million included in the &#145;Reserve for future dividends&#146; to &#145;Unappropriated
    retained earnings&#146;(this amount, together with the earnings of the 2011
    fiscal year, total Ps.6,353 million); (ii) to carry out a capital increase
    of Ps.5,789 million (which represents approximately 91.1% of such total);
    (iii) to assign Ps.299 million to meet the relevant CNV requirements concerning
    the distribution of profits in connection with deferred negative earnings;
    and (iv) to assign Ps.265 million, which represents 5% of the 2011 fiscal
    year earnings, to partially meet the increase in the legal reserve which will
    be required when the capital increase referred to above is carried out. These
    proposals as well as our accounting documentation corresponding to Fiscal
    Year N&#186; 35, ended December 31, 2011, are expected to be evaluated by
    our shareholders. On April 23, 2012 the Intervention of the Company has decided
    to suspend, until further notice, the call notice of the General Ordinary
    Shareholders&#146; Meeting to be held on April 25, 2012, in order to guarantee
    the normality of the meeting and protect the interests of the Company and
    its shareholders and the transparency in the market. The agenda for that meeting
    includes the evaluation of our accounting documentation corresponding to Fiscal
    Year N&#186; 35. We expect that the new members of our Board of Directors
    to be appointed at the General Ordinary Shareholders&#146; Meeting of June
    4, 2012 lift the aforementioned suspension. The effect of the foregoing, if
    approved by our shareholders, will be to pay our dividends with respect to
    2011 and remaining undistributed prior years&#146; earnings in the form of
    a scrip dividend. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks
    Relating to Argentina&#151;We may not be able to pay, maintain or increase
    dividends.&#148;</font></p>
</div>
<a name="177"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Amount Available for Distribution</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under Argentine law, dividends may be lawfully paid only out of our retained earnings reflected in the annual audited financial statements prepared in accordance with Argentine GAAP and CNV regulations and approved by a shareholders&#146; meeting. The Board of Directors of a listed Argentine company may declare interim dividends, in which case each member of the Board and of the Supervisory Committee is jointly and severally liable for the repayment of such dividend if retained earnings at the close of the fiscal year in which the interim dividend was paid would not have been sufficient to permit the payment of such dividend.</font></p></div>
<div style="text-indent:3%"><p><font size="2">According to the Argentine Corporations Law and our by-laws, we are required to maintain a legal reserve of 20% of our then-outstanding capital stock. The legal reserve is not available for distribution to shareholders.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under our by-laws, our net income is applied as follows:</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">first, an amount equivalent to at least 5% of net income,
      plus (less) prior year adjustments, is segregated to build the legal reserve
      until such reserve is equal to 20% of our subscribed capital;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">second, an amount is segregated to pay the accrued fees
      of the members of the Board of Directors and of the Supervisory Committee
      (see &#147;Item 6. Directors, Senior Management and Employees&#151;Compensation
      of Directors and Officers&#148;);</font></td>
  </tr>
</table>
<br>
<p align="center"><font size="2">177</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_178"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">third, an amount is segregated to pay dividends on preferred
      stock, if any; and</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">fourth, the remainder of net income may be distributed
      as dividends to common shareholders or allocated for voluntary or contingent
      reserves as determined by the shareholders&#146; meeting.</font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our Board of Directors submits our financial statements for the preceding fiscal year, together with reports thereon by the Supervisory Committee and the auditors, at the annual ordinary shareholders&#146; meeting for approval. Within four months of the end of each fiscal year, an ordinary shareholders&#146; meeting must be held to approve our yearly financial statements and determine the allocation of our net income for such year.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under applicable CNV regulations, cash dividends must be paid to shareholders within 30 days of the shareholders&#146; meeting approving such dividends or, in the case in which the shareholders&#146; meeting delegates the authority to distribute dividends to the Board of Directors, within 30 days of the Board of Directors&#146; meeting approving such dividends. In the case of stock dividends, shares are required to be delivered within three months of our receipt of notice of the authorization of the CNV for the public offering of the shares arising from such dividends. In accordance with the Argentine Commercial Code, the statute of limitations to the right of any shareholder to receive dividends declared by the shareholders&#146; meeting is three years from the date on which it has been made available to the shareholder.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Owners of ADSs are entitled to receive any dividends payable with respect to the underlying Class D shares. Cash dividends are paid to the Depositary in pesos, directly or through The Bank of New York S.A., although we may choose to pay cash dividends outside Argentina in a currency other than pesos, including U.S. dollars. The deposit agreement provides that the Depositary shall convert cash dividends received by the Depositary in pesos to dollars, to the extent that, in the judgment of the Depositary, such conversion may be made on a reasonable basis, and, after deduction or upon payment of the fees and expenses of the Depositary, shall make payment to the holders of ADSs in U.S. dollars.</font></p></div>
<a name="178"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Preemptive and Accretion Rights</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Except as described below, in the event of a capital increase, a holder of existing shares of a given class has a preferential right to subscribe a number of shares of the same class sufficient to maintain the holder&#146;s existing proportionate holdings of shares of that class. Preemptive rights also apply to issuances of convertible securities, but do not apply upon conversion of such securities. Pursuant to the Argentine Corporations Law, in exceptional cases and on a case-by-case basis when required for our best interest, the shareholders at an extraordinary meeting with a special majority may decide to limit or suspend shareholders&#146; preemptive rights, provided that such limitation or suspension of the shareholders&#146; preemptive rights is included in the agenda of the meeting and the shares to be issued are paid in kind or are issued to cancel preexisting obligations.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Under our by-laws, we may only issue securities convertible into Class D shares, and the issuance of any such convertible securities must be approved by a special meeting of the holders of Class D shares.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Holders of ADSs may be restricted in their ability to exercise preemptive rights if a registration statement under the Securities Act relating thereto has not been filed or is not effective. Preemptive rights are exercisable during the 30 days following the last publication of notice informing shareholders of their right to exercise such preemptive rights in the Official Gazette and in an Argentine newspaper of wide circulation. Pursuant to the Argentine Corporations Law, if authorized by an extraordinary shareholders&#146; meeting, companies authorized to make public offering of their securities, such as us, may shorten the period during which preemptive rights may be exercised from 30 to ten days following the publication of notice of the offering to the shareholders to exercise preemptive rights in the Official Gazette and a newspaper of wide circulation in Argentina. Pursuant to our by-laws, the terms and conditions on which preemptive rights may be exercised with respect to Class C shares may be more favorable than those applicable to Class A, Class B and Class D shares.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Shareholders who have exercised their preemptive rights have the right to exercise accretion rights, in proportion to their respective ownership, with respect to any unpreempted shares, in accordance with the following procedure:</font></p></div>
<p align="center"><font size="2">178</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_179"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">Any unpreempted Class A shares will be converted into Class
      D shares and offered to holders of Class D shares that exercised preemptive
      rights and indicated their intention to exercise additional preemptive rights
      with respect to any such Class A shares.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">Any unpreempted Class B shares will be assigned to those
      provinces that exercised preemptive rights and indicated their intention
      to exercise accretion rights with respect to such shares; any excess will
      be converted into Class D shares and offered to holders of Class D shares
      that exercised preemptive rights and indicated their intention to exercise
      accretion rights with respect to any such Class D shares.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">Any unpreempted Class C shares will be assigned to any
      PPP participants who exercised preemptive rights and indicated their intention
      to exercise accretion rights with respect to such shares; any excess will
      be converted into Class D shares and offered to holders of Class D shares
      that exercised preemptive rights and indicated their intention to exercise
      accretion rights with respect to any such Class C shares.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">Any unpreempted rights will be assigned to holders of Class
      D shares that exercised their preemptive rights and indicated their intention
      to exercise accretion rights; any remaining Class D shares will be assigned
      <i>pro rata</i> to any holder of shares of another class that indicated
      his or her intention to exercise accretion rights.</font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The term for exercise of additional preemptive rights is the same as that fixed for exercising preemptive rights.</font></p></div>
<a name="179"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Voting of the Underlying Class D Shares</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Under the by-laws, each Class A, Class B, Class C and Class
    D share entitles the holder thereof to one vote at any meeting of the shareholders
    of YPF, except that a specified number of Directors is elected by majority
    vote of each class (except as provided below). See &#147;&#151;Directors&#151;Election
    of Directors&#148; above for information regarding the number of directors
    that holders of each class of shares are entitled to elect and certain other
    provisions governing nomination and election of directors. The Depositary
    has agreed that, as soon as practicable after receipt of a notice of any meeting
    of shareholders of YPF, it will mail a notice to the holders of ADRs, evidencing
    ADSs, registered on the books of the Depositary which will contain the following:</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">a summary in English of the information contained in the
      notice of such meeting;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">a statement that the holders of ADRs at the close of business
      on a specified record date will be entitled, subject to any applicable provisions
      of Argentine law, the by-laws of YPF and the Class D shares, to instruct
      the Depositary to exercise the voting rights, if any, pertaining to the
      Class D shares evidenced by their respective ADSs; and</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">a statement as to the manner in which such instructions
      may be given to the Depositary.</font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Depositary shall endeavor, to the extent practicable, to vote or cause to be voted the amount of Class D shares represented by the ADSs in accordance with the written instructions of the holders thereof. The Depositary will vote Class D shares, as to which no instructions are received, in accordance with the recommendations of the Board of Directors of YPF. The Depositary will not vote Class D shares, as to which no instructions have been received, in accordance with the recommendations of the Board of Directors, however, unless YPF has provided to the Depositary an opinion of Argentine counsel stating that the action recommended by the Board of Directors is not illegal under Argentine law or contrary to the by-laws or Board regulations of YPF. In addition, the Depositary will, if requested by the Board of Directors and unless prohibited by any applicable provision of Argentine law, deposit all Class D shares represented by ADSs for purposes of establishing a quorum at meetings of shareholders, whether or not voting instructions with respect to such shares have been received.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Voting</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under our by-laws, each Class A, Class B, Class C and Class D share entitles the holder thereof to one vote at any meeting of our shareholders, except that the Class A shares (i) vote separately with respect to the election of our </font></p></div>
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<p><font size="2">Board of Directors and are entitled to appoint one director and one alternate director and (ii) have certain veto rights, as described below.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Class A Veto Rights</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Under the by-laws, so long as any Class A shares remain outstanding, the affirmative vote of such shares is required in order to: (i) decide upon the merger of the company; (ii) approve any acquisition of shares by a third party representing more than 50% of the company&#146;s capital; (iii) transfer to third parties all the exploitation rights granted to YPF pursuant to the Hydrocarbons Law, applicable regulations thereunder or the Privatization Law, if such transfer would result in the total suspension of the company&#146;s exploration and production activities; (iv) voluntarily dissolve the company and (v) transfer our legal or fiscal domicile outside Argentina. The actions described in clauses (iii) and (iv) above also require prior approval of the Argentine Congress through enactment of a law.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Reporting Requirements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Pursuant to our by-laws, any person who, directly or indirectly, through or together with its affiliates and persons acting in concert with it, acquires Class D shares or securities convertible into Class D shares, so that such person controls more than 3% of the Class D shares, is required to notify us of such acquisition within five days of such acquisition, in addition to complying with any requirements imposed by any other authority in Argentina or elsewhere where our Class D shares are traded. Such notice must include the name or names of the person and persons, if any, acting in concert with it, the date of the acquisition, the number of shares acquired, the price at which the acquisition was made, and a statement as to whether it is the purpose of the person or persons to acquire a greater shareholding in, or control of, us. Each subsequent acquisition by such person or persons requires a similar notice.</font></p></div>
<a name="180"></a>
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	<tr>
		<td valign=top ><font size="2"><b>Certain Provisions Relating to Acquisitions of Shares</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Pursuant to our by-laws:</font></p></div>
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	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">each acquisition of shares or convertible securities, as a result of which the acquirer, directly or indirectly through or together with its affiliates and persons acting in concert with it (collectively, an &#147;Offeror&#148;), would own or control shares that, combined with such Offeror&#146;s prior holdings, if any, of shares of such class, would represent:</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">15% or more of the outstanding capital stock, or</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">20% or more of the outstanding Class D shares; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">each subsequent acquisition by an Offeror (other than subsequent acquisitions by an Offeror owning or controlling more than 50% of our capital prior to such acquisition) (collectively, &#147;Control Acquisitions&#148;), must be carried out in accordance with the procedure described under &#147;Restrictions on Control Acquisitions&#148; below.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In addition, any merger, consolidation or other combination with substantially the same effect involving an Offeror that has previously carried out a Control Acquisition, or by any other person or persons, if such transaction would have for such person or persons substantially the same effect as a Control Acquisition (&#147;Related Party Share Acquisition&#148;), must be carried out in accordance with the provisions described under &#147;&#151;Restrictions on Related Party Share Acquisitions.&#148; The voting, dividend and other distribution rights of any shares acquired in a Control Acquisition or a Related Party Share Acquisition carried out other than in accordance with such provisions will be suspended, and such shares will not be counted for purposes of determining the existence of a quorum at shareholders&#146; meetings.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Expropriation Law has not triggered these obligations.</font></p></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_181"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Restrictions on Control Acquisitions</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Prior to consummating any Control Acquisition, an Offeror must obtain the approval of the Class A shares, if any are outstanding, and make a public tender offer for all of our outstanding shares and convertible securities. The Offeror will be required to provide us with notice of, and certain specified information with respect to, any such tender offer at least fifteen business days prior to the commencement of the offer, as well as the terms and conditions of any agreement with any shareholder proposed for the Control Acquisition (a &#147;Prior Agreement&#148;). We will send each shareholder and holder of convertible securities a copy of such notice at the Offeror&#146;s expense. The Offeror is also required to publish a notice containing substantially the same information in a newspaper of general circulation in Argentina, New York and each other city in which our securities are traded on an exchange or other securities market, at least once per week, beginning on the date notice is provided to us, until the offer expires.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Our Board of Directors shall call a special meeting of the Class A shares to be held ten business days following the receipt of such notice for the purpose of considering the tender offer. If the special meeting is not held, or if the shareholders do not approve the tender offer at such meeting, neither the tender offer nor the proposed Control Acquisition may be completed.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The tender offer must be carried out in accordance with a procedure specified in our by-laws and in accordance with any additional or stricter requirements of jurisdictions, exchanges or markets in which the offer is made or in which our securities are traded. Under the by-laws, the tender offer must provide for the same price for all shares tendered, which price may not be less than the highest of the following (the &#147;Minimum Price&#148;):</font></p></div>
<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">(i)</font></td>
		<td><font size="2">the highest price paid by, or on behalf of, the Offeror for Class D shares or convertible securities during the two years prior to the notice provided to us, subject to certain antidilution adjustments with respect to Class D shares;</font></td>
	</tr>
</table>
<br>
<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">(ii)</font></td>
		<td><font size="2">the highest closing price for the Class D shares on the BASE during the thirty-day period immediately preceding the notice provided to us, subject to certain antidilution adjustments;</font></td>
	</tr>
</table>
<br>
<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">(iii)</font></td>
		<td><font size="2">the price resulting from clause (ii) above multiplied by a fraction, the numerator of which shall be the highest price paid by or on behalf of the Offeror for Class D shares during the two years immediately preceding the date of the notice provided to us and the denominator of which shall be the closing price for the Class D shares on the BASE on the date immediately preceding the first day in such two-year period on which the Offeror acquired any interest in or right to any Class D shares, in each case subject to certain antidilution adjustments; and</font></td>
	</tr>
</table>
<br>
<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">(iv)</font></td>
		<td><font size="2">the net earnings per Class D share during the four most recent full fiscal quarters immediately preceding the date of the notice provided to us, multiplied by the higher of (A) the price/earnings ratio during such period for Class D shares (if any) and (B) the highest price/earnings ratio for us in the two-year period immediately preceding the date of the notice provided to us, in each case determined in accordance with standard practices in the financial community.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Any such offer must remain open for a minimum of 20 days and a maximum of 30 days following the provision of notice to the shareholders or publication of the offer, plus an additional period of a minimum of five days and a maximum of ten days required by CNV regulations, and shareholders must have the right to withdraw tendered shares at any time up until the close of the offer. Following the close of such tender offer, the Offeror will be obligated to acquire all tendered shares or convertible securities, unless the number of shares tendered is less than the minimum, if any, upon which such tender offer was conditioned, in which case the Offeror may withdraw the tender offer. Following the close of the tender offer, the Offeror may consummate any Prior Agreement within thirty days following the close of the tender offer; provided, however, that if such tender offer was conditioned on the acquisition of a minimum number of shares, the Prior Agreement may be consummated only if such minimum was reached. If no Prior Agreement existed, the Offeror may acquire the number of shares indicated in the notice provided to us on the terms indicated in such notice, to the extent such number of shares were not acquired in the tender offer, provided that any condition relating to a minimum number of shares tendered has been met.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Expropriation Law has not triggered these obligations.</font></p></div>
<p align="center"><font size="2">181</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_182"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Restrictions on Related Party Share Acquisitions</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The price per share to be received by each shareholder in any Related Party Share Acquisition must be the same as, and must not be less, than the highest of the following:</font></p></div>
<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">(i)</font></td>
		<td><font size="2">the highest price paid by or on behalf of the party seeking to carry out the Related Party Share Acquisition (an &#147;Interested Shareholder&#148;) for (A) shares of the class to be transferred in the Related Party Share Acquisition (the &#147;Class&#148;) within the two-year period immediately preceding the first public announcement of the Related Party Share Acquisition or (B) shares of the Class acquired in any Control Acquisition, in each case as adjusted for any stock split, reverse stock split, stock dividend or other reclassification affecting the Class;</font></td>
	</tr>
</table>
<br>
<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">(ii)</font></td>
		<td><font size="2">the highest closing sale price of shares of the Class on the BASE during the thirty days immediately preceding the announcement of the Related Party Share Acquisition or the date of any Control Acquisition by the Interested Shareholder, adjusted as described above;</font></td>
	</tr>
</table>
<br>
<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">(iii)</font></td>
		<td><font size="2">the price resulting from clause (ii) multiplied by a fraction, the numerator of which shall be the highest price paid by or on behalf of the Interested Shareholder for any share of the Class during the two years immediately preceding the announcement of the Related Party Transaction and the denominator of which shall be the closing sale price for shares of the Class on the date immediately preceding the first day in the two-year period referred to above on which the Interested Shareholder acquired any interest or right in shares of the Class, in each case as adjusted as described above; and</font></td>
	</tr>
</table>
<br>
<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">(iv)</font></td>
		<td><font size="2">the net earnings per share of the shares of the Class during the four most recent full fiscal quarters preceding the announcement of the Related Party Transaction multiplied by the higher of the (A) the price/earnings ratio during such period for the shares of the Class and (B) the highest price/earnings ratio for us in the two-year period preceding the announcement of the Related Party Transaction, in each case determined in accordance with standard practices in the financial community.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In addition, any transaction that would result in the acquisition by any Offeror of ownership or control of more than 50% of our capital stock, or that constitutes a merger or consolidation of us, must be approved in advance by the Class A shares while any such shares remain outstanding.</font></p></div>
<a name="182a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Material Contracts</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">None.</font></p></div>
<a name="182b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Exchange Controls</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">See &#147;Item 3. Key Information-Exchange Controls&#148; for information on the monetary and currency exchange control restrictions in effect in Argentina.</font></p></div>
<a name="182c"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Taxation</b></font></td>
	</tr>
</table>
<br>
<a name="182d"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Argentine Tax Considerations</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following discussion is a summary of the material Argentine tax considerations relating to the purchase, ownership and disposition of our Class D shares or ADSs.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Dividends tax</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Dividends paid on our Class D shares or ADSs, whether in cash, property or other equity securities, are not subject to income tax withholding, except for dividends paid in excess of our taxable accumulated income for the previous fiscal period, which are subject to withholding at a rate of 35% in respect of such excess. This is a final tax, and it is not applicable if dividends are paid in shares (<i>acciones liberadas</i>) rather than in cash.</font></p></div>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Capital gains tax</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Capital gains recognized by non-resident individuals or entities from the sale, exchange or other disposition of our Class D shares or ADSs are not subject to Argentine income tax.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Personal assets tax</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Individuals and foreign entities, as well as their undistributed estates, regardless of whether they are domiciled or located in Argentina or abroad, are subject to personal assets tax of 0.5% of the value of any shares or ADSs issued by Argentine entities, held at December 31 of each year. The tax is levied on the Argentine issuers of such shares or ADSs, such as the Company, which must pay this tax in substitution of the relevant shareholders, and is based on the equity value (<i>valor patrimonial proporcional</i>), or the book value of the shares derived from the latest financial statements at December 31 of each year. Pursuant to the Personal Assets Tax Law, we are entitled and expect to seek reimbursement of such paid tax from the applicable shareholders, including by foreclosing on the shares, or by withholding dividends.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Tax on debits and credits in bank accounts</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Tax on debits and credits in bank accounts is levied, with certain exceptions, for debits and credits on checking accounts maintained at financial institutions located in Argentina and other transactions that are used as a substitute for the use of checking accounts. The general tax rate is 0.6% for each debit and credit, although in certain cases a decreased rate may apply. The account holder may use up to 34% of the tax paid in respect of credits as a credit against other federal taxes.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Value added tax</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The sale, exchange or other disposition of our Class D shares or ADSs and the distribution of dividends are exempt from the value added tax.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Transfer taxes</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The sale, exchange or other disposition of our Class D shares or ADSs is not subject to transfer taxes.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Stamp taxes</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Stamp taxes may apply in certain Argentine provinces if transfer of our Class D shares or ADSs is performed or executed in such jurisdictions by means of written agreements. Transfer of our Class D shares or ADSs is exempt from stamp tax in the City of Buenos Aires.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Estate and gift tax</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The Province of Buenos Aires has imposed a tax on the reception of assets through inheritance or gift, effective January 1, 2011. The tax rates vary from 4% to 21.95%, depending on the value of the transferred assets and the relationship between the transferor and the transferee. The transfer of Class D shares or ADSs among residents of the Province of Buenos Aires shall be subject to this tax if other applicable conditions are met.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Other taxes</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Subject to the discussion above regarding estate and gift taxes in the Province of Buenos Aires, there are no Argentine inheritance or succession taxes applicable to the ownership, transfer or disposition of our Class D shares or ADSs. In addition, neither the minimum presumed income tax nor any local gross turnover tax is applicable to the ownership, transfer or disposition of our Class D shares or ADSs.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In the case of litigation regarding the Class D shares or ADSs before a court of the City of Buenos Aires, a 3% court fee would be charged, calculated on the basis of the claim.</font></p></div>
<p align="center"><font size="2">183</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_184"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Tax treaties</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Argentina has tax treaties for the avoidance of double taxation currently in force with Australia, Austria, Belgium, Bolivia, Brazil, Canada, Chile, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Russia, Spain, Sweden, Switzerland and the United Kingdom. There is currently no tax treaty or convention in effect between Argentina and the United States. It is not clear when, if ever, a treaty will be ratified or entered into effect. As a result, the Argentine tax consequences described in this section will apply, without modification, to a holder of our Class D shares or ADSs that is a U.S. resident. Foreign shareholders located in certain jurisdictions with a tax treaty in force with Argentina may be (i) exempted from the payment of the personal assets tax and (ii) entitled to apply for reduced withholding tax rates on payments to be made by Argentine parties.</font></p></div>
<a name="184"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>United States Federal Income Tax Considerations</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following are the material U.S. federal income tax consequences of owning and disposing of our Class D shares or ADSs. This discussion does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person&#146;s decision to hold such securities.</font></p></div>
<div style="text-indent:3%"><p><font size="2">This discussion applies only if you are a U.S. Holder (as defined below) and you hold our Class D shares or ADSs as capital assets for U.S. federal income tax purposes, and it does not describe all of the tax consequences that may be relevant to holders subject to special rules, such as:</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">certain financial institutions;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">insurance companies;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">dealers and traders in securities or foreign currencies,
      who use a mark-to-market method of tax accounting;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">persons holding Class D shares or ADSs as part of a hedge,
      &#147;straddle,&#148; wash sale, conversion transaction, integrated transaction
      or similar transaction or persons entering into a constructive sale with
      respect to the Class D shares or ADSs;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">persons whose functional currency for U.S. federal income
      tax purposes is not the U.S. dollar;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">entities classified as partnerships for U.S. federal income
      tax purposes;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">persons liable for the alternative minimum tax;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">persons who acquired our Class D shares or ADSs pursuant
      to the exercise of an employee stock option or otherwise as compensation;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">persons holding Class D shares or ADSs in connection with
      a trade or business conducted outside of the United States;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">tax-exempt entities, including &#147;individual retirement
      accounts&#148; or &#147;Roth IRAs&#148;; or</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">persons holding Class D shares or ADSs that own or are
      deemed to own ten percent or more of our voting stock.</font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">If an entity that is classified as a partnership for U.S. federal income tax purposes holds Class D shares or ADSs, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and upon the activities of the partnership. Partnerships holding Class D shares or ADSs and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of holding and disposing of the Class D shares or ADSs.</font></p></div>
<div style="text-indent:3%"><p><font size="2">This discussion is based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations, all as of the date hereof. These laws are subject to change, possibly on a retroactive basis. It is also based in part on representations by the </font></p></div>
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<p><font size="2">Depositary and assumes that each obligation under the deposit agreement and any related agreement will be performed in accordance with its terms.</font></p>
<div style="text-indent:3%"><p><font size="2">You are a &#147;U.S. Holder&#148; if you are a beneficial owner of Class D shares or ADSs and are, for U.S. federal income tax purposes:</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">a citizen or individual resident of the United States;</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">a corporation, or other entity taxable as a corporation,
      created or organized in or under the laws of the United States, any state
      therein or the District of Columbia; or</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%"><font size="2">&#149;</font></td>
    <td><font size="2">an estate or trust the income of which is subject to U.S.
      federal income taxation regardless of its source.</font></td>
  </tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In general, if you own ADSs, you will be treated as the owner of the underlying shares represented by those ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will be recognized if you exchange ADSs for the underlying shares represented by those ADSs.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The U.S. Treasury has expressed concerns that parties to whom American depositary shares are released before the underlying shares are delivered to the depositary, or intermediaries in the chain of ownership between U.S. Holders and the issuer of the shares underlying the American depositary shares, may be taking actions that are inconsistent with the claiming of foreign tax credits by U.S. holders of American depositary shares. Such actions would also be inconsistent with the claiming of the reduced rate of tax, described below, applicable to dividends received by certain non-corporate holders. Accordingly, the analysis of the creditability of Argentine taxes, and the availability of the reduced tax rate for dividends received by certain non-corporate holders, each described below, could be affected by actions taken by such parties or intermediaries.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Please consult your own tax adviser concerning the U.S. federal, state, local and foreign tax consequences of owning and disposing of Class D shares or ADSs in your particular circumstances.</font></p></div>
<div style="text-indent:3%"><p><font size="2">This discussion assumes that YPF is not, and will not become, a passive foreign investment company, as described below.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Taxation of distributions</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Distributions paid on Class D shares or ADSs, other than certain <i>pro rata</i> distributions of ordinary shares, will be treated as dividends to the extent paid out of current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of earnings and profits under U.S. federal income tax principles, it is expected that distributions will generally be reported to U.S. Holders as dividends. Subject to applicable limitations (including a minimum holding period requirement) and the discussion above regarding concerns expressed by the U.S. Treasury, certain dividends paid by qualified foreign corporations to certain non-corporate U.S. Holders in taxable years beginning before January 1, 2013 are taxable at a maximum rate of 15%. A foreign corporation is treated as a qualified foreign corporation with respect to dividends paid on stock that is readily tradable on an established securities market in the United States, such as the NYSE, where our ADSs are listed. You should consult your own tax adviser to determine whether the favorable rate may apply to dividends you receive in respect of our Class D shares or ADSs and whether you are subject to any special rules that limit your ability to be taxed at this favorable rate. The amount of a dividend will include any amounts withheld by us in respect of Argentine income taxes. The dividends will be treated as foreign-source dividend income and will not be eligible for the dividends-received deduction generally allowed to U.S. corporations under the Code.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Any dividends paid in Argentine pesos will be included in your income in a U.S. dollar amount calculated by reference to the exchange rate in effect on the date of your, or in the case of ADSs, the Depositary&#146;s, receipt of the dividend, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, you generally would not recognize foreign currency gain or loss in respect of the dividend income. You may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt. Foreign currency gain or loss that you recognize will generally be treated as U.S.-source ordinary income.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">Subject to applicable limitations (including a minimum holding period requirement) that may vary depending upon your circumstances and, in the case of ADSs, subject to the discussion above regarding concerns expressed by the U.S. Treasury, Argentine income taxes, if any, withheld from dividends on Class D shares or ADSs will be creditable against your U.S. federal income tax liability. Amounts paid on account of the Argentine personal assets tax will not be eligible for credit against your U.S. federal income tax liability. You should consult your tax adviser to determine the tax consequences applicable to you as a result of the payment of the Argentine personal assets tax or the withholding of the amount of such tax from distributions, including whether such amounts are includible in income or are deductible for U.S. federal income tax purposes. The rules governing the foreign tax credit are complex. You are urged to consult your tax adviser regarding the availability of the foreign tax credit under your particular circumstances.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Sale or other disposition of Class D
      shares or ADSs</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">For U.S. federal income tax purposes, gain or loss you realize on the sale or other disposition of Class D shares or ADSs will be capital gain or loss and will be long-term capital gain or loss if you held the Class D shares or ADSs for more than one year. The amount of your gain or loss will be equal to the difference between the amount realized on the disposition and your tax basis in the relevant Class D shares or ADSs, each as determined in U.S. dollars. Such gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to limitations.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Passive foreign investment company rules</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF believes that it was not a &#147;passive foreign investment company&#148; (&#147;PFIC&#148;) for U.S. federal income tax purposes for the taxable year of 2011 and does not expect to be a PFIC in the foreseeable future. However, since PFIC status depends upon the composition of a company&#146;s income and assets and the market value of its assets (including, among other things, less than 25 percent owned equity investments) from time to time, there can be no assurance that YPF will not be considered a PFIC for any taxable year. If YPF were treated as a PFIC for any taxable year during which you held a Class D share or ADS, certain adverse consequences could apply to you.</font></p></div>
<div style="text-indent:3%"><p><font size="2">If YPF were treated as a PFIC for any taxable year during which you held a Class D share or ADS, any gain you recognized on a sale or other disposition of the Class D share or ADS would be allocated ratably over your holding period for the Class D share or ADS. The amounts allocated to the taxable year of the disposition and to any year before YPF became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, and an interest charge would be imposed on the resulting tax liability. Further, the portion of any distribution in respect of Class D shares or ADSs that is in excess of 125% of the average of the annual distributions that you received on Class D shares or ADSs during the preceding three years or your holding period, whichever is shorter, would be subject to taxation in the same manner as gains. Certain elections might be available that would result in alternative treatments (such as mark-to-market treatment). U.S. Holders should consult their tax advisers to determine whether any of these elections would be available and, if so, what the consequences of the alternative treatments would be in their particular circumstances.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In addition, if YPF were to be treated as a PFIC in a taxable year in which it paid a dividend or the prior taxable year, the 15% dividend rate discussed above with respect to dividends paid to certain non-corporate holders would not apply.</font></p></div>
<div style="text-indent:3%"><p><font size="2">If we were a PFIC for any taxable year during which a U.S. Holder held Class D shares or ADSs, such U.S. Holder may be required to file a report containing such information as the U.S. Treasury may require.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Information reporting and backup withholding</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting and may be subject to backup withholding unless (i) you are an exempt recipient or (ii) in the case of backup withholding, you provide a correct taxpayer identification number and certify that you are not subject to backup withholding.</font></p></div>
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<div style="text-indent:3%"><p><font size="2">The amount of any backup withholding from a payment to you will be allowed as a credit against your U.S. federal income tax liability and may entitle you to a refund, provided that the required information is timely furnished to the Internal Revenue Service.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Certain U.S. Holders who are individuals may be required to report information relating to their ownership of securities of a non-U.S. person, subject to certain exceptions (including an exception for stock held in certain accounts maintained by a U.S. financial institution, such as our ADSs). U.S. Holders are urged to consult their tax advisers regarding the effect, if any, of these rules on their ownership and disposition of Class D shares or ADSs.</font></p></div>
<a name="187"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Available Information</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">YPF is subject to the information requirements of the U.S.
    Securities Exchange Act (the &#147;Exchange Act&#148;), except that as a foreign
    issuer, YPF is not subject to the proxy rules or the short-swing profit disclosure
    rules of the Exchange Act. In accordance with these statutory requirements,
    YPF files or furnishes reports and other information with the SEC. Reports
    and other information filed or furnished by YPF with the SEC may be inspected
    and copied at the public reference facilities maintained by the SEC at 100
    F Street, N. E., Washington, D.C. 20549. Copies of such material may be obtained
    by mail from the Public Reference Section of the SEC at 100 F Street, N.E.,
    Washington, D.C. 20549, at prescribed rates. You may obtain information on
    the operation of the Public Reference Section by calling the SEC at +1-800-732-0330.
    The SEC maintains a World Wide Web site on the Internet at <font color="#000000">http://www.sec.gov</font>
    that contains reports and information statements and other information regarding
    us. Such reports and other information may also be inspected at the offices
    of the New York Stock Exchange, 11 Wall Street, New York, New York 10005,
    on which YPF&#146;s American Depositary Shares are listed.</font></p>
</div>
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<a name="188"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 11. Quantitative and Qualitative Disclosures about Market Risk</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following quantitative and qualitative information is provided about financial instruments to which we are a party as of December 31, 2011, and from which we may incur future gains or losses from changes in market, interest rates, foreign exchange rates or commodity prices. We do not enter into derivative or other financial instruments for trading purposes.</font></p></div>
<div style="text-indent:3%"><p><font size="2">This discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results could vary materially as a result of a number of factors including those set forth in &#147;Item 3. Key Information-Risk Factors.&#148;</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Foreign currency exposure</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">We generally follow a policy of not hedging our debt obligations in U.S. dollars. In addition, our costs and receipts denominated in currencies other than the Argentine peso, including the U.S. dollar, often do not match. As a result, we are currently exposed to risks associated with changes in foreign currency exchange rates. See &#147;Item 3. Key Information-Risk Factors-Risks Relating to Argentina-We may be exposed to fluctuations in foreign exchange rates.&#148;</font></p></div>
<div style="text-indent:3%"><p><font size="2">The table below provides information about our assets and liabilities denominated in currencies other than pesos (principally U.S. dollars) that may be sensitive to changes in foreign exchange rates, as of December 31, 2011.</font></p></div>


<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"><b>Expected Maturity
      Date</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 width="8%" align="right">
      <div align="center"><font size="2"><b>Less than <br>
        1 year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>1-3 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>3-5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right" nowrap>
      <div align="center"><font size="2"><b>More than <br>
        5 years and <br>
        undetermined</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>(in millions of
      U.S. dollars)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Assets</font></td>
    <td width="8%" align="right"><font size="2">983</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,071</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Accounts payable</font></td>
    <td width="8%" align="right"><font size="2">1,467</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">217</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">124</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">516</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,324</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Debt</font></td>
    <td width="8%" align="right"><font size="2">1,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">675</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">263</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,475</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Other Liabilities</font></td>
    <td width="8%" align="right"><font size="2">74</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">369</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">455</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes U.S.$346 million corresponding to accruals for contingencies with undetermined maturity.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      rate exposure</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The objective of our financing strategy is to satisfy capital requirements while minimizing our exposure to interest rate fluctuations. To realize such objective, we have borrowed under fixed rate debt instruments, based on the availability of capital and prevailing market conditions. We generally follow a policy of not hedging our interest rate exposure.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The table below provides information about our assets and liabilities as of December 31, 2011 that may be sensitive to changes in interest rates.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2"><b>Expected Maturity
      Date</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  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">
      <div align="center"><font size="2"><b>Less than <br>
        1 year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>1 &#150; 2 <br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2 &#150; 3<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>3 &#150; 4<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>4 &#150; 5<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>More than<br>
        5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Fair<br>
        Value</b></font></div>
    </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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2"><b>(in millions of
      pesos)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Assets</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"><i>Fixed rate</i></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other Receivables</font></td>
    <td width="8%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">266</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">263</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="8%" align="right"><font size="2">0.50</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">0.50-4.82</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td colspan=12>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><i>Variable rate</i></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">Other Receivables</font></td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">120</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">120</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="8%" align="right"><font size="2">CER<sup>(1)</sup>+8</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">CER<sup>(1)</sup>+8</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">CER<sup>(1)</sup>+8</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">CER<sup>(1)</sup>+8</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">CER<sup>(1)</sup>+8</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">CER<sup>(1)</sup>+8</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td colspan=4>&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">188</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_189"></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=15  width="8%" align="center"><font size="2"><b>Expected Maturity
      Date</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  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">
      <div align="center"><font size="2"><b>Less than <br>
        1 year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>1 &#150; 2 <br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2 &#150; 3<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>3 &#150; 4<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>4 &#150; 5<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>More than<br>
        5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Fair<br>
        Value</b></font></div>
    </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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2"><b>(in millions of
      pesos)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Liabilities</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"><i>Fixed rate</i></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">YPF&#146;s Negotiable Obligations</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">376</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">676</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">784</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="8%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">10</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td colspan=12>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Related Parties</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other debt</font></td>
    <td width="8%" align="right"><font size="2">7,640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">474</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,220</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,940</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="8%" align="right"><font size="2">1-29</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">1.50-13</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">9.38</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">9.38</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">9.38</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">9.38</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td colspan=4>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><i>Variable rate</i></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">YPF&#146;s Negotiable Obligations</font></td>
    <td width="8%" align="right"><font size="2">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="8%" align="right"><font size="2">BADLAR<sup>(2)</sup>+2.60</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td colspan=14>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Related parties</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">536</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">536</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">536</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="8%" align="right"><font size="2"><br>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2">Libor +</font><font size="2"><br>
        3.35 </font></div>
    </td>
    <td>
      <div align="left"><font size="2">%</font></div>
    </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>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Other debt</font></td>
    <td width="8%" align="right"><font size="2">89</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">789</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">733</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">214</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,075</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,075</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Interest rate</font></td>
    <td width="8%" align="right"><font size="2">Libor + <br>
      4-4.5</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">Libor + <br>
      3.35-5.25</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">Libor + <br>
      4-5.25</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">Libor + <br>
      4.37-5.25</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">Libor + <br>
      4-5.25</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">Libor + <br>
      4-4.5</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td colspan=4>&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%" height="18"><font size="1">(1)</font></td>
    <td height="18"><font size="1"><i>Coeficiente de Estabilizaci&#243;n de Referencia
      </i>(CER) is a reference stabilization index established by the Public Emergency
      Law and published by the Argentine Central Bank.</font></td>
    <td height="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="1">(2)</font></td>
    <td><font size="1">Refers to the average interest rate that banks pay for
      deposits of more than Ps.1 million.</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><i>Crude oil and other hydrocarbon product
      price exposure</i></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our results of operations are also exposed to volatility mainly in the prices of crude oil and oil products, especially in the export market. Although we have occasionally contracted financial derivatives in the past with the aim of decreasing exposure to these commodities price risks, as of the date of this annual report YPF was not a party to any commodity hedging instruments. For information on our hydrocarbons delivery commitments as of December 31, 2011, see &#147;Item 4. Information on the Company-Exploration and Production-Delivery commitments&#148; and Note 10 to the Audited Consolidated Financial Statements.</font></p></div>
<a name="189"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 12. Description of Securities Other than Equity Securities</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>American Depositary Shares</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Our ADSs are listed on the NYSE under the symbol &#147;YPF.&#148; The Bank of New York Mellon is the depositary issuing ADSs pursuant to our deposit agreement (the &#147;Depositary&#148;). Each ADS represents the right to receive one share.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual fee for depositary services by deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The table below sets forth the fees payable, either directly or indirectly, by a holder of ADSs as of the date of this annual report.</font></p></div>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">
      <div align="center"><font size="2"><b>Persons depositing or withdrawing
        shares must pay:</b></font></div>
    </td>
    <td width="4%">&nbsp;</td>
    <td>
      <div align="center"><font size="2"><b>For:</b></font></div>
    </td>
  </tr>
  <tr>
    <td><font size="2">
      <hr noshade size=1>
      </font></td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1>
</td>
  </tr>
  <tr valign="top">
    <td><font size="2">U.S.$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</font></td>
    <td>&nbsp;</td>
    <td><font size="2">Issuance of ADRs (including, without limitation, issuance
      pursuant to a stock dividend or stock split declared by YPF, an exchange
      of stock or a distribution of rights) and surrender of ADRs</font></td>
  </tr>
</table>
<p align="center"><font size="2">189</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_190"></a></font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="48%">
      <div align="center"><font size="2"><b>Persons depositing or withdrawing
        shares must pay:</b></font></div>
    </td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">
      <div align="center"><font size="2"><b>For:</b></font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">
      <hr noshade size=1>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2">Cancellation of ADSs for the purpose of
        withdrawal</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">A fee equivalent to the fee that would be
      payable if securities distributed to a holder had been shares and the shares
      had been deposited for issuance of ADSs</font></td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2">Sale, on behalf of the holder, of rights
        to subscribe for additional shares or any right of any nature distributed
        by YPF</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Transfer fees, as may from time to time be
      in effect</font></td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2">Transfer and registration of shares on
        YPF share register to or from the name of the depositary or its agent
        when a holder deposits or withdraws shares</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Expenses of the depositary</font></td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2">Cable, telex and facsimile transmission
        expenses, as provided in the deposit agreement</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="48%" align="left">
      <div align="left"><font size="2">Expenses incurred by the depositary in
        the conversion of foreign currency<sup>(1)</sup></font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Taxes and other governmental charges the depositary
      or the custodian have to pay on any ADS or share underlying an ADS, for
      example, stock transfer taxes, stamp duty or withholding taxes</font></td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2">As necessary</font></div>
    </td>
  </tr>
</table>
<br>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Pursuant to our deposit agreement, whenever the depositary shall receive foreign currency, as a cash dividend or other distribution which, in the judgment of the depositary, can be converted on a reasonable basis into U.S. dollars and transferred to the United States, it will convert such foreign currency into U.S. dollars and transfer the resulting U.S. dollars (after deduction of its customary charges and expenses in effecting such conversion) to the United States.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><font size="2">In 2011, the Depositary made no direct or indirect payments to
  YPF.</font></div>
<p align="center"><font size="2">190</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_191"></a></font></p>
<p align="center"><b><font size="4"><a name="191a"></a>PART II</font></b></p>
<a name="191b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 13. Defaults, Dividend Arrearages and Delinquencies</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">None.</font></p></div>
<a name="191c"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">None.</font></p></div>
<a name="191d"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 15. Controls and Procedures</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">As of December 31, 2011, YPF, under the supervision and with
    the participation of YPF&#146;s management, including our current Principal
    Executive Officer and Principal Financial Officer (see &#147;Item 6. Directors,
    Senior Management and Employees&#151;Management of the Company under the Intervention&#148;),
    performed an evaluation of the effectiveness of the design and operation of
    our disclosure controls and procedures (as defined in Rule 13a-15(f) under
    the Exchange Act). There are, as described below, inherent limitations to
    the effectiveness of any control system, including disclosure controls and
    procedures. Accordingly, even effective disclosure controls and procedures
    can provide only reasonable assurance of achieving their control objectives.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2">Based on such evaluation, YPF&#146;s Principal Executive Officer
    and Principal Financial Officer concluded that YPF&#146;s disclosure controls
    and procedures were effective at the reasonable assurance level in ensuring
    that information relating to YPF, required to be disclosed in reports it files
    under the Exchange Act is (1) recorded, processed, summarized and reported
    within the time periods specified in the SEC&#146;s rules and forms, and (2)
    accumulated and communicated to our management, including our Principal Executive
    Officer and Principal Financial Officer, as appropriate to allow timely decisions
    regarding required disclosure.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Management&#146;s Report on Internal Control Over Financial Reporting</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Management of YPF is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). YPF&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in Argentina including the reconciliation to U.S. GAAP and includes those policies and procedures that:</font></p></div>
<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">&#149;</font></td>
		<td><font size="2">Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of YPF;</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of YPF&#146;s management and directors; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Because of its inherent limitations, any system of internal control over financial reporting, no matter how well designed, may not prevent or detect misstatements, due to the possibility that a control can be circumvented or overridden or that misstatements due to error or fraud may occur that are not detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Under the supervision and with the participation of YPF&#146;s
    management, including our current Principal Executive Officer and Principal
    Financial Officer (see &#147;Item 6. Directors, Senior Management and Employees&#151;Management
    of the Company under the Intervention&#148;), we conducted an evaluation of
    the effectiveness of our internal control over </font></p>
</div>
<p align="center"><font size="2">191</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_192"></a></font></p>
<p><font size="2">financial reporting based on the criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;). Based on this assessment, our management concluded that, as of December 31, 2011, our internal control over financial reporting was effective based on those criteria.</font></p>
<div style="text-indent:3%"><p><font size="2">Our internal control over financial reporting as of December 31, 2011 has been audited by Deloitte &amp; Co. S.R.L., an independent registered public accounting firm, as stated in their report included in the F-pages.</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Changes in Internal Control Over Financial Reporting</i></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">There has been no change in YPF&#146;s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this annual report on Form 20-F that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">In connection with the Audit Committee and the Disclosure
    Committee of our Board of Directors, pursuant to Decree No. 530/12 of the
    National Executive Power enacted on April 16, 2012, during the Intervention
    of the Company, all powers, duties and responsibilities of the Board of Directors,
    Audit Committee and Disclosure Committee of the Company have been transferred
    to the Argentine government-appointed intervenor. Therefore, since such date,
    the Board of Directors, Audit Committee and Disclosure Committee are no longer
    in effect. See <font size="2">&#147;</font>Item 6. Directors, Senior Management
    and Employees&#151;The Audit Committee&#148; and &#147;Item 16A. Audit Committee
    Financial Expert.&#148;</font></p>
</div>
<a name="192a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16.</b></font></td>
	</tr>
</table>
<br>
<a name="192b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16A. Audit Committee Financial Expert</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">The powers, functions and duties of our Audit Committee have
    been temporarily assumed by the Intervenor and its delegates. See &#147;Item
    6. Directors, Senior Management and Employees&#151;Management of the Company
    under the Intervention&#148; and &#147;Item 6. Directors, Senior Management
    and Employees&#151;The Audit Committee.&#148;</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">Prior to the passage of the Expropriation Law and the Intervention, our Board of Directors had designated Mario V&#225;zquez as YPF&#146;s Audit Committee Financial Expert. Mr. V&#225;zquez was designated by the Board of Directors at the meeting held on April 26, 2011. YPF believes that Mr. V&#225;zquez possesses the attributes of an Audit Committee Financial Expert set forth in the instructions to Item 16A of Form 20-F. Mr. V&#225;zquez is an independent director.</font></p></div>
<a name="192c"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16B. Code of Ethics</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">YPF has adopted a Code of Ethics applicable to all employees of YPF and the Board of Directors. Since its effective date on August 15, 2003, we have not waived compliance with, nor made any amendment to, the Code of Ethics. A copy of our Code of Ethics is filed as an Exhibit to this annual report. YPF undertakes to provide to any person without charge, upon request, a copy of such Code of Ethics. A copy of the Code of Ethics can be requested in writing by telephone or facsimile from us at the following address:</font></p></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">YPF S.A.<br>Office of Shareholders Relations<br>Macacha G&#252;emes 515<br>C1106BKK Buenos Aires, Argentina <br>Tel. (011-54-11) 5441-5531<br>Fax (011-54-11) 5441-2113</font></td>
	</tr>
</table>
<br>
<a name="192d"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16C. Principal Accountant Fees and Services</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following table provides information on the aggregate fees billed by our principal accountants, Deloitte &amp; Co. S.R.L. and affiliates by type of service rendered for the periods indicated.</font></p></div>
<p align="center"><font size="2">192</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_193"></a></font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">
      <div align="center"><font size="2"><b>Services Rendered</b></font></div>
    </td>
    <td colspan=4  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</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="2%" align="center"><font size="2"><b> </b></font></td>
    <td colspan=3 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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Fees</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Expenses</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Fees</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Expenses</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=8  width="8%" align="center"><font size="2"><b>(in thousands of
      pesos)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Audit Fees</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12,883</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">110</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,531</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Audit-Related Fees<sup>(1)</sup></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">120</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Tax Fees</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">All Other Fees</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&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="2%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13,607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">110</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,651</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&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>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes the fees for the issuance of agreed upon procedures reports.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The annual shareholders&#146; meeting of YPF appoints the external auditor of YPF, along with the Audit Committee&#146;s non-binding opinion, which is submitted for consideration to the annual shareholders&#146; meeting.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The Audit Committee of YPF has a pre-approval policy regarding the contracting of YPF&#146;s external auditor, or any affiliate of the external auditor, for professional services. The professional services covered by such policy include audit and non-audit services provided to YPF or any of its subsidiaries reflected in agreements dated on or after June 9, 2011. Prior to such date, the contracting of YPF&#146;s external auditor, or any affiliate of the external auditor, for all audit and non-audit services, was approved by the Audit and Control Committee of Repsol YPF, in accordance with the same pre-approval policy.</font></p></div>
<div style="text-indent:3%"><p><font size="2">The pre-approval policy is as follows:</font></p></div>
<div style="text-indent:3%"><p><font size="2">1.&nbsp;&nbsp;The Audit Committee must pre-approve all audit and non-audit services to be provided to YPF or any of its subsidiaries by the external auditor (or any of its affiliates) of YPF.</font></p></div>
<div style="text-indent:3%"><p><font size="2">2.&nbsp;&nbsp;The Chairman of the Audit Committee has been delegated the authority to approve the hiring of YPF&#146;s external auditor (or any of its affiliates) without first obtaining the approval of the Audit Committee for any of the services which require pre-approval as described in (1) above.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Services approved by the Chairman of the Audit Committee as set forth above must be ratified at the next plenary meeting of the Audit Committee.</font></p></div>
<div style="text-indent:3%"><p><font size="2">All of the services described in the table above were approved by the Audit and Control Committee of Repsol YPF (with respect to services contracted prior to June 9, 2011) or by the Audit Committee of YPF (with respect to services contracted on or after June 9, 2011).</font></p></div>
<div style="text-indent:3%"><p><font size="2">The powers, functions and duties of our Audit Committee have been temporarily assumed by the Intervenor and its delegates. See &#147;Item 6. Directors, Senior Management and Employees&#151;Management of the Company under the Intervention&#148; and &#147;Item 6. Directors, Senior Management and Employees&#151;The Audit Committee.&#148;</font></p></div>
<a name="193"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16D. Exemptions from the Listing Standards for Audit Committees</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Singe the passage of Decree No. 530/12 of the National Executive Power, which provides for the Intervention of YPF, all powers, duties and responsibilities of the Audit Committee of the Company have been transferred to the government-appointed Intervenor. Accordingly, since April 16, 2012, the Company no longer has an audit committee that satisfies the requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as amended. If we fail to cure this deficiency, NYSE rules provide that the NYSE may initiate suspension and delisting procedures with respect to our securities. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Our Class D Shares and ADSs&#151;We are currently not in compliance with NYSE continued listing requirements regarding our Audit Committee and are at risk of being delisted from the NYSE,&#148; &#147;Item 6. Directors, Senior Management and Employees&#151;Management of the Company under the Intervention&#148; and &#147;Item 6. Directors, Senior Management and Employees&#151;The Audit Committee.&#148;</font></p></div>
<p align="center"><font size="2">193</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_194"></a></font></p>
<a name="194a"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">In 2011, neither YPF nor any of its affiliates purchased any of YPF&#146;s equity securities.</font></p></div>
<a name="194b"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16F. Change in Registrant&#146;s Certifying Accountant</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">During the years ended December 31, 2010 and 2011 and through the date of this annual report, the principal independent accountant engaged to audit our financial statements, Deloitte &amp; Co S.R.L., has not resigned, indicated that it has declined to stand for re-election after the completion of its current audit or been dismissed.</font></p></div>
<a name="194c"></a>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 16G. Corporate Governance</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">See &#147;Item 6. Directors, Senior Management and Employees-Compliance with NYSE Listing Standards on Corporate Governance.&#148;</font></p></div>
<p align="center"><font size="2">194</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_195"></a></font></p>
<p align="center"><b><font size="4"><a name="195a"></a>PART III</font></b></p>
<b><font size="4"><a name="195b"></a></font></b>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 17. Financial Statements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The registrant has responded to Item 18 in lieu of responding to this Item.</font></p></div>
<b><font size="4"><a name="195c"></a></font></b>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 18. Financial Statements</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">The following financial statements are filed as part of this annual report:</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Reports of Independent Registered Public Accounting Firm</font></td>
		<td width="8%" align="right"><font size="2">F-2</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Consolidated Statements of Income of YPF S.A. for the Years Ended December 31, 2011, 2010 and 2009</font></td>
		<td width="8%" align="right"><font size="2">F-5</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Consolidated Balance Sheets of YPF S.A. as of December 31, 2011, 2010 and 2009</font></td>
		<td width="8%" align="right"><font size="2">F-6</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Consolidated Statements of Cash Flows of YPF S.A. for the Years Ended December 31, 2011, 2010 and 2009</font></td>
		<td width="8%" align="right"><font size="2">F-7</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Consolidated Statements of Changes in Shareholders&#146; equity of YPF S.A. for the Years Ended December 31, 2011, 2010 and 2009</font></td>
		<td width="8%" align="right"><font size="2">F-8</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Notes to the Audited Consolidated Financial Statements of YPF S.A. for the Years Ended December 31, 2011, 2010 and 2009</font></td>
		<td width="8%" align="right"><font size="2">F-9</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
</table>
<br>
<b><font size="4"><a name="195d"></a></font></b>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ITEM 19. Exhibits</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc" width="5%"><font size="2">1.1</font></td>
    <td width="97%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2">By-laws (Estatutos) of YPF S.A. as amended
        (Spanish Version) *</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">1.2</font></td>
    <td width="97%" align="right">
      <div align="left"><font size="2">By-laws (Estatutos) of YPF S.A. as amended
        (English Version) **</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">11.1</font></td>
    <td width="97%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2">Code of Ethics***</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="ex12-1.htm"><font size="2">12.1</font></a></td>
    <td width="97%" align="right">
      <div align="left"><a href="ex12-1.htm"><font size="2">Section 302 Certification
        by Intervenor, Principal Executive Officer and Principal Financial Officer</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><a href="ex13-1.htm"><font size="2">13.1</font></a></td>
    <td width="97%" align="right">
      <div align="left"><a href="ex13-1.htm"><font size="2">Section 906 Certification</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="ex23-1.htm"><font size="2">23.1</font></a></td>
    <td width="97%" align="right">
      <div align="left"><a href="ex23-1.htm"><font size="2">Consent of Independent
        Registered Public Accounting Firm</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><a href="ex23-2.htm"><font size="2" bgcolor="#cccccc">23.2</font></a></td>
    <td width="97%" align="right">
      <div align="left" bgcolor="#cccccc"><a href="ex23-2.htm"><font size="2">Consent
        of Gaffney, Cline &amp; Associates Inc.</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="ex23-3.htm"><font size="2">23.3</font></a></td>
    <td width="97%" align="right">
      <div align="left"><a href="ex23-3.htm"><font size="2">Consent of Degolyer
        &amp; MacNaughton</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><a href="ex23-4.htm"><font size="2" bgcolor="#cccccc">23.4</font></a></td>
    <td width="97%" align="right">
      <div align="left" bgcolor="#cccccc"><a href="ex23-4.htm"><font size="2">Consent
        of Ryder Scott Petroleum Consultants</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="ex99-1.htm"><font size="2">99.1</font></a></td>
    <td width="97%" align="right">
      <div align="left"><a href="ex99-1.htm"><font size="2">Reserves Audit Report
        of Gaffney, Cline &amp; Associates Inc.</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><a href="ex99-2.htm"><font size="2" bgcolor="#cccccc">99.2</font></a></td>
    <td width="97%" align="right">
      <div align="left" bgcolor="#cccccc"><a href="ex99-2.htm"><font size="2">Reserves
        Audit Report of DeGolyer &amp; MacNaughton</font></a></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="ex99-3.htm"><font size="2">99.3</font></a></td>
    <td width="97%" align="right">
      <div align="left"><a href="ex99-3.htm"><font size="2">Reserves Audit Report
        of Ryder Scott Petroleum Consultants</font></a></div>
    </td>
  </tr>
</table>
<hr noshade align="left" width="100px" size=2>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">*</font></td>
		<td><font size="1">Filed as Exhibit 1.1 to YPF&#146;s 2009 annual report on Form 20-F filed on June 29, 2010.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">**</font></td>
		<td><font size="1">Filed as Exhibit 1.2 to YPF&#146;s 2009 annual report on Form 20-F filed on June 29, 2010.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">***</font></td>
		<td><font size="1">Incorporated by reference to YPF&#146;s 2004 annual report on Form 20-F filed on June 30, 2005.</font></td>
	</tr>
</table>
<p align="center"><font size="2">195</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"><page></font></p>
<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_196"></a></font></p>
<p align="center"><b><font size="4"><a name="sig"></a>SIGNATURES</font></b></p>
<p><font size="2">The registrant hereby certifies that it meets all of the requirements
  for filing on Form 20-F and that it has duly caused and authorized the undersigned
  to sign this annual report on its behalf.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td colspan="3" align="left">
      <div align="left"><font size="2">YPF SOCIEDAD AN&#211;NIMA</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="46%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="left"></div>
    </td>
    <td width="46%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">
      <div align="left"><font size="2">By: </font></div>
    </td>
    <td width="4%" align="right">
      <div align="left"></div>
    </td>
    <td width="46%" align="right">
      <div align="left"><font size="2">Julio M. de Vido</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="left"></div>
    </td>
    <td width="46%" align="right">
      <hr noshade align="left" width="250" size=1>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="left"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Name:</font></div>
    </td>
    <td width="46%" align="right">
      <div align="left"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">JULIO
        M. DE VIDO</font><font size="2"> </font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="left"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Title:</font></div>
    </td>
    <td width="46%" align="right">
      <div align="left"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Intervenor</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="46%" align="right">
      <div align="left"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Principal
        Executive Officer</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="50%">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="46%" align="right">
      <div align="left"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Principal
        Financial Officer</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p><font size="2">Dated: May 15, 2012</font></p>
<p align="center"><font size="2">196</font></p>
<p align="center"><br>
<hr noshade align="center" width="100%" size=2>
<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>
<p align="center"><b><font size="4">YPF SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</font></b></p>
<p align="center"><b><font size="4">INDEX</font></b></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"><b>Page</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#f-2a"><font size="2">Reports of independent registered
      public accounting firm</font></a></td>
    <td width="8%" align="right"><a href="#f-2a"><font size="2">F-2</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#f-5a"><font size="2">Consolidated statements of
      income for the years ended December 31, 2011, 2010 and 2009</font></a></td>
    <td width="8%" align="right"><a href="#f-5a"><font size="2">F-5</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#f-6a"><font size="2">Consolidated balance sheets
      as of December 31, 2011, 2010 and 2009</font></a></td>
    <td width="8%" align="right"><a href="#f-6a"><font size="2">F-6</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#f-7a"><font size="2">Consolidated statements of
      cash flows for the years ended December 31, 2011, 2010 and 2009</font></a></td>
    <td width="8%" align="right"><a href="#f-7a"><font size="2">F-7</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#f-8a"><font size="2">Consolidated statements of
      changes in shareholders&#146; equity for the years ended December 31, 2011,
      2010 and 2009</font></a></td>
    <td width="8%" align="right"><a href="#f-8a"><font size="2">F-8</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><a href="#f-9a"><font size="2">Notes to consolidated financial
      statements for the years ended December 31, 2011, 2010 and 2009</font></a></td>
    <td width="8%" align="right"><a href="#f-9a"><font size="2">F-9</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><a href="#f-70a"><font size="2">Supplemental information
      on oil and gas producing activities (unaudited)</font></a></td>
    <td width="8%" align="right"><a href="#f-70a"><font size="2">F-70</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-1</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_2"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><a name="f2a"></a>Report of Independent
      Registered Public Accounting Firm</b></font></td>
	</tr>
</table>
<p><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">To the Shareholders
  of YPF SOCIEDAD ANONIMA: </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">We have audited
  the accompanying consolidated balance sheets of YPF SOCIEDAD ANONIMA (an Argentine
  Corporation) and its controlled and jointly controlled companies (the &#147;Company&#148;)
  as of December 31, 2011, 2010 and 2009, and the related consolidated statements
  of income, cash flows and changes in shareholders' equity for each of the three
  years in the period ended December 31, 2011. These consolidated financial statements
  are the responsibility of the Company&#146;s Management. Our responsibility
  is to express an opinion on these consolidated financial statements based on
  our audits.</font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">We conducted
  our audits in accordance with the standards of the Public Company Accounting
  Oversight Board (United States of America). Those standards require that we
  plan and perform the audit to obtain reasonable assurance about whether the
  financial statements are free of material misstatements. An audit includes examining,
  on a test basis, evidence supporting the amounts and disclosures in the financial
  statements. An audit also includes assessing the accounting principles used
  and significant estimates made by Management, as well as evaluating the overall
  financial statements presentation. We believe that our audits provide a reasonable
  basis for our opinion. </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">In our opinion,
  the consolidated financial statements referred to above present fairly, in all
  material respects, the financial position of YPF SOCIEDAD ANONIMA and its controlled
  and jointly controlled companies as of December 31, 2011, 2010 and 2009, and
  the results of their operations and their cash flows for each of the three years
  in the period ended December 31, 2011, in conformity with generally accepted
  accounting principles applicable to consolidated financial statements in Argentina.</font>
</p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">As indicated
  in Note 17 to the accompanying consolidated financial statements, on April 16,
  2012, Decree No. 530/12 of the National Executive Power, provided for the temporary
  intervention of YPF. Furthermore, on April 23, 2012, the Intervenor decided
  to suspended, until further notice, the Shareholders&#146; meeting to be held
  on April 25, 2012, that should have considered, among other things, the financial
  statements as of December 31, 2011 prepared under accounting principles generally
  accepted in Argentina filed with the Comisi&oacute;n Nacional de Valores (Argentine
  Securities Commission) and approved by the Board of Directors of the Company
  on March 8, 2012.</font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Furthermore,
  as indicated in Note 17 to the accompanying consolidated financial statements,
  on May 4, 2012, Law No. 26,741 was enacted providing for the expropriation by
  the Argentine Government of 51% of the Company&#146;s shares held until such
  date by Repsol YPF, S.A. A significant portion of the Company&#146;s financial
  debt amounting to approximately US$ 2 billion as of December 31, 2011, provides
  that changes in the Company&#146;s control and/or nationalization constitute
  an event of default. In addition, the outstanding financial indebtedness also
  contains cross-default provisions and/or cross-acceleration provisions that
  could cause all of the debt to be accelerated if the debt having changes in
  control and/or nationalization events provisions goes into default or is accelerated.
  </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Moreover, as
  indicated in Note 17 to the accompanying consolidated financial statements,
  during 2012 certain provinces of Argentina have revoked and/or have commenced
  proceedings to revoke some oil and gas production concessions. </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Accounting principles
  generally accepted in Argentina vary in certain significant respects from accounting
  principles generally accepted in the United States of America (&#147;U.S. GAAP&#148;).
  Information relating to the nature and effect of such differences is presented
  in Notes 12, 13 and 14 to the consolidated financial statements.</font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Additionally,
  as indicated in Note 1 to the accompanying consolidated financial statements,
  the Company will be adopting the International Financial Reporting Standards
  as issued by the IASB (International Auditing Standard Board) (&#147;IFRS&#148;)
  as from the fiscal year beginning on January 1, 2012, with transition date on
  January 1, 2011. Information relating the effects of such transition to IFRS
  is presented in Note 16 to the consolidated financial statements, which also
  indicates that items and amounts contained in the reconciliations included in
  that note are subject to the changes that might occur as a result of modifications
  introduced to the IFRS that will be applied, and that such items and amounts
  will be considered definitive only when preparing the financial statements for
  the year ending on December 31, 2012. </font> </p>

<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">We have also
  audited, in accordance with the standards of the Public Company Accounting Oversight
  Board (United States of America), the Company&#146;s internal control over financial
  reporting as of December 31, 2011, based on the criteria established in </font><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Internal
  Control - Integrated Framework</font></i><font size=2 face="TimesNewRoman,Times New
Roman,Times,serif"> issued by the Committee of Sponsoring Organizations of the
  Treadway Commission and our report dated March 8, 2012 (except for the procedures
  relating to the testing and evaluation of the controls over the preparation
  of the US GAAP financial information shown in Note 12, 13 and 14, as to which
  the date is May 15, 2012) expressed an unqualified opinion on the Company&#146;s
  internal control over financial reporting and included an explanatory paragraph
  stating that pursuant to Decree No. 530/12 of the National Executive Power enacted
  on April 16, 2012, during the temporary intervention of the Company, all powers,
  duties and responsibilities of the Board of Directors, the Audit Committee and
  the Disclosure Committee of the Company have been transferred to the Argentine
  government-appointed Intervenor. Therefore, since such date, the Board of Directors,
  the Audit Committee and the Disclosure Committee are no longer in effect. </font>
</p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Buenos Aires
  City, Argentina</font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">March 8, 2012,
  except for Notes 12, 13, 14, 16 and 17, as to which the date is May 15, 2012
  </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Deloitte &amp;
  Co. S.R.L. </font> </p>
<p> <u><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">/s/ Diego
  O. De Vivo</font></u><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
  <br>
  Partner </font></p>

<p align="center"><font size="2">F-2</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_3"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b>Report of Independent Registered Public
      Accounting Firm</b></font></td>
	</tr>
</table>
<p><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">To the Shareholders
  of YPF SOCIEDAD ANONIMA: </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">We have audited
  the internal control over financial reporting of YPF SOCIEDAD ANONIMA (an Argentine
  Corporation) and its controlled and jointly controlled companies (the &#147;Company&#148;)
  as of December 31, 2011, based on the criteria established in </font><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Internal
  Control &#150; Integrated Framework</font></i><font size=2
face="TimesNewRoman,Times New Roman,Times,serif"> issued by the Committee of Sponsoring
  Organizations of the Treadway Commission. The Company's management is responsible
  for maintaining effective internal control over financial reporting and for
  its assessment of the effectiveness of internal control over financial reporting
  included in the accompanying </font><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Management&#146;s
  Report on Internal Control over Financial Reporting (Item 15)</font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">.
  Our responsibility is to express an opinion on the Company's internal control
  over financial reporting based on our audit. </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">We conducted
  our audit in accordance with the standards of the Public Company Accounting
  Oversight Board (United States of America). Those standards require that we
  plan and perform the audit to obtain reasonable assurance about whether effective
  internal control over financial reporting was maintained in all material respects.
  Our audit included obtaining an understanding of internal control over financial
  reporting, assessing the risk that a material weakness exists, testing and evaluating
  the design and operating effectiveness of internal control based on the assessed
  risk, and performing such other procedures as we considered necessary in the
  circumstances. We believe that our audit provides a reasonable basis for our
  opinion. </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">A company's
  internal control over financial reporting is a process designed by, or under
  the supervision of, the company's principal executive and principal financial
  officers, or persons performing similar functions, and effected by the company's
  board of directors, management, and other personnel to provide reasonable assurance
  regarding the reliability of financial reporting and the preparation of financial
  statements for external purposes in accordance with generally accepted accounting
  principles. A company's internal control over financial reporting includes those
  policies and procedures that (1) pertain to the maintenance of records that,
  in reasonable detail, accurately and fairly reflect the transactions and dispositions
  of the assets of the company; (2) provide reasonable assurance that transactions
  are recorded as necessary to permit preparation of financial statements in accordance
  with generally accepted accounting principles, and that receipts and expenditures
  of the company are being made only in accordance with authorizations of management
  and directors of the company; and (3) provide reasonable assurance regarding
  prevention or timely detection of unauthorized acquisition, use, or disposition
  of the company's assets that could have a material effect on the financial statements.
  </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Because of the
  inherent limitations of internal control over financial reporting, including
  the possibility of collusion or improper management override of controls, material
  misstatements due to error or fraud may not be prevented or detected on a timely
  basis. Also, projections of any evaluation of the effectiveness of the internal
  control over financial reporting to future periods are subject to the risk that
  the controls may become inadequate because of changes in conditions, or that
  the degree of compliance with the policies or procedures may deteriorate.</font>
</p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">In our opinion,
  the Company maintained, in all material respects, effective internal control
  over financial reporting as of December 31, 2011, based on the criteria established
  in </font><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Internal
  Control &#150; Integrated Framework</font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
  issued by the Committee of Sponsoring Organizations of the Treadway Commission.
  As stated in the accompanying </font><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Management&#146;s
  Report on Internal Control over Financial Reporting (Item 15), </font></i><font size=2
face="TimesNewRoman,Times New Roman,Times,serif">pursuant to Decree No. 530/12
  of the National Executive Power enacted on April 16, 2012, during the temporary
  intervention of the Company, all powers, duties and responsibilities of the
  Board of Directors, the Audit Committee and the Disclosure Committee of the
  Company have been transferred to the Argentine government-appointed Intervenor.
  Therefore, since such date, the Board of Directors, the Audit Committee and
  the Disclosure Committee are no longer in effect.</font></p>

<p align="center"><font size="2">F-3</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_4"></a></font></p>
<p><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">We have also
  audited, in accordance with the standards of the Public Company Accounting Oversight
  Board (United States of America), the consolidated financial statements of YPF
  SOCIEDAD ANONIMA and its controlled and jointly controlled companies as of and
  for the year ended December 31, 2011 and our report dated March 8, 2012 (except
  for Notes 12, 13, 14, 16 and 17, as to which the date is May 15, 2012) expressed
  an unqualified opinion on those consolidated financial statements and included
  explanatory paragraphs stating that: </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&#150;</td>
    <td valign="top"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">as
      indicated in Note 17 to the accompanying consolidated financial statements,
      on April 16, 2012,</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Decree
      No. 530/12 of the National Executive Power, provided for the temporary intervention
      of</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">YPF.
      Furthermore, on April 23, 2012, the Intervenor decided to suspended, until
      further notice, the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Shareholders&#146;
      meeting to be held on April 25, 2012, that should have considered, among
      other</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">things,
      the financial statements as of December 31, 2011 prepared under accounting
      principles</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">generally
      accepted in Argentina filed with the Comisi&oacute;n Nacional de Valores
      (Argentine Securities</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Commission)
      and approved by the Board of Directors of the Company on March 8, 2012.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#150;</td>
    <td valign="top"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">as
      indicated in Note 17 to the accompanying consolidated financial statements,
      on May 4, 2012, Law</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">No.
      26,741 was enacted providing for the expropriation by the Argentine Government
      of 51% of the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Company&#146;s
      shares held until such date by Repsol YPF, S.A. A significant portion of
      the Company&#146;s</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">financial
      debt amounting to approximately US$ 2 billion as of December 31, 2011, provides
      that</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">changes
      in the Company&#146;s control and/or nationalization constitute an event
      of default. In addition,</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">the
      outstanding financial indebtedness also contains cross-default provisions
      and/or cross-</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">acceleration
      provisions that could cause all of the debt to be accelerated if the debt
      having changes in</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">control
      and/or nationalization events provisions goes into default or is accelerated.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#150;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">as indicated
      in Note 17 </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">to
      the accompanying consolidated financial statements, during 2012, certain</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">provinces
      of Argentina have revoked and/or have commenced proceedings to revoke some
      oil and</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">gas
      production concessions.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#150;</td>
    <td valign="top"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">the
      accounting principles generally accepted in Argentina vary in certain significant
      respects from</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">accounting
      principles generally accepted in the United States of America (&#147;U.S.
      GAAP&#148;) and that</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">the
      information related to the nature and effect of such differences is presented
      in Notes 12, 13, and</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">14
      to the consolidated financial statements of the Company; and</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#150;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">as indicated
      in Note 1 to the accompanying consolidated financial statements, the Company
      will be</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">adopting
      the International Financial Reporting Standards as issued by the IASB (International</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Auditing
      Standard Board) (&#147;IFRS&#148;) as from the fiscal year beginning on
      January 1, 2012, with</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">transition
      date on January 1, 2011. Information relating the effects of such transition
      to IFRS is</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">presented
      in Note 16 to the consolidated financial statements, which also indicates
      that items and</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">amounts
      contained in the reconciliations included in that note are subject to the
      changes that might</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">occur
      as a result of modifications introduced to the IFRS that will be applied,
      and that such items and</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">amounts
      will be considered definitive only when preparing the financial statements
      for the year</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">ending
      on December 31, 2012.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Buenos Aires
  City, Argentina</font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">March 8, 2012
  (except for the procedures relating to the testing and evaluation of the controls
  over the preparation of the US GAAP financial information shown in Note 12,
  13 and 14, as to which the date is May 15, 2012) </font> </p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Deloitte &amp;
  Co. S.R.L. </font> </p>
<p> <u><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">/s/ Diego
  O. De Vivo</font></u><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
  <br>
  Partner </font></p>
<p align="center"><font size="2">F-4</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_5"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="center"><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED
        AND JOINTLY CONTROLLED COMPANIES <br>
        <a name="f5a"></a>CONSOLIDATED STATEMENTS OF INCOME<br>
        FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009<br>
        (Amounts expressed in million of Argentine pesos, except for per share
        amounts in Argentine pesos &#150; Note 1.a)</b></font></div>
    </td>
	</tr>
</table>
<br>


<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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net sales (Note 3.k)</font></td>
    <td width="8%" align="right"><font size="2">56,697</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34,320</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Cost of sales (Note 15.d)</font></td>
    <td width="8%" align="right"><font size="2">(41,932</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(29,899</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(23,177</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Gross profit</b></font></td>
    <td width="8%" align="right"><font size="2">14,765</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,263</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,143</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Selling expenses (Note 15.f)</font></td>
    <td width="8%" align="right"><font size="2">(3,723</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,015</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,490</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Administrative expenses (Note 15.f)</font></td>
    <td width="8%" align="right"><font size="2">(1,905</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,429</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,102</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Exploration expenses (Note 15.f)</font></td>
    <td width="8%" align="right"><font size="2">(574</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(344</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(552</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Operating
      income</b></font></td>
    <td width="8%" align="right"><font size="2">8,563</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,475</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,999</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income (loss) on long-term investments</font></td>
    <td width="8%" align="right"><font size="2">92</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(9</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other (expense) income, net (Note 3.i)</font></td>
    <td width="8%" align="right"><font size="2">(62</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(155</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">159</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Financial income (expense), net and holding
      gains (losses):</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Gains (losses) on assets</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2">184</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">118</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">109</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences</font></td>
    <td width="8%" align="right"><font size="2">524</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">202</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">182</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding gains
      (losses) on inventories</font></td>
    <td width="8%" align="right"><font size="2">1,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">676</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(11</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Losses on liabilities</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2">(1,095</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(931</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(958</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences</font></td>
    <td width="8%" align="right"><font size="2">(1,049</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(444</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(564</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Net income
      before income tax</b></font></td>
    <td width="8%" align="right"><font size="2">8,246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,020</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,907</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income tax (Note 3.j)</font></td>
    <td width="8%" align="right"><font size="2">(2,950</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,230</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,218</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Net income</b></font></td>
    <td width="8%" align="right"><font size="2">5,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,689</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Earnings
      per share </b>(Note 1.a)</font></td>
    <td width="8%" align="right"><font size="2">13.47</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14.72</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9.38</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>
  </tr>
</table>
<br>

<p align="center"><font size="2">The accompanying notes are an integral part of these statements.</font></p>
<p align="center"><font size="2">F-5</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_6"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="center"><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED
        AND JOINTLY CONTROLLED COMPANIES<br>
        <a name="f6a"></a>CONSOLIDATED BALANCE SHEETS<br>
        AS OF DECEMBER 31, 2011, 2010 AND 2009<br>
        (Amounts expressed in million of Argentine pesos &#150; Note 1.a)</b></font></div>
    </td>
	</tr>
</table>
<br>


<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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Current Assets</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">Cash</font></td>
		<td width="8%" align="right"><font size="2">899</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">570</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">669</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Investments (Note 3.a)</font></td>
		<td width="8%" align="right"><font size="2">562</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,957</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,476</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Trade receivables (Note 3.b)</font></td>
		<td width="8%" align="right"><font size="2">3,473</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,322</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,831</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Other receivables (Note 3.c)</font></td>
		<td width="8%" align="right"><font size="2">3,090</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,089</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,490</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Inventories (Note 3.d)</font></td>
		<td width="8%" align="right"><font size="2">6,074</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,865</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,066</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</font></td>
		<td width="8%" align="right"><font size="2">14,098</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">12,803</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">10,532</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Noncurrent Assets</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">Trade receivables (Note 3.b)</font></td>
		<td width="8%" align="right"><font size="2">22</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">28</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">22</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Other receivables (Note 3.c)</font></td>
		<td width="8%" align="right"><font size="2">989</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,587</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">527</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Investments (Note 3.a)</font></td>
		<td width="8%" align="right"><font size="2">633</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">594</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">661</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Fixed assets (Note 3.e)</font></td>
		<td width="8%" align="right"><font size="2">39,650</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">31,567</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">27,993</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Intangible assets</font></td>
		<td width="8%" align="right"><font size="2">7</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">10</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">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>
		<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent assets</font></td>
		<td width="8%" align="right"><font size="2">41,301</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">33,786</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">29,215</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</font></td>
		<td width="8%" align="right"><font size="2">55,399</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">46,589</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">39,747</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Current Liabilities</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">Accounts payable (Note 3.f)</font></td>
		<td width="8%" align="right"><font size="2">11,915</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">7,639</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,863</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Loans (Note 3.g)</font></td>
		<td width="8%" align="right"><font size="2">8,113</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">6,176</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,679</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Salaries and social security</font></td>
		<td width="8%" align="right"><font size="2">569</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">421</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">298</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Taxes payable</font></td>
		<td width="8%" align="right"><font size="2">812</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,571</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,437</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left"><font size="2">Contingencies (Notes 10.a and 15.c)</font></td>
		<td width="8%" align="right"><font size="2">396</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">295</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">341</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</font></td>
		<td width="8%" align="right"><font size="2">21,805</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">17,102</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">12,618</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Noncurrent Liabilities</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">Accounts payable (Note 3.f)</font></td>
		<td width="8%" align="right"><font size="2">6,880</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,616</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,391</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Loans (Note 3.g)</font></td>
		<td width="8%" align="right"><font size="2">4,654</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,613</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,140</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Salaries and social security</font></td>
		<td width="8%" align="right"><font size="2">181</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">168</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">110</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Taxes payable</font></td>
		<td width="8%" align="right"><font size="2">623</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">523</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">828</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left"><font size="2">Contingencies (Notes 10.a and 15.c)</font></td>
		<td width="8%" align="right"><font size="2">2,521</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,527</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,959</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent liabilities</font></td>
		<td width="8%" align="right"><font size="2">14,859</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">10,447</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">9,428</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</font></td>
		<td width="8%" align="right"><font size="2">36,664</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">27,549</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">22,046</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"><b>Shareholders&#146; Equity (per corresponding statements)</b></font></td>
		<td width="8%" align="right"><font size="2">18,735</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">19,040</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">17,701</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and Shareholders&#146; equity</font></td>
		<td width="8%" align="right"><font size="2">55,399</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">46,589</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">39,747</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>
	</tr>
</table>
<br>

<p align="center"><font size="2">The accompanying notes are an integral part of these statements.</font></p>
<p align="center"><font size="2">F-6</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_7"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="center"><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED
        AND JOINTLY CONTROLLED COMPANIES<br>
        <a name="f7a"></a>CONSOLIDATED STATEMENTS OF CASH FLOWS<br>
        FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009<br>
        (Amounts expressed in million of Argentine pesos &#150; Note 1.a)</b></font></div>
    </td>
	</tr>
</table>
<br>


<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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>

    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Cash Flows from Operating Activities</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">Net income</font></td>
		<td width="8%" align="right"><font size="2">5,296</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,790</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,689</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Adjustments to reconcile net income to net cash flows provided by operating activities:</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss
      on long-term investments</font></td>
		<td width="8%" align="right"><font size="2">(92</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(79</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">9</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of fixed assets</font></td>
		<td width="8%" align="right"><font size="2">5,466</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,273</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,832</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumption of materials and fixed assets retired, net of allowances</font></td>
		<td width="8%" align="right"><font size="2">941</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">572</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">645</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in allowances for fixed assets</font></td>
		<td width="8%" align="right"><font size="2">18</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">72</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax</font></td>
		<td width="8%" align="right"><font size="2">2,950</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,230</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,218</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accruals</font></td>
		<td width="8%" align="right"><font size="2">804</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,310</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,062</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Changes in assets and liabilities:</font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables</font></td>
		<td width="8%" align="right"><font size="2">38</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(407</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(21</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables</font></td>
		<td width="8%" align="right"><font size="2">785</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(1,575</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(725</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></td>
		<td width="8%" align="right"><font size="2">(2,209</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(799</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">383</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</font></td>
		<td width="8%" align="right"><font size="2">2,608</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,809</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(461</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and social security</font></td>
		<td width="8%" align="right"><font size="2">146</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">181</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">43</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable</font></td>
		<td width="8%" align="right"><font size="2">(183</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(259</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(762</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accruals</font></td>
		<td width="8%" align="right"><font size="2">(709</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(788</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(1,207</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests, exchange differences and others</font></td>
		<td width="8%" align="right"><font size="2">1,300</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">498</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">746</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from long-term investments</font></td>
		<td width="8%" align="right"><font size="2">37</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">40</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">38</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Income tax payments</font></td>
		<td width="8%" align="right"><font size="2">(4,426</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(2,142</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(1,076</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities</font></td>

    <td width="8%" align="right"><font size="2">12,770</font></td>

    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>

    <td width="8%" align="right"><font size="2">12,726</font></td>

    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>

    <td width="8%" align="right"><font size="2">9,414</font></td>

    <td width="2%" align="left"><font size="2"><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>
		<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"><b>Cash Flows used in Investing Activities</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">Acquisitions of fixed assets</font></td>

    <td width="8%" align="right"><font size="2">(12,289</font></td>

    <td width="2%" align="left"><font size="2">)<sup>(2)</sup></font></td>

    <td width="8%" align="right"><font size="2">(8,729</font></td>

    <td width="2%" align="left"><font size="2">)<sup>(2)</sup></font></td>

    <td width="8%" align="right"><font size="2">(5,636</font></td>

    <td width="2%" align="left"><font size="2">)<sup>(2)</sup></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Stock redemption in long-term investments</font></td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Investments (non cash and equivalents)</font></td>
		<td width="8%" align="right"><font size="2">11</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">105</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">30</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in investing activities</font></td>
		<td width="8%" align="right"><font size="2">(12,278</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(8,624</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(5,603</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Cash flows used in Financing Activities</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">Payments of loans</font></td>
		<td width="8%" align="right"><font size="2">(17,748</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(13,454</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(13,870</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Proceeds from loans</font></td>
		<td width="8%" align="right"><font size="2">21,742</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">14,178</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">15,886</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Dividends paid</font></td>
		<td width="8%" align="right"><font size="2">(5,565</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(4,444</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(4,897</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Net cash flows used in financing activities</font></td>
		<td width="8%" align="right"><font size="2">(1,571</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(3,720</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(2,881</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>(Decrease) increase in Cash and Equivalents</b></font></td>
		<td width="8%" align="right"><font size="2">(1,079</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">382</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">930</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Cash and equivalents at the beginning of year</font></td>
		<td width="8%" align="right"><font size="2">2,527</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,145</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,215</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Cash and equivalents at the end of year</font></td>
		<td width="8%" align="right"><font size="2">1,448</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,527</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,145</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>(Decrease) increase in Cash and Equivalents</b></font></td>
		<td width="8%" align="right"><font size="2">(1,079</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">382</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">930</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>
	</tr>
</table>
<p><font size="2">For supplemental information on statements of cash flows see Note 1.a and for the composition of 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">(1)</font></td>
		<td><font size="1">Includes (469), (344) and (372) corresponding to interest payments for the years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Includes (276), (146) and (529) corresponding to payments related with the extension of certain exploitation concessions in the Provinces of Mendoza and Neuqu&#233;n (Note 10.c) for the years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<p align="center"><font size="2">The accompanying notes are an integral part of these statements.</font></p>
<p align="center"><font size="2">F-7</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_8"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="center"><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED
        AND JOINTLY CONTROLLED COMPANIES<br>
        <a name="f8a"></a>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#146;
        EQUITY<br>
        FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009<br>
        (Amounts expressed in million of Argentine pesos except for per share
        amount in pesos &#150; Note 1.a)</b></font></div>
    </td>
	</tr>
</table>
<br>


<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="5%" align="center"><font size="2"><b>Shareholders&#146;
      Contributions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  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>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Subscribed<br>
        capital</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Adjustment to contributions</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Issuance<br>
        premiums</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Legal <br>
        reserve</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Deferred<br>
        earnings</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Reserve for future<br>
        dividends</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Unappropriated retained earnings</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Total shareholders&#146;<br>
        equity</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Balance as of December 31, 2008</b></font></td>
    <td width="5%" align="right"><font size="2">3,933</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">7,281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">11,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,224</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(192</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">1,505</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,582</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18,973</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Ordinary Shareholders&#146;
      <br>
      meeting of April 28, 2009:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Reversal
      of Reserve for future dividends</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1,505</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">1,505</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Appropriation
      to Legal reserve</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(19</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Appropriation
      to Reserve for future dividends</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,901</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(5,901</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Board of Directors&#146;
      meeting of May 5, 2009:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Cash
      dividends (6.30 per share)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,478</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,478</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Board of Directors&#146;
      <br>
      meeting of November 4, 2009:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Cash
      dividends (6.15 per share)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,419</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,419</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net decrease in deferred earnings (Note 2.i)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(64</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(64</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net income</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,689</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,689</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Balance as of December 31, 2009</b></font></td>
    <td width="5%" align="right"><font size="2">3,933</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">7,281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">11,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(256</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">1,004</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,856</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">17,701</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Ordinary and Extraordinary
      Shareholders&#146; meeting of April 14, 2010:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Reversal
      of Reserve for future dividends</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1,004</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">1,004</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Appropriation
      to Reserve for future dividends</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(5,040</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Board of Directors&#146;
      meeting of April 14, 2010:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Cash
      dividends (5.50 per share)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,163</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,163</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Board of Directors&#146;
      meeting of November 5, 2010:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Cash
      dividends (5.80 per share)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,281</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,281</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net decrease in deferred earnings (Note 2.i)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(7</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(7</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net income</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,790</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Balance as of December 31, 2010</b></font></td>
    <td width="5%" align="right"><font size="2">3,933</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">7,281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">11,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(263</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">596</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4,610</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">19,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Ordinary Shareholders&#146;
      meeting of April 26, 2011:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Absorption
      of the effect of the modification of previous years information (Note 1.b)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1,180</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1,180</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,180</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Reversal
      of Legal Reserve (Note 1.b)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(236</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">236</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Reversal
      of Reserve for future dividends</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(596</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">596</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Appropriation
      to Reserve for future dividends</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6,622</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(6,622</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Board of Directors&#146;
      meeting of April 26, 2011:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Cash
      dividends (7.00 per share)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,753</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,753</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Board of Directors&#146;
      meeting of November 2, 2011:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150; Cash
      dividends (7.15 per share)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,812</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,812</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net decrease in deferred earnings (Note 2.i)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(36</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(36</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net income</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,296</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Balance as of December 31, 2011</b></font></td>
    <td width="5%" align="right"><font size="2">3,933</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6,101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">640</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">10,674</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,007</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(299</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">1,057</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18,735</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>
  </tr>
</table>
<br>

<p align="center"><font size="2">The accompanying notes are an integral part of these statements.</font></p>
<p align="center"><font size="2">F-8</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_9"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="center"><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED
        AND JOINTLY CONTROLLED COMPANIES<br>
        <a name="f9a"></a>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
        FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009<br>
        (Amounts expressed in millions of Argentine pesos, except where otherwise
        indicated &#150; Note 1.a)</b></font></div>
    </td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>1.</b></font></td>
		<td><font size="2"><b>SIGNIFICANT ACCOUNTING POLICIES AND CHANGE IN ACCOUNTING POLICY</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b> Significant accounting policies</b></font></td>
	</tr>
</table>
<p><font size="2">The financial statements of YPF Sociedad An&#243;nima (&#147;YPF&#148;) and its controlled and jointly controlled companies (the &#147;Company&#148;) have been prepared in accordance with generally accepted accounting principles applicable to consolidated financial statements in Argentina (&#147;Argentine GAAP&#148;), and taking into consideration the regulations of the National Securities Commission (&#147;CNV&#148;).</font></p>
<p><font size="2">In accordance with generally accepted accounting principles and current Argentine legislation, the presentation of individual financial statements is mandatory. Consolidated financial statements are to be included as supplementary information to the individual financial statements. For the purpose of this filing, individual financial statements have been omitted since they are not required for the United States Securities and Exchange Commission (&#147;SEC&#148;) reporting purposes.</font></p>
<p><font size="2">Furthermore, certain disclosures related to formal legal requirements for reporting in Argentina have been omitted for purposes of these consolidated financial statements, since they are not required for SEC reporting purposes.</font></p>
<p><font size="2">On March 20, 2009, the Argentine Federation of Professional
  Councils in Economic Sciences (&#147;FACPCE&#148;) approved the Technical Resolution
  No. 26 &#147;Adoption of the International Financial Reporting Standards (&#147;IFRS&#148;)&#148;
  as issued by the International Accounting Standards Board (&#147;IASB&#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 YPF for the fiscal year beginning on January
  1, 2012. Consequently, the first quarterly consolidated 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. Note 16 to these consolidated
  financial statements describes the criteria adopted in the transition to IFRS
  and the reconciliations of Shareholders&#146; equity and net income, also indicates
  that items and amounts contained in the reconciliations included in that note
  are subject to the changes that might occur as a result of modifications introduced
  to the IFRS that will be applied, and that such items and amounts will be considered
  definitive only when preparing the financial statements for the year ending
  on December 31, 2012.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Presentation of financial statements in constant Argentine pesos</i></font></td>
	</tr>
</table>
<p><font size="2">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"><i>Basis of consolidation</i></font></td>
	</tr>
</table>
<p><font size="2">Following the methodology established by Technical Resolution No. 21 of the FACPCE, 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">&#149;</font></td>
		<td><font size="2">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 YPF&#146;s balances after the elimination of intercompany profits, transactions, balances and other consolidation adjustments and minority interest if applicable.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-9</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_10"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Investments and income (loss) related to companies in which YPF holds joint control are consolidated line by line on the basis of YPF&#146;s proportionate share in their assets, liabilities, net revenues, costs and expenses, considering the elimination of intercompany profits, transactions, balances and other consolidations adjustments. The effect of this proportional consolidation for the year ended December 31, 2011 and comparative information, is disclosed in Note 12.b.</font></td>
	</tr>
</table>
<p><font size="2">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 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 shareholder&#146;s 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></p>
<p><font size="2">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>
<p><font size="2">The valuation methods employed by the controlled and jointly controlled companies are consistent with those followed by YPF. If necessary, adjustments to the accounting information have been made to conform the accounting principles used by these companies to those of YPF. Main adjustments are related to the application of the general accepted accounting principles in Argentina to foreign related companie&#347; 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 the corresponding historical cost used for tax purposes (Note 1.b).</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Statements of Cash Flows</i></font></td>
	</tr>
</table>
<p><font size="2">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>
<p><font size="2">The main investing activities that have not affected cash and equivalents, correspond to increases in hydrocarbon wells abandonment obligations costs, outstanding payables related to the extension of certain concessions in the provinces of Mendoza and Neuqu&#233;n (Note 10.c), unpaid acquisitions of fixed assets at the end of the year and capital contributions to controlled companies made through loan capitalizations.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Revenue recognition criteria</i></font></td>
	</tr>
</table>
<p><font size="2">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">Subsidies and incentives are recognized as sales in the income statement in the year in which the conditions for obtaining them are accomplished.</font></p>
<p><font size="2">Revenues and costs related to construction activities, performed by a domestic subsidiary of YPF, 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 year. Anticipated losses on contracts in progress are expensed as soon as they become evident.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Joint ventures and other agreements</i></font></td>
	</tr>
</table>
<p><font size="2">The Company&#146;s interests in 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">F-10</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_11"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Production concession and exploration permits</i></font></td>
	</tr>
</table>
<p><font size="2">According to Argentine Law No. 24,145 issued in November 1992, YPF&#146;s areas were converted into production concession 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 10.c).</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><i>Fair value of financial instruments and concentration of credit risk</i></font></td>
	</tr>
</table>
<p><font size="2">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 December 31, 2011, 2010 and 2009 the fair value of loans payable estimated based on market prices or current interest rates at the end of each year amounted to 12,833, 7,862 and 6,827, respectively.</font></p>
<p><font size="2">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. Additionally, the Company accounts for credit losses based on specific information of its clients. Appart from the Tax Credit certificates pending of compensation that YPF obtained while the Petroleum and Refining Plus Programs, established by Decree No. 2,014/2008 and its regulations and included in Note 3.c &#147;Tax credits, export rebates and production incentives&#148;, were in force, the Company&#146;s customer base is dispersed.</font></p>
<p><font size="2">As of December 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"><i>Use of estimates</i></font></td>
	</tr>
</table>
<p><font size="2">The preparation of financial statements in conformity with generally accepted accounting principles in Argentina 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"><i>Earnings per share</i></font></td>
	</tr>
</table>
<p><font size="2">Earnings per share have been calculated based on the 393,312,793 shares outstanding during the years ended as of December 31, 2011, 2010 and 2009.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Change in accounting policy</b></font></td>
	</tr>
</table>
<p><font size="2">In relation to the implementation of IFRS above mentioned, General Resolution No. 576/10 of the CNV establishes that companies which, in accordance with generally accepted accounting principles in Argentina, had opted 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 had to recognize such liability with a debit to unappropriated retained earnings. The resolution also establishes that such recognition could 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 Shareholders&#146; 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.</font></p>
<p><font size="2">As of December 31, 2010, the Company 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 including the effects of the change in accounting policy retroactively.</font></p>
<p><font size="2">The financial statements as of December 31, 2009, have been amended to give retrospective effect to the change in accounting policy previously mentioned, and have been filed with the SEC in the Form 6K dated March 14, 2011 (SEC Accession No. 0001208646-11-000114).</font></p>
<p align="center"><font size="2">F-11</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_12"></a></font></p>

<p><font size="2">Consequently, information regarding the financial statements
  as of December 31, 2009, presented in these consolidated financial statements
  for comparative purposes, corresponds to the amounts presented in the mentioned
  Form 6K. The modification of comparative information does not imply any change
  to statutory decisions already taken.</font></p>
<p><font size="2">The Ordinary Shareholders&#146; meeting held on April 26, 2011,
  decided the absorption of the effect corresponding to the deferred income tax
  liability above mentioned in the &#147;Adjustment to contributions&#148; account,
  which had been recorded as mentioned previously in this note, for an amount
  of 1,180. Additionally, as a consequence of the mentioned absorption, the Shareholders&#146;
  meeting decided the reversal of the Legal Reserve for 236, to adequate its balance
  to legal requirements.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>2.</b></font></td>
		<td><font size="2"><b>VALUATION CRITERIA</b></font></td>
	</tr>
</table>
<p><font size="2">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"><b>a)</b></font></td>
		<td><font size="2"><b>Cash, current investments, trade and other receivables and payables:</b></font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Amounts in Argentine pesos have been stated at face value, which includes accrued interest through the end of each year, if applicable. Investments with price quotation have been valued at fair value as of the end of each year.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Amounts in foreign currencies have been valued at face value at the relevant exchange rates in effect as of the end of each 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 year. Exchange differences have been credited (charged) to current income. Additional information on assets and liabilities denominated in foreign currency is disclosed in Note 15.e.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">When generally accepted accounting principles in Argentina 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">If applicable, allowances have been made to reduce receivables to their estimated realizable value.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Inventories:</b></font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Refined products, products in process, crude oil and natural gas have been valued at current production cost or replacement cost, as applicable, as of the end of each year.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">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 year.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Valuation of inventories does not exceed their estimated realizable value.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c)</b></font></td>
		<td><font size="2"><b>Noncurrent investments:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">These include the Company&#146;s investments in companies under significant influence and holdings in other companies. These investments are detailed in Note 15.b and have been valued using the equity method, except for holdings in other companies, which have been valued at cost remeasured as detailed in Note 1.a.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 the Company exercises significant influence over these companies in making operation and financial decisions based on its representation on the Boards of Directors and/or the significant transactions between YPF and such companies.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">If applicable, allowances have been made to reduce investments 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>
<br>
<p align="center"><font size="2">F-12</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_13"></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">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">If necessary, adjustments to the accounting information have been made to conform the accounting principles used by companies under significant influence to those of the Company. Main adjustments are related to the recognition of the deferred income tax liability corresponding to the companies under significant influence 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).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Investments in companies under significant influence have been valued based upon the latest available financial statements of these companies as of the end of each year, taking into consideration, if applicable, significant subsequent events and transactions, available management information and transactions between the Company and the related companies which have produced changes on the latter shareholders&#146; equity.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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. The Company has not recorded any charge for this tax since it has estimated that dividends from earnings recorded by the equity method will not be subject to such tax.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>d)</b></font></td>
		<td><font size="2"><b>Fixed assets:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 Note 15.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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Oil and gas producing activities</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 December 31, 2011, there are no exploratory wells capitalized for more than one year after the completion of the drilling.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<p align="center"><font size="2">F-13</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_14"></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">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 and gas engineers on a three-year rotation plan.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 costs 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Other fixed assets</i></font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Fixed assets&#146; maintenance and repairs have been charged to expense as incurred.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 the next major inspection.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The carrying value of the fixed asset of each business segment, as defined in Note 8, does not exceed their estimated recoverable value.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>e)</b></font></td>
		<td><font size="2"><b>Salaries and Social Security &#150; Pension Plans and other Postretirement and Postemployment benefits:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">YPF Holdings Inc., which has operations in the United States of America, has certain defined-benefit plans and postretirement and postemployment benefits.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The funding policy related to the defined-benefit plans as of December 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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-14</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_15"></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">During the year 2008, YPF Holdings Inc. curtailed postretirement health care benefits to certain retiree, some of which were reincorporated to the plan during 2010. The effect on net income of the curtailment and the mentioned reincorporation, has not been material.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 the changes in actuarial assumptions are charged to the &#147;Other (expense) income, net&#148; account of the statement of income.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The additional disclosures related to the pension plans and other postretirement and postemployment benefits, are included in Note 3.h.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>f)</b></font></td>
		<td><font size="2"><b>Taxes, withholdings and royalties:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Income tax and tax on minimum presumed income</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 carryforwards and other tax credits, which may be used to offset future taxable income, at the current statutory rate of 35%.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">For the years ended December 31, 2011, 2010 and 2009, the amounts determined as current income tax were higher than tax on minimum presumed income and they were included in the &#147;Income tax&#148; account of the statement of income of each year.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>

    <td valign=top><font size="2"><i>Royalties and withholding systems for hydrocarbon
      exports</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">A 12% royalty is payable on the estimated value at the wellhead of crude oil production and the commercialized natural gas volumes (see additionally Note 10.c &#147;Agreements of extension of concessions&#148;). 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 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 10.c).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Royalty expense and the extraordinary production royalties are accounted for as a production cost.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-15</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_16"></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">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 regime provides that when the international price exceeds the reference price of US$ 60.9 per barrel, the producer will collect a floor price of US$ 42 per barrel, depending on the quality of the crude oil sold, with the remainder being withheld by the Argentine Government. When the 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">In December 2011, Law 26,732 extended the mentioned regime for 5 years, after its expiration.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Hydrocarbon export withholdings are charged to the &#147;Net sales&#148; account of the statement of income.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>g)</b></font></td>
		<td><font size="2"><b>Allowances and accruals for contingencies:</b></font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">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>
<br>
<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">&#150;</font></td>
		<td><font size="2">Accruals for contingencies: 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. Accruals for contingencies are required to be accounted at the discounted value as of the end of each year, however, as their face value does not differ significantly from discounted values, they are recorded at face value.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The activity in the allowances and accruals for contingencies accounts is set forth in Note 15.c.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>h)</b></font></td>
		<td><font size="2"><b>Environmental liabilities:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<p align="center"><font size="2">F-16</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_17"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>i)</b></font></td>
		<td><font size="2"><b>Shareholder&#146;s equity accounts:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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, which additionally includes the absorption of the effect corresponding to the 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. Such effect has been originally recorded in the &#147;Unappropriated retained earnings&#148; account during the year ended December 31, 2010, as established by General Resolution No. 576/2010.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The account &#147;Deferred Earnings&#148; includes the exchange differences generated by the translation into pesos of the investments in non-integrated foreign companies.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>j)</b></font></td>
		<td><font size="2"><b>Statement of income accounts:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The amounts included in the income statement accounts have been recorded by applying the following criteria:</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Accounts which accumulate monetary transactions at their face value.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Cost of sales has been calculated by computing units sold in each month at the replacement cost of that month.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Depreciation of non-monetary 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>
<br>
<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">&#150;</font></td>
		<td><font size="2">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>
<br>
<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">&#150;</font></td>

    <td><font size="2">Income (loss) on long-term investments in which significant
      influence is held, has been calculated on the basis of the income (loss)
      of those companies and was included in the &#147;Income (loss) 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>3.</b></font></td>
		<td><font size="2"><b>ANALYSIS OF THE MAIN ACCOUNTS OF THE CONSOLIDATED FINANCIAL STATEMENTS</b></font></td>
	</tr>
</table>
<p><font size="2">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 width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Investments:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2009</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 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=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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left"><font size="2">Short-term investments</font></td>
    <td width="8%" align="right"><font size="2">562</font></td>
    <td width="2%" align="left" nowrap><font size="2"><sup>(1)(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">1,957</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">45</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">1,476</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">150</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Long-term investments (Note 15.b)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">628</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">636</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Allowance for reduction in value of holdings
      in long-term investments (Note 15.c)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(56</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(79</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(125</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">562</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">633</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,957</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,476</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">661</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(1)</font></td>
    <td valign="top"><font size="1">Includes 549, 1,957 and 1,476 as of December
      31, 2011, 2010 and 2009, respectively, 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 valign=top width="3%"><font size="1">(2)</font></td>
    <td valign="top"><font size="1">Includes 15, 45 and 150 as of December 31,
      2011, 2010 and 2009, respectively, that corresponds to restricted cash which
      represents bank deposits used as guarantees given to government agencies.</font></td>
  </tr>
</table>
<p align="center"><font size="2">F-17</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_18"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Trade receivables:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2009</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 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=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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left"><font size="2">Accounts receivable</font></td>
    <td width="8%" align="right"><font size="2">3,432</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,450</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,963</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Related parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2">498</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">339</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,930</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,789</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,244</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Allowance for doubtful trade receivables (Note
      15.c)</font></td>
    <td width="8%" align="right"><font size="2">(457</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(467</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(413</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,473</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,322</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,831</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c)</b></font></td>
		<td><font size="2"><b>Other receivables:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2009</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 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=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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left"><font size="2">Tax credits, export rebates and production
      incentives</font></td>
    <td width="8%" align="right"><font size="2">1,313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,403</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Trade</font></td>
    <td width="8%" align="right"><font size="2">227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">178</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Prepaid expenses</font></td>
    <td width="8%" align="right"><font size="2">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">174</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">78</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">208</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">82</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Concessions charges</font></td>
    <td width="8%" align="right"><font size="2">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Related parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2">173</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">291</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">192</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">74</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Loans to clients</font></td>
    <td width="8%" align="right"><font size="2">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Trust contributions &#150; Obra Sur</font></td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">119</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Advances to suppliers</font></td>
    <td width="8%" align="right"><font size="2">261</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">250</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Collateral deposits</font></td>
    <td width="8%" align="right"><font size="2">161</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">165</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">177</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Advances and loans to employees</font></td>
    <td width="8%" align="right"><font size="2">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">51</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Receivables with partners in joint ventures</font></td>
    <td width="8%" align="right"><font size="2">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">94</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2">524</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">275</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">285</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,183</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,182</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,603</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,584</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">544</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Allowance for other doubtful accounts (Note
      15.c)</font></td>
    <td width="8%" align="right"><font size="2">(93</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(93</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(94</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Allowance for valuation of other receivables
      to their estimated realizable value (Note 15.c)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(9</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(16</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(17</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,090</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">989</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,587</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,490</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">527</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>d)</b></font></td>
		<td><font size="2"><b>Inventories:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Finished products</font></td>
    <td width="8%" align="right"><font size="2">3,728</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,377</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,715</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Crude oil and natural gas</font></td>
    <td width="8%" align="right"><font size="2">1,650</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,061</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">989</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Products in process</font></td>
    <td width="8%" align="right"><font size="2">64</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">59</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Construction works in progress</font></td>
    <td width="8%" align="right"><font size="2">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Raw materials, packaging materials and others</font></td>
    <td width="8%" align="right"><font size="2">376</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">328</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">303</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,074</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,865</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,066</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>e)</b></font></td>
		<td><font size="2"><b>Fixed assets:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Net book value of fixed assets (Note 15.a)</font></td>
    <td width="8%" align="right"><font size="2">39,757</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">31,669</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28,033</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Allowance for obsolescence of material and
      equipment (Note 15.c)</font></td>
    <td width="8%" align="right"><font size="2">(107</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(99</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(37</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Allowance for unproductive exploratory drilling
      (Note 15.c)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">39,650</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">31,567</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27,993</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-18</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_19"></a></font></p>


<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>f)</b></font></td>
		<td><font size="2"><b>Accounts payable:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2009</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 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=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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left"><font size="2">Trade</font></td>
    <td width="8%" align="right"><font size="2">9,295</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,170</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,576</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Hydrocarbon wells abandonment obligations</font></td>
    <td width="8%" align="right"><font size="2">252</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,329</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,228</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">238</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,016</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Related parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2">353</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">309</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">249</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Investments in companies with negative <br>
      shareholders&#146; equity</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Extension of Concessions &#150; Provinces
      of Mendoza and Neuqu&#233;n (Note 10.c)</font></td>
    <td width="8%" align="right"><font size="2">451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">142</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">From joint ventures and other agreements</font></td>
    <td width="8%" align="right"><font size="2">714</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">409</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">358</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Environmental liabilities (Note 10.b)</font></td>
    <td width="8%" align="right"><font size="2">303</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">221</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">302</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">179</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">285</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2">547</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">292</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">201</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">149</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,915</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,880</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,639</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,616</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,863</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
<br>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>g)</b></font></td>
		<td><font size="2"><b>Loans:</b></font></td>
	</tr>
</table>
<br>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <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>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2009</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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Interest</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Principal</b></font></div>
    </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=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">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>rate <sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>maturity</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left"><font size="2">Negotiable Obligations<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">4.00 &#150; 19.99</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2012-2028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">626</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">547</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Related parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2">3.93</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">538</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">912</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">380</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Other financial debts</font></td>
    <td width="8%" align="right"><font size="2">1.00 &#150; 29.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2012-2017</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,800</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,357</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">890</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,213</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
    <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 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">8,113</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,654</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,176</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,613</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,679</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,140</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
    <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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(1)</font></td>
    <td><font size="1">Annual interest rate as of December 31, 2011.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(2)</font></td>
    <td><font size="1">Disclosed net of 75, 52 and 38, corresponding to YPF outstanding
      Negotiable Obligations, repurchased through open market transactions as
      of December 31, 2011, 2010 and 2009, respectively.</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">The maturities of the Company&#146;s noncurrent
      loans, as of December 31, 2011, are as follows:</font></td>
  </tr>
</table>
<br>


<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">
      <div align="center"><font size="2"><b>From 1 to 2<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>From 2 to 3<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="left">
      <div align="center"><font size="2"><b>From 3 to 4<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>From 4 to 5<br>
        years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Over<br>
        5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total </b></font></div>
    </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 align="left"><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">Noncurrent loans</font></td>
    <td width="8%" align="right"><font size="2">2,051</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td align="left">
      <div align="right"><font size="2">45</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">592</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,654</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 align="left"><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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Details regarding the Negotiable Obligations of the Company are as follows:</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" colspan="7">
      <div align="center"><font size="2"><b>(in million)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="11" align="right">
      <div align="center"><font size="2"><b>Book Value</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" colspan="7"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="11" 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 align="left" colspan="3">
      <div align="center"><font size="2"><b>M.T.N. Program</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" align="right">
      <div align="center"><font size="2"><b>Issuance</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" colspan="3"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="3" 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 align="left">
      <div align="center"><font size="2"><b>Year</b></font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Amount</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Principal Value</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Interest Rate<sup>(1)</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Principal<br>
        Maturity</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Current</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="6%" align="right">
      <div align="center"><font size="2"><b>Noncurrent</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" height="20"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="right" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td width="6%" align="right" height="20"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left" height="20">&nbsp;</td>
    <td colspan=1 height="20"><font size="2"><b> </b></font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">1997</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">1998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">US$ 100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">10.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="6%" align="right"><font size="2">2028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">377</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">348</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">342</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2008</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">2009</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">$ 205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2008</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">2010</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">$ 143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">144</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2008</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">2010</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">US$ 70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">4.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="6%" align="right"><font size="2">2013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2008</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">2011</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">$ 300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">19.99</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="6%" align="right"><font size="2">2012</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" 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 align="left">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">626</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">547</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="6%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(1)</font></td>
    <td><font size="1">Annual interest rate as of December 31, 2011.</font></td>
  </tr>
</table>
<p align="center"><font size="2">F-19</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_20"></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">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The Company&#146;s financial debt, which totaled 12,767, including accrued interest (for long-term and short-term debt) as of December 31, 2011 contains customary conditions for contracts of this nature. With respect to a significant portion of it, the Company has agreed, among other things and subject to certain exceptions, not to establish liens or charges on assets. Additionally, approximately 21.1% of the financial debt as of December 31, 2011 is subject to financial covenants related to the leverage ratio and debt service coverage of the Company.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Financial debt is also subject to usual events of default clauses, including in some cases cross-default clauses that could result in early enforcement, and in some cases, prepayment provisions.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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. Under the mentioned program, on September 24, 2009, YPF issued the Negotiable Obligations &#147;Class I&#148; at variable interest, with final maturity in 2011, for an amount of 205 million of Argentine pesos. On March 4, 2010, YPF 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. As of December 31, 2011, the Company has fully complied with the use of proceeds disclosed in the pricing supplement relating to the classes of Negotiable Obligations previously mentioned, and Negotiable Obligations &#147;Class I and II&#148; have been fully paid. Additionally, within the previously mentioned program on June 21, 2011, YPF issued Negotiable Obligations &#147;Class V&#148; at variable rate, with final maturity in 2012, for an amount of 300 million of Argentine pesos. 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.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">Additionally, a significant portion of the
      Company&#146;s financial debt, totaling approximately US$ 2,000 million
      as of December 31, 2011 (US$ 1,600 million as of the issuance date of these
      consolidated financial statements), provides that changes in the Company&#146;s
      control and/or nationalization may constitute an event of default. Moreover,
      the Company&#146;s financial debt also contains cross-default provisions
      and/or cross acceleration provisions that could cause all of the financial
      debt to be accelerated if the debt having changes in control and/or nationalization
      events provisions goes into default or is accelerated. On May 3, 2012, Argentine
      Congress passed Law No. 26,741 and consequently government took control
      over YPF (see Note 17). As of the issuance date of these consolidated financial
      statements, the Company has not received any default notification or debt
      acceleration requirement, and Management is actively pursuing formal waivers
      from the corresponding financial creditors. In case those waivers are not
      obtained and immediate repayment is required, the Company could face short-term
      liquidity problems. However Management expects that in such case it could
      obtain financing from several sources, including the Company&#146;s operating
      cash flows and available credit lines.</font></td>
	</tr>
</table>
<br>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>h)</b></font></td>
		<td><font size="2"><b>Benefit plans:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%" >&nbsp;</td>
    <td valign=top ><font size="2"><b>Defined &#150; benefit obligations</b></font></td>
  </tr>
</table>
<br>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Net present value of obligations</font></td>
    <td width="8%" align="right"><font size="2">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Fair value of assets</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Deferred actuarial losses</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Recognized net liabilities</font></td>
    <td width="8%" align="right"><font size="2">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=4>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=4>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=4>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-20</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_21"></a></font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left"><font size="2"><b>Changes in the fair value of the defined-benefit
      obligations</b></font></td>
    <td width="8%" align="right">&nbsp;</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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Liabilities at the beginning
      of the year</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">130</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">93</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">117</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Translation differences</font></td>
    <td width="8%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Service cost</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Interest cost</font></td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Actuarial losses (gains)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">12</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">21</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(33</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Benefits paid, settlements and amendments</font></td>
    <td width="8%" align="right"><font size="2">(18</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(13</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Liabilities at the end of
      the year</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">143</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">130</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">93</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left"><font size="2"><b>Changes in the fair value of the plan assets</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Fair value of assets at the beginning of the
      year</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Employer and employees contributions</font></td>
    <td width="8%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Benefits paid and settlements</font></td>
    <td width="8%" align="right"><font size="2">(18</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(13</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(13</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Fair value of assets at the end of the year</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(Expense) Income
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="8%" align="right"><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="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 align="left"><font size="2"><b>Amounts recognized in the Statement of
      Income</b></font></td>
    <td width="8%" align="right">
      <div align="center"><b><font size="2">2011</font></b></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><b><font size="2">2010</font></b></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><b><font size="2">2009</font></b></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Service cost</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Interest cost</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(6</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(7</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(8</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Actuarial (losses) gains recognized in the
      year</font></td>
    <td width="8%" align="right"><font size="2">(12</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(21</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">(Losses) on settlements
      and amendments</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(17</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Total recognized as other (expense) income,
      net (Note 3.i)</font></td>
    <td width="8%" align="right"><font size="2">(18</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(45</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left"><font size="2"><b>Actuarial assumptions</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Discount rate</font></td>
    <td width="8%" align="right"><font size="2">3.4%-3.7%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4.7%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5.5%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Expected return on assets</font></td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Expected increase on salaries</font></td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>&nbsp;</b></font></td>
		<td valign=top><font size="2"><b>Health care cost trend</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">For measurement purposes, an 8.1% annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended December 31, 2011. The rate is assumed to decrease by 0.3% each year until reaching 4.5% in 2024 and remain in that level thereafter.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Expected employer&#146;s contributions and estimated future benefit payments for the remaining plans are:</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Other Benefits</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Pension Benefits</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Gross Benefits Payments</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;</td>
    <td align="left"><font size="2">Expected employer&#146;s contributions for
      next year</font></td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Estimated future benefit payments are as follows:</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">&nbsp;</td>
    <td align="left"><font size="2">2012</font></td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2013</font></td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2014</font></td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2015</font></td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">2016 &#150; 2021</font></td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-21</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_22"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>i)</b></font></td>
		<td><font size="2"><b>Other (expense) income, net:</b></font></td>
	</tr>
</table>
<br>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>(Expense) Income
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  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 align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">(Accrual) recovery for pending lawsuits and
      other claims</font></td>
    <td width="8%" align="right"><font size="2">(80</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(138</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">106</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Environmental remediation &#150; YPF Holdings
      Inc.</font></td>
    <td width="8%" align="right"><font size="2">(220</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(124</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(134</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Insurance recovery</font></td>
    <td width="8%" align="right"><font size="2">142</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Defined benefit pension plans and other postretirement
      benefits (Note 3.h)</font></td>
    <td width="8%" align="right"><font size="2">(18</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(45</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2">114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">64</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(62</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(155</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">159</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><b>j)</b></font></td>
    <td><font size="2"><b>Income tax:</b></font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Current income tax</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(2,824</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(3,577</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(2,302</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left"><font size="2">Deferred income tax</font></td>
    <td width="8%" align="right"><font size="2">(126</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">347</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">84</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(2,950)</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(3,230)</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(2,218)</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"><sup>(1)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <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>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td width="3%"><font size="1">(1)</font></td>
    <td><font size="1">Corresponds to income tax incurred in Argentina as of December
      31, 2011, 2010 and 2009, respectively.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The reconciliation of pre-tax income at the statutory tax rate, to the income tax as disclosed in the income statements for the years ended December 31, 2011, 2010, and 2009, is as follows:</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Net income before income tax</font></td>
    <td width="8%" align="right"><font size="2">8,246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,020</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,907</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Statutory tax rate</font></td>
    <td width="8%" align="right"><font size="2">35%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">35%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">35%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Statutory tax rate applied to net income before
      income tax</font></td>
    <td width="8%" align="right"><font size="2">(2,886</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,157</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,067</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Permanent differences:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Income (loss) on long-term investments<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Income from tax free jurisdiction &#150; Law
      N&#186; 19,640 (Tierra del Fuego)</font></td>
    <td width="8%" align="right"><font size="2">58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Tax amnesty &#150; Law No. 26,476</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(97</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2">47</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(60</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">53</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Increase of valuation allowance for temporary
      differences and tax loss and credit carryforwards<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">(201</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(96</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(133</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,950</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,230</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,218</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(1)</font></td>
    <td valign="top"><font size="1">Relates to changes in circumstances and prospects
      that affect the future use of the temporary differences, tax loss and credit
      carryforwards.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(2)</font></td>
    <td valign="top"><font size="1">The Company does not provide for income taxes
      on the unremitted earnings of equity method investees as it anticipates
      that they will be remitted in a tax free liquidation.</font></td>
  </tr>
</table>
<p align="center"><font size="2">F-22</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_23"></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">The breakdown of the net deferred tax liability as of December 31, 2011, 2010 and 2009, is as follows:</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Deferred tax assets</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 align="left"><font size="2">Tax loss and credit carryforwards</font></td>
    <td width="8%" align="right"><font size="2">1,626</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">1,352</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,154</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Non deductible allowances and reserves and
      other liabilities</font></td>
    <td width="8%" align="right"><font size="2">1,207</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,119</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">963</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2">142</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">180</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">220</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Total deferred tax assets</font></td>
    <td width="8%" align="right"><font size="2">2,975</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,651</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,337</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Deferred tax liabilities</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 align="left"><font size="2">Fixed assets</font></td>
    <td width="8%" align="right"><font size="2">(1,278</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,230</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,445</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2">(84</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(24</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(10</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Total deferred tax liabilities</font></td>
    <td width="8%" align="right"><font size="2">(1,362</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,254</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,455</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Valuation allowances</font></td>
    <td width="8%" align="right"><font size="2">(2,030</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,688</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,520</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Net deferred tax liability</font></td>
    <td width="8%" align="right"><font size="2">(417</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(291</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(638</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(1)</font></td>
    <td valign="top"><font size="1">Tax loss and credit carryforwards will expire
      as follows: 1,516 after five years and 110 that carry forward indefinitely.</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"><b>k)</b></font></td>
    <td><font size="2"><b>Net sales:</b></font></td>
  </tr>
</table>
<br>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Sales</font></td>
    <td width="8%" align="right"><font size="2">60,758</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">47,277</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">36,978</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Turnover tax</font></td>
    <td width="8%" align="right"><font size="2">(1,855</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,204</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(835</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Hydrocarbon export withholdings</font></td>
    <td width="8%" align="right"><font size="2">(2,206</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,911</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,823</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">56,697</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34,320</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>4.</b></font></td>
		<td><font size="2"><b>CAPITAL STOCK</b></font></td>
	</tr>
</table>
<p><font size="2">The Company&#146;s subscribed capital as of December 31, 2011, 2010 and 2009 was 3,933 and was 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">As of December 31, 2011, Repsol YPF S.A. (&#147;Repsol YPF&#148;)
  controlled the Company, directly and indirectly, through an approximately 57.43%
  shareholding while Petersen Energ&#237;a S.A. (&#147;PESA&#148;) and its affiliates
  exercised significant influence through a 25.46% shareholding. Additionally,
  Repsol YPF had granted to other minority shareholder an option to purchase from
  Repsol YPF up to an additional 1.6% of YPF&#146;s outstanding capital stock,
  which expired without being exercised as of the date of issuance of these consolidated
  financial statements.</font></p>
<p><font size="2">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 (see additionally Note 17).</font></p>
<p><font size="2">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">As of December 31, 2011, there are 3,764 Class A outstanding shares. 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 YPF shares in an agreed or hostile bid, 3) transfers of all the YPF&#146;s production and exploration rights, 4) the voluntary dissolution of YPF 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>
<p><font size="2">Law No. 26,741 enacted on May 4, 2012 (see Note 17), changed
  the Company&#146;s shareholding structure. The Class D shares expropriated from
  Repsol YPF or its controlling or controlled entities, which represent 51% of
  YPF&#146;s share capital, will be distributed as follows: 51% for the Argentine
  federal government and 49% for certain Argentine Provinces.</font></p>
<p align="center"><font size="2">F-23</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_24"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>5.</b></font></td>
		<td><font size="2"><b>RESTRICTED ASSETS AND GUARANTEES GIVEN</b></font></td>
	</tr>
</table>
<p><font size="2">As of December 31, 2011, YPF has signed guarantees in relation to the financing activities of Central Dock Sud S.A. in an amount of approximately US$ 9 million. The corresponding loan has final maturity in 2013.</font></p>
<p><font size="2">Additionally, as of December 31, 2011, the Company has issued
  letters of credit in an amount of US$ 51 million to guarantee environmental
  obligations; and guarantees in an amount of approximately US$ 29 million to
  guarantee the enforcement of contracts from certain controlled companies.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>6.</b></font></td>
		<td><font size="2"><b>PARTICIPATION IN JOINT VENTURES AND OTHER AGREEMENTS</b></font></td>
	</tr>
</table>
<p><font size="2">As of December 31, 2011, the main exploration and production joint ventures and other agreements in which YPF 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">
      <div align="center"><font size="2"><b>Name and Location</b></font></div>
    </td>
    <td width="4%" align="right">&nbsp; </td>
    <td width="21%" align="right">
      <div align="center"><font size="2"><b><br>
        Ownership Interest</b></font></div>
    </td>
    <td width="4%" align="left">&nbsp; </td>
    <td width="32%" align="right">
      <div align="center"><font size="2"><b>Operator</b></font></div>
    </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 align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td width="32%" 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">Acambuco<br>
      <i>Salta</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">22.50</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Pan American Energy LLC</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Aguada Pichana<br>
      <i>Neuqu&#233;n</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">27.27</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Total Austral S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Aguarag&#252;e<br>
      <i>Salta</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">30.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Tecpetrol S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">CAM-2/A SUR<br>
      <i>Tierra del Fuego</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Enap Sipetrol Argentina S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Campamento Central / Ca&#241;ad&#243;n Perdido<sup>(2)</sup><br>
      <i>Chubut</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">YPF S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Consorcio CNQ7/A<br>
      <i>La Pampa and Mendoza</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Petro Andina Resources Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">El Tordillo<br>
      <i>Chubut</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">12.20</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Tecpetrol S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">La Tapera y Puesto Quiroga<br>
      <i>Chubut</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">12.20</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Tecpetrol S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Llancanelo<br>
      <i>Mendoza</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">51.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">YPF S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Magallanes<br>
      <i>Santa Cruz, Tierra del Fuego and National Continental Shelf</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Enap Sipetrol Argentina S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Palmar Largo<br>
      <i>Formosa and Salta</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">30.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Pluspetrol S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Puesto Hern&#225;ndez<br>
      <i>Neuqu&#233;n and Mendoza</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">61.55</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Petrobras Argentina S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Ramos<br>
      <i>Salta</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">15.00</font></td>
    <td align="left"><font size="2">%<sup>(1)</sup></font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Pluspetrol Energy S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">San Roque<br>
      <i>Neuqu&#233;n</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">34.11</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Total Austral S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Tierra del Fuego<br>
      <i>Tierra del Fuego</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">30.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">Petrolera L.F. Company S.R.L.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Yacimiento La Ventana &#150; R&#237;o Tunuy&#225;n<br>
      <i>Mendoza</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">60.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">YPF S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Zampal Oeste<br>
      <i>Mendoza</i></font></td>
    <td align="right">&nbsp;</td>
    <td width="21%" align="right"><font size="2">70.00</font></td>
    <td align="left"><font size="2">%</font></td>
    <td width="32%" align="right">
      <div align="left"><font size="2">YPF S.A.</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Additionally, YPF has a 27% indirect ownership interest through Pluspetrol Energy S.A.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">See additionally Note 10.a).</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-24</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_25"></a></font></p>
<p><font size="2">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;, 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. During the second quarter of 2011, the construction was completed and the operation has begun.</font></p>
<p><font size="2">Additionally, certain YPF&#180;s subsidiaries participate in exploration and production agreements in the Gulf of Mexico and Guyana and other countries in latin America.</font></p>
<p><font size="2">Furthermore, as of December 31, 2011, 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">The assets and liabilities as of December 31, 2011, 2010 and
  2009 and production costs of the joint ventures and other agreements for the
  years ended December 31, 2011, 2010 and 2009 included in the consolidated 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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Current assets</font></td>
    <td width="8%" align="right"><font size="2">488</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">321</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">272</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Noncurrent assets</font></td>
    <td width="8%" align="right"><font size="2">4,899</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,012</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,817</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</font></td>
    <td width="8%" align="right"><font size="2">5,387</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,333</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,089</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Current liabilities</font></td>
    <td width="8%" align="right"><font size="2">1,026</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">584</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">483</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Noncurrent liabilities</font></td>
    <td width="8%" align="right"><font size="2">1,241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">641</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Total liabilities</font></td>
    <td width="8%" align="right"><font size="2">2,267</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,124</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Production costs</font></td>
    <td width="8%" align="right"><font size="2">2,912</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,476</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,049</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>
  </tr>
</table>
<p><font size="2">Participation in joint ventures and other agreements have been calculated based upon the latest available financial statements as of the end of each year, taking into account significant subsequent events and transactions as well as available management information.</font></p>
<p align="center"><font size="2">F-25</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_26"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>7.</b></font></td>
		<td><font size="2"><b>BALANCES AND TRANSACTIONS WITH RELATED PARTIES</b></font></td>
	</tr>
</table>
<p><font size="2">The principal outstanding balances as of December 31, 2011, 2010 and 2009 from transactions with jointly controlled companies, companies under significant influence, main shareholders and other related parties under their control 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" align="right">
      <div align="center"><font size="1"><b>2011</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan="11" align="right">
      <div align="center"><font size="1"><b>2010</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan="11" align="right">
      <div align="center"><font size="1"><b>2009</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=7 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan="9" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan="11" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan="11" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=7 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Trade<br>
        receivables</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Other<br>
        receivables</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Accounts<br>
        payable</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Loans</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Trade<br>
        receivables</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Other<br>
        receivables</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Accounts<br>
        payable</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Loans</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Trade<br>
        receivables</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Other<br>
        receivables</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Accounts<br>
        payable</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Loans</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=7 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3 align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="4%" align="right">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" height="21" bgcolor="#cccccc"><font size="1"><b>Jointly controlled
      companies:</b></font></td>
    <td width="4%" align="left" height="21" bgcolor="#cccccc">&nbsp;</td>
    <td width="1%" align="left" height="21" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=32 height="21" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Profertil S.A.</font></td>
    <td width="4%" align="right"><font size="1">14</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">61</font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">14</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right"><font size="1">1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">40</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">5</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">6</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="1">Compa&#241;&#237;a Mega
      S.A. (&#147;Mega&#148;)</font></td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">284</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">11</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">184</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">6</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">152</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">5</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Refiner&#237;a del Norte S.A. (&#147;Refinor&#148;)</font></td>
    <td width="4%" align="right"><font size="1">38</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">12</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">9</font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">29</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right"><font size="1">10</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">6</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">43</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">16</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">336</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">13</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">81</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">227</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc" align="right"><font size="1">11</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">52</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">200</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">1</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">27</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="1"><b>Companies under significant
      influence:</b></font></td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">104</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">291</font></td>
    <td align="right" bgcolor="#cccccc">
      <div align="left"><font size="1"><sup>(1)</sup></font></div>
    </td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">48</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">50</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc" align="right"><font size="1">1</font></td>
    <td width="1%" align="left" bgcolor="#cccccc"><font size="1"><sup>(1)</sup></font></td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">256</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="1"><sup>(1)</sup></font></div>
    </td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="2">
      <hr noshade size=1>
      </font><font size="1">46</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">22</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">168</font></td>
    <td width="1%" align="left" bgcolor="#cccccc"><font size="1"><sup>(1)</sup></font></td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">74</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="1"><sup>(1)</sup></font></div>
    </td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">25</font></td>
    <td width="1%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc"><font size="1">&#151;</font></td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2"> </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="1"><b>Main shareholders and
      other related parties under their control:</b></font></td>
    <td width="4%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="1%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=32 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Repsol YPF</font></td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="1">43</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="1">&#151;</font></td>
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  <tr align="center" valign="bottom">
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  <tr align="center" valign="bottom">
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      <hr noshade size=3>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="4%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes mainly 291, 257 and 234 with Central Dock Sud S.A. as of December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table><p><font size="2">The Company maintains purchase, sale and financing transactions with related parties. The principal purchase, sale and financing transactions with these companies for the years ended December 31, 2011, 2010 and 2009, 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="5%" align="center"><font size="1"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="5%" align="center"><font size="1"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="5%" align="center"><font size="1"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  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  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  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Sales</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Purchases<br>
        and<br>
        services</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Loans obtained (paid), net</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Interests and<br>
        Commissions<br>
        gains<br>
        (losses), net</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Sales</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Purchases<br>
        and<br>
        services</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Loans<br>
        obtained<br>
        (paid), net</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Interests and<br>
        Commissions<br>
        gains<br>
        (losses), net</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Sales</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Purchases and services</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Loans<br>
        obtained<br>
        (paid), net</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Interests and<br>
        Commissions gains<br>
        (losses), net</b></font></div>
    </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>
    <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="1"><b>Jointly controlled companies:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=23>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Profertil S.A.</font></td>
    <td width="5%" align="right"><font size="1">41</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">230</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">117</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">71</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Mega</font></td>
    <td width="5%" align="right"><font size="1">1,066</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">59</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">787</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">622</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Refinor</font></td>
    <td width="5%" align="right"><font size="1">224</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">80</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">213</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">75</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">201</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">84</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#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>
    <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="1">1,331</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">369</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">1,046</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">228</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">852</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">175</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#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>
    <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="1"><b>Companies under significant <br>
      influence</b>:</font></td>
    <td width="5%" align="right"><font size="1">244</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">187</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">208</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(12</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">116</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(13</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">12</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>
    <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="1"><b>Main shareholders and other related parties
      under their control</b>:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=23>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Repsol YPF</font></td>
    <td width="5%" align="right"><font size="1">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(4</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(19</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">31</font></td>
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    <td width="5%" align="right"><font size="1">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(1</font></td>
    <td width="2%" align="left"><font size="1">)</font></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>
    <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="1">595</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(39</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">665</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(811</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">(51</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">410</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">65</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(56</font></td>
    <td width="2%" align="left"><font size="1">)</font></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>
    <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="1">2,170</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(27</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">1,898</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">505</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(823</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">(39</font></td>
    <td width="2%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">1,378</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">446</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">52</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="1">(44</font></td>
    <td width="2%" align="left"><font size="1">)</font></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>
    <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>
<br>
<p align="center"><font size="2">F-26</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_27"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>8.</b></font></td>
		<td><font size="2"><b>CONSOLIDATED BUSINESS SEGMENT INFORMATION</b></font></td>
	</tr>
</table>
<p><font size="2">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 administrative costs and assets, and construction activities.</font></p>
<p><font size="2">Operating income (loss) and assets for each segment have been determined after intersegment adjustments.</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">
      <div align="center"><font size="2"><b>Exploration and Production</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Refining and Marketing</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Chemical</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Corporate <br>
        and Other</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Consolidation Adjustments</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </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 colspan=3  align="left"><font size="2"><b>Year ended December 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net sales to unrelated parties</font></td>
    <td width="8%" align="right"><font size="2">3,814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">46,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,632</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,307</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">54,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net sales to related parties</font></td>
    <td width="8%" align="right"><font size="2">1,166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,004</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,170</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net intersegment sales</font></td>
    <td width="8%" align="right"><font size="2">20,129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,766</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,188</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">651</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(24,734</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales</font></td>
    <td width="8%" align="right"><font size="2">25,109</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">49,544</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,820</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,958</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(24,734</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">56,697</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>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Operating income (loss)</font></td>
    <td width="8%" align="right"><font size="2">4,977</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,649</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(1,383</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(131</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">8,563</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income on long-term investments</font></td>
    <td width="8%" align="right"><font size="2">92</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">92</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Depreciation</font></td>
    <td width="8%" align="right"><font size="2">4,607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">614</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,466</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Acquisitions of fixed assets</font></td>
    <td width="8%" align="right"><font size="2">9,974</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,186</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,098</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">230</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,488</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Assets</font></td>
    <td width="8%" align="right"><font size="2">30,357</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,119</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,974</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,452</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(1,503</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">55,399</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan=3  align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan=3  align="left"><font size="2"><b>Year ended December 31, 2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net sales to unrelated parties</font></td>
    <td width="8%" align="right"><font size="2">4,611</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">34,209</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,445</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">999</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">42,264</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net sales to related parties</font></td>
    <td width="8%" align="right"><font size="2">981</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">917</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,898</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net intersegment sales</font></td>
    <td width="8%" align="right"><font size="2">17,428</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,871</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">358</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(21,325</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales</font></td>
    <td width="8%" align="right"><font size="2">23,020</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">36,794</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,316</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,357</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(21,325</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">44,162</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>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Operating income (loss)</font></td>
    <td width="8%" align="right"><font size="2">6,210</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">874</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(952</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,475</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income on long-term investments</font></td>
    <td width="8%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Depreciation</font></td>
    <td width="8%" align="right"><font size="2">4,497</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">551</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">120</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,273</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Acquisitions of fixed assets</font></td>
    <td width="8%" align="right"><font size="2">6,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,826</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">712</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">149</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,477</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Assets</font></td>
    <td width="8%" align="right"><font size="2">26,245</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,043</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,779</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(1,102</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">46,589</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan=3  align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan=3  align="left"><font size="2"><b>Year ended December 31, 2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net sales to unrelated parties</font></td>
    <td width="8%" align="right"><font size="2">4,757</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">25,733</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,932</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">520</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net sales to related parties</font></td>
    <td width="8%" align="right"><font size="2">751</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">627</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,378</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net intersegment sales</font></td>
    <td width="8%" align="right"><font size="2">14,473</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,202</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">350</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(17,130</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales</font></td>
    <td width="8%" align="right"><font size="2">19,981</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27,562</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,037</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">870</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(17,130</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">34,320</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>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Operating income (loss)</font></td>
    <td width="8%" align="right"><font size="2">5,379</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,896</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">559</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(820</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(15</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">6,999</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">(Loss) income on long-term investments</font></td>
    <td width="8%" align="right"><font size="2">(33</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(9</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Depreciation</font></td>
    <td width="8%" align="right"><font size="2">4,073</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">121</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,832</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Acquisitions of fixed assets</font></td>
    <td width="8%" align="right"><font size="2">3,879</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,177</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">155</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">178</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,389</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Assets</font></td>
    <td width="8%" align="right"><font size="2">23,753</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,255</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,066</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,421</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(748</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">39,747</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2">Export sales, net of withholdings taxes, for the years ended December 31, 2011, 2010 and 2009 were 6,770, 5,678 and 4,904 respectively. Export sales were mainly to Chile and Brazil.</font></p>
<p align="center"><font size="2">F-27</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_28"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>9.</b></font></td>
		<td><font size="2"><b>SOCIAL AND OTHER EMPLOYEE BENEFITS</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Performance Bonus Programs:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The amount charged to expense related to the Performance Bonus Programs was 180, 133 and 89 for the years ended December 31, 2011, 2010, and 2009, respectively.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Retirement Plan:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Effective March 1, 1995, YPF 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 YPF will pay an amount equal to the contributed by each member.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The plan members will receive the funds contributed by YPF 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The total charges recognized under the Retirement Plan amounted approximately 21, 25 and 15, for the years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>10.</b></font></td>
		<td><font size="2"><b>COMMITMENTS AND CONTINGENCIES</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Pending lawsuits and contingencies:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The Company is party to a number of labor, commercial, civil, tax, criminal, environmental and administrative proceedings that, either alone or in combination with other proceedings, could, if resolved in whole or in part adversely against it, result in the imposition of material costs, fines, judgments or other losses. While the Company believes that such risks have been accrued appropriately based on the opinions and advice of our external legal advisors and in accordance with applicable accounting standards, certain loss contingencies, are subject to change as new information develops and results of the presented evidence is obtain, among others. It is possible that losses resulting from such risks, if proceedings are decided in whole or in part adversely to YPF, could significantly exceed any provided accruals.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 31, 2011, the Company has accrued 2,917 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>
<br>
<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">&#150;</font></td>

    <td><font size="2"><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 consolidated financial
      statements, including counsel fees and judicial expenses.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2"><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>
<br>
<p align="center"><font size="2">F-28</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_29"></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">&#150;</font></td>

    <td><font size="2"><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 procedure which sets new rules for natural gas dispatch applicable
      to all participants in the natural gas industry, imposing new and more severe
      regulations to the producers&#146; availability of natural gas (&#147;Procedimiento
      para Solicitudes, Confirmaciones y Control de Gas&#148;). 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;Administrated
      Exports &#148;). On January 5, 2012, the Official Gazette published Resolution
      of the Secretariat of Energy No. 172 which temporarily extends the rules
      and criteria established by Resolution No. 599/07 and the commitments undertaken
      by natural gas producers under the Agreement 2007-2011, until new legislation
      replaces the Resolution previously mentioned. This Resolution was appealed
      on February 17, 2012 by filing a motion for reconsideration with the Secretariat
      of Energy.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">As a result of the Administrated Exports, 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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</font></td>
	</tr>
</table>
<br>

<p align="center"><font size="2">F-29</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_30"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 S.A.(&#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. During December 2011, evidence production hearings took place. On January 13, 2012 the parties submitted the corresponding arguments closing the evidence production period previously mentioned. The Arbitration Tribunal has indicated that it will reach a resolution by July 31, 2012.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2">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, which were claimed in a note addressed
      to the Company during November 2011. The total amount claimed by TGN amounts
      to approximately US$ 207 millions as of the date of these consolidated financial
      statements. 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 initiated before 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. During September 2011, YPF
      was notified of the resolution of the Court of Appeals rejecting YPF&#180;s
      claims and declaring that ENARGAS is not the appropriate forum to decide
      on the matter and giving jurisdiction to the Civil and Commercial Federal
      courts to decide on the claim for the payment of unpaid invoices mentioned
      above. In addition, Naci&#243;n Fideicomisos S.A. had initiated a claim
      against YPF in relation to payments for natural gas transportation services.
      A mediation hearing finished without arriving to an agreement, concluding
      the pre-trial stage. Additionally, on January 12, 2012 and following a mediation
      process which ended without any agreement, Naci&#243;n Fideicomisos S.A.
      filed a complaint against YPF, under art. 66 of Law No. 24,076, before ENARGAS,
      claiming the payment of certain transportation charges in an approximate
      amount of 339. YPF answered the claim raising ENARGAS&#146; lack of jurisdiction
      (as the Company did in the proceeding against TGN) and rejecting the claim
      based on the theory of legal impossibility. On April 12, 2012, ENARGAS resolved
      in favor of Naci&oacute;n Fideicomisos S.A. This resolution is not final
      and may be appealed by the Company. In the opinion of YPF&#146;s Management,
      the matters referred to above, will not have a material adverse effect on
      the Company&#146;s results of operations.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 Companh&#237;a de G&#225;s do Estado do R&#237;o Grande do Sul (&#147;Sulgas&#148;)/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 &#147;Teor&#237;a de la Imprevisi&#243;n&#148; available under Argentine law, when extraordinary events render a party&#146;s obligations excessively burdensome.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Additionally, 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>
<br>
<p align="center"><font size="2">F-30</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_31"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
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		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top><font size="2">&#150;</font></td>
		<td><font size="2"><i>La Plata and Quilmes environmental claims:</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">On January 25, 2011, YPF entered into an agreement
      with the environmental agency of the Government of the Province of Buenos
      Aires (Organismo Provincial para el Desarrollo Sostenible (&#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 No. 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>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2"><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
      36 judicial claims related to similar matters have been brought against
      YPF amounting to approximately 19. Additionally, the Company is aware of
      the existence of other out of court claims which are based on similar allegations.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%"><font size="2">&#150;</font></td>
		<td><font size="2"><i>Environmental contingencies and other claims of YPF Holdings Inc.- a wholly owned subsidiary of YPF.</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-31</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_32"></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 ><font size="2">YPF Holdings Inc. believes that its policies and procedures in the area of pollution control, product safety and occupational health are adequate to prevent reasonable 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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 31, 2011, accruals for the environmental contingencies and other claims totaled approximately 665. 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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><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 December 31, 2011, in connection with such activities.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><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 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 December 31, 2011, approximately 70 entities, including Tierra, have agreed to participate in the RIFS in connection with the PRRP.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-32</font><br>
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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_33"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
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    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">The EPA&#146;s findings of fact in the 2007
      AOC (which amended the 1994 AOC) indicate that combined sewer overflow/storm
      water outfall discharges are an ongoing source of hazardous substances to
      the Lower Passaic River Study Area. For this reason, during the first semester
      of 2011, Maxus and Tierra negotiated with the EPA, on behalf of Occidental,
      an Administrative Settlement Agreement and Order on Consent for Combined
      Sewer Overflow/Storm Water Outfall Investigation (&#147;CSO AOC&#148;),
      which became effective in September 2011. Besides providing for a study
      of combined sewer overflows in the Passaic River, the CSO AOC confirms that
      there will be no further obligations to be performed under the 1994 AOC.
      Tierra estimates that the total cost to implement the CSO AOC is approximately
      US$ 5 million and will take approximately 2 years to complete.</font></td>
	</tr>
</table>
<br>
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		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
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<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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 a portion 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 consolidated
      financial statements, the parties have not agreed to Tierr&#225;s 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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 second semester of 2012. Tierra will respond to any further EPA proposal as may be appropriate at that time.</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 </font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-33</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_34"></a></font></p>

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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">the NOAA to fund a portion of the costs it has incurred and to conduct certain assessment activities during 2009. Approximately 20 other PRRP members have also entered into similar agreements. In November 2009, Tierra declined to extend this agreement.</font></td>
	</tr>
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    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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 commenced in July 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 December 31, 2011, US$ 42 million has been contributed to the fund.
      During the first and third quarters of 2010, the Company issued, with EPA
      approval, US$ 20 million in letters of credit to provide assurance, rather
      than paying additional funds into the trust. A final payment of US$ 8 million
      to the fund is expected to be made in September 2012. 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. Construction of the facilities
      required for the agreed works were completed in the first quarter of 2012;
      dredging and de-watering activities began in the first quarter of 2012.
      During the removal action, contaminants 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. The removal action is expected to
      be completed by the end of the third quarter of 2012. However, as of the
      date of issuance of these consolidated financial statements, it is not possible
      to make any prediction regarding the likelihood of success or the funds
      potentially recoverable in a cost-recovery action.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 31, 2011, there is a total of approximately 409 million accrued comprising the estimated costs for studies, the YPF Holdings Inc.&#180;s best estimate of the cash flows it could incur in connection with remediation activities considering the studies performed by Tierra, the estimated costs related to the Removal AOC agreement, and in addition 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></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><i>New Jersey &#150; Litigation with DEP</i>. In December 2005, the DEP sued YPF Holdings Inc., Tierra, Maxus and several other 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. Anticipating this considerable expansion of the number of parties in the litigation, the Court appointed a Special Master to assist the court in the administration of discovery. 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. In October 2010, a number of public</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-34</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_35"></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 ><font size="2">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 third-parties appealed the decision, but the judge
      denied such appeal in March 2011. In May 2011, the judge issued Case Management
      Order No. XVII (CMO XVII), which contains the Trial Plan for the case. This
      Trial Plan divides the case into two phases, each with its own mini-trials.
      Phase One will determine liability and Phase Two will determine damages.
      Following the issuance of CMO XVII, the State of New Jersey and Occidental
      filed motions for partial summary judgment. The State filed two motions:
      the first one against Occidental and Maxus on liability under the Spill
      Act, and against Tierra on liability under the Spill Act. In addition, Occidental
      filed a motion for partial summary judgment that Maxus owes a duty of contractual
      indemnity to Occidental for liabilities under the Spill Act. In July and
      August 2011, the judge ruled that, although the discharge of hazardous substances
      by Chemicals has been proved, liability allegation cannot be made if the
      nexus between any discharge and the alleged damage is not established. Additionally,
      the Court ruled that Tierra has Spill Act liability to the State based merely
      on its current ownership of the Lister Avenue site; and that Maxus has an
      obligation under the 1986 Stock Purchase Agreement to indemnify Occidental
      for any Spill Act liability arising from contaminants discharged on the
      Lister Avenue site.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">During the fourth quarter of 2011, the parties
      agreed on a consensus trial plan for Track III under CMO XVII, which narrowed
      the scope of issues for discovery and trial in May 2012 to factual issues
      relevant to determining Maxus's alleged direct liability to the State of
      New Jersey and to issues relating to responsibility for discharges during
      the era when the Newark plant site was under the ownership of Kolker Chemical
      Works. The Court accepted six applications for Fast Track Arbitration-discovery
      proceeded in January 2012, to be followed by depositions and arbitration
      briefing. In addition, Maxus submitted to the Special Master and the &quot;Additional
      Dischargers&quot; Committee a plan to sample the area around mile 10.9 of
      the Passaic River for the HCX chemical marker that Maxus believes is associated
      with dioxin discharged by one or more third-party defendants. The HCX sampling
      was completed in January 2012 and validated results were received in March
      2012.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2">In February 2012, plaintiffs and Occidental
      filed motions for partial summary judgment, seeking summary adjudication
      that Maxus has liability under the Spill Act . In March 2012, Maxus submitted
      its briefs in opposition and OCC and plaintiffs submitted reply briefs in
      April. In addition, in May 2012: (i) approximately 60 private-sector parties
      stipulated to at least one discharge of hazardous substances into the Passaic
      River or Newark Bay, thereby establishing their liability (but not the quantum
      of such liability, which will be decided in Track VII); (ii) YPF and Repsol
      moved to stay the Track IV case for 120 days; however, the Court agreed
      only to a temporary stay until June 11, 2012, at which time there will be
      a hearing to decide whether a further stay is warranted. </font></td>
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<br>
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  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2">Finally the Special Master called for and held
      a settlement conference in November 2011 between the State of New Jersey,
      on the one hand, and Repsol YPF S.A., YPF and Maxus, on the other hand to
      discuss the parties' respective positions, but no agreement was reached.</font></td>
  </tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 31, 2011, 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.</font></td>
	</tr>
</table>
<br>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Based on the information available to the Company, including the amount of time remaining before trial, the involvement of more than 300 parties, the results of discovery and the opinion of internal and external counsel, it is not possible to estimate a reasonable loss or range of losses on these outstanding matters. Therefore, no amounts have been accrued for this litigation by YPF Holdings Inc. as of December 31, 2011.</font></td>
	</tr>
</table>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><i>Passaic River Mile 10.9 Removal Action.</i> In February 2012, the EPA issued to the CPG a draft Administrative Settlement Agreement and order on Consent (&#147;AOC RM 10.9&#148;) for Removal Action and Pilot Studies to address high levels of contamination of TCDD dioxin, PCBs, mercury and other contaminants of concern in</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-35</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_36"></a></font></p>

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    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2"> the vicinity of the Passaic River&#146;s mile
      10.9, comprised of a sediment formation (&#147;mud flat&#148;) of approximately
      8.9 acres. In connection with this AOC RM 10.9, the EPA is asking the CPG
      that 16,000-30,000 cubic yards of sediments be removed and that pilot scale
      studies be conducted to evaluate ex situ decontamination beneficial reuse
      technologies, innovative capping technologies, and in situ stabilization
      technologies for consideration and potential selection as components of
      the remedial action to be evaluated in the 2007 AOC and the FFS and selected
      in one or more subsequent records of decision. The EPA has requested that
      a final AOC RM 10.9 be ready for signature by mid to late May 2012. The
      CPG&#146;s technical consultants are negotiating a Scope of Work with the
      EPA and the CPG internally has retained an allocation consultant to assist
      in developing a proposed plan for allocation of the cost of the AOC RM 10.9.
      Tierra currently does not have sufficient information regarding either the
      Scope of Work or the cost allocation to estimate with any degree of certainty
      what would be Tierra&#146;s financial responsibility under the AOC RM 10.9.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 in principle, for which Tierra, on behalf of Occidental, agreed to pay US$ 5 million and perform remediation works in three sites, with a total cost of approximately US$ 2 million. The US$ 5 million payment was made in October 2011 and a master schedule was delivered to DEP in February 2012 for the remediation during a ten-year period, of the three orphan sites plus the remaining chromite ore sites (approximately 28 sites) under the Kearny ACO. DEP indicated that it could not approve a ten-year term; therefore, in March 2012, Maxus submitted a revised eight-year schedule and is awaiting DEP&#180;s comments.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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 consolidated 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</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-36</font><br>
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		<td valign=top ><font size="2"> site. The parties have agreed to coordinate remedial efforts, forming the &#147;Peninsula Restoration Group&#148; or &#147;PRG.&#148; In the fourth quarter 2011, the PRG reached an agreement in principle with a new party, whereby would join the PRG at an allocated share of 16.6%. The PRG is in active negotiations with the EPA for an RIFS AOC for the Standard Chlorine Chemical Company site.</font></td>
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		<td valign=top ><font size="2">Pursuant to a request of the DEP, in the second half of 2006, the PRG tested the sediments in a portion of the Hackensack River near the former Kearny Plant. A report of those test results was submitted to the DEP. DEP requested additional sampling, and the PRG submitted to DEP work plans for additional sampling in January 2009. In March 2012, the PRG received a Notice of Deficiency (&#147;NOD&#148;) letter from DEP relating to the Hackensack River Study Area (&#147;HRSA&#148;) Supplemental Remedial Investigation Work Plan (&#147;SRIWP&#148;) that the PRG had submitted to the DEP in January 2009. In the NOD, DEP seeks to expand the scope of work that would be required in the Hackensack River under the SRIWP to add both additional sample locations/core segments and parameters. While the PRG acknowledges that it is required to investigate and prevent chrome releases from certain upland sites into the river, the PRG contends that it is has no obligation under the governing ACOs and Consent Judgment to investigate chrome contamination in the river generally. Negotiations between the PRG and the DEP are ongoing.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 31, 2011, there are approximately 43 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></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><i>Painesville, Ohio.</i> In connection with the Chemica&#314;s operation until 1976 of one chromite ore processing plant (&#147;Chrome Plant&#148;), 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></td>
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    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">Over fifteen 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 consolidated financial statements, the site has not been
      listed. YPF Holdings Inc. has accrued a total of 58 as of December 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></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><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. During the first semester of 2011, Tierra negotiated, on behalf of Occidental, a draft Consent Decree with governmental agencies of the United States and Texas addressing natural resource damages at the Greens Bayou Site. This Consent Decree, when signed, will incorporate by reference the Final Damage Assessment and Restoration Plan/Environmental Assessment which specifies the restoration projects to be implemented. The Consent Decree is expected to be signed in the second quarter of 2012. Although the primary work was largely finished in 2009, some follow-up activities and operation and maintenance remain pending. As of December 31, 2011, YPF Holdings Inc. has accrued 17 for its estimated share of remediation activities associated with Greens Bayou facility.</font></td>
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<br>
<p align="center"><font size="2">F-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>

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		<td valign=top ><font size="2">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.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">In 2007, Maxus signed with four other parties potentially involved, an AOC to conduct RIFS about contamination in the soil, groundwater, as well as in the Kinnickinnic River sediments. Exposure of Maxus at the site appears linked to the period 1966-1973, although there is some controversy about it.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">In November 2006, five PRPs, including Maxus, entered into a joint participation and defense agreement. Maxus&#146; share under this agreement is 50%. In January 2007, an Administrative Settlement Agreement and Order on Consent (AOC) for Remedial Investigation/Feasibility Study (RI/FS) was entered into by Maxus and the four other PRPs. Under the AOC, the PRP Group agreed to complete a RI/FS, which requires investigation of &#147;upland&#148; soil and groundwater, as well as sediment in the Kinnickinnic River. During late 2011, the PRP Group received EPA comments on the draft of Interim RI Report and is currently working towards addressing same.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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. The potentially responsible parties, including Maxus on behalf of Occidental, formed a PRP Group to finance and perform an AOC RIFS. The RIFS has been completed and the EPA has selected a Final Remedy, the EPA Superfund Division Director signed the Record of Decision on September 30, 2009. The PRP Group expects to sign a Consent Decree in the first quarter of 2012 and commence the required remediation work in mid-2012. As of December 31, 2011 YPF Holdings has accrued approximately 8 in connection with its obligations for this matter.</font></td>
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		<td valign=top ><font size="2">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 December 31, 2011, YPF Holdings Inc. has accrued approximately 1 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></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><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 December 31, 2011, YPF Holdings Inc. has accrued 12 in connection with its estimate of these obligations.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2"><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></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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</font></td>
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<br>
<p align="center"><font size="2">F-38</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_39"></a></font></p>

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    <td valign=top ><font size="2">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 judgment 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 consolidated financial statements,
      and if such claims arise, they could result in additional liabilities for
      Maxus. As of December 31, 2011 YPF Holdings Inc. has accrued approximately
      1 in respect to these matters.</font></td>
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    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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 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 the past and future costs to be 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. On behalf of Occidental, Maxus presented an appeal
      in February 2011, and the U.S. Court of Appeals for the Fifth Circuit affirmed
      the District Court&#180;s ruling in March 2012. It is expected that OCC
      will be ordered to make payment of the judgment in June or July 2012. As
      of December 31, 2011, YPF Holdings Inc. has accrued 16 in respect of this
      matter.</font></td>
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    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">In May 2008, Ruby Mhire and others (&#147;Mhire&#148;)
      brought suit against Maxus and other third parties, alleging that various
      parties including a predecessor of Maxus had contaminated certain property
      in Cameron Parish, Louisiana, during oil and gas activities on the property.
      Maxus&#146; predecessor operated on the property from 1969 to 1989. The
      Mhire plaintiffs have demanded remediation and other compensation in excess
      of US$ 150 million basing themselves on plaintiff&#180;s experts study.
      There will be a court-ordered mediation session in June 2012. Maxus management
      presently believes that relatively little remediation activity is merited
      and intends to vigorously defend the case. Maxus has made appropriate responsive
      pleadings in the matter. The case is currently in the discovery phase and
      is expected to go to trial in the first quarter of 2013. Based on the information
      currently available, YPF Holdings is unable to reasonably estimate a possible
      loss or range of loss on this matter.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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></td>
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</table>
<br>
<p align="center"><font size="2">F-39</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_40"></a></font></p>

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    <td valign=top width="3%"><font size="2">&#150;</font></td>
		<td><font size="2"><i>Tax claims:</i></font></td>
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    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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 consolidated financial statements.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Additionally, YPF&#146;s Management, in consultation with its external counsels, believes that the following contingencies and claims, individually significant, have possible outcome. Based on the information available to the Company, including the amount of time remaining before trial among others, the results of discovery and the judgment of internal and external counsel, the Company is unable to estimate the reasonably possible loss or range of loss on certain matters referred to below:</font></td>
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		<td valign=top width="3%"><font size="2">&#150;</font></td>

    <td><font size="2"><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 consolidated
      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. On December 13, 2011, the
      Supreme Court suspended the proceeding for 60 days and ordered YPF and the
      plaintiff to present a schedule of the meetings that would take place during
      such suspension, authorizing the participation of the remaining parties
      and third parties.</font></td>
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		<td valign=top width="3%"><font size="2">&#150;</font></td>
		<td><font size="2"><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>
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</table>
<br>
<p align="center"><font size="2">F-40</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_41"></a></font></p>

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		<td valign=top ><font size="2">By means of sentence dated July 8, 2008, the CSJN:</font></td>
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		<td valign=top width="3%"><font size="2">(i)</font></td>

    <td><font size="2">Determined that the Basin Authority (Law No. 26,168) (&#147;ACUMAR&#148;)
      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>.
      The Company has been notified of certain resolutions issued by ACUMAR, by
      virtue of which YPF has been requested to present an Industrial Reconversion
      Program, in connection with certain installations of YPF. As of the date
      of issuance of these consolidated financial statements, the Program has
      been presented although the Resolutions had been appealed by the Company;</font></td>
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		<td valign=top width="3%"><font size="2">(ii)</font></td>
		<td><font size="2">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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		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%"><font size="2">&#150;</font></td>

    <td valign=top ><font size="2"><i>Other environmental claims in La Plata:</i>
      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.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<p align="center"><font size="2">F-41</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_42"></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">&#150;</font></td>

    <td><font size="2"><i>Other claims:</i> the Company has been recently notified
      of a complaint filed by neighbors of Quilmes city, province of Buenos Aires,
      claiming approximately 209 for compensation for personal damages. Considering
      the phase of the trial, the evidence available to the date, and the preliminary
      judgment of internal and external legal advisors, the Company is unable
      to reasonably estimate the possible loss or range of loss related to this
      complaint.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2"><i>Hydrocarbon&#146;s concessions &#150; Provincial claims:</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2"><i>Rio Negro Province: </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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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. 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. More recently, YPF submitted a new presentation providing
      an updated information on the amounts invested in 2010, expected investments
      in exploratory activity for 2011 and for the period 2011-2016, requesting
      the resolution of a claim against the intervention of the Hydrocarbo&#324;s
      Secretariat in all the issues under investigation by the provincial environmental
      authority (CODEMA), and making a new request for the termination of this
      claim. On March 28, 2012, YPF was notified that a legal process was initiated
      for purposes of declaring the expiration of the concession in Los Caldenes
      area, due to YPF&#146;s alleged failure to meet the minimum investments
      requirements. YPF is currently analyzing its course of action. The net value
      of the assets and the volume of proved reserves related to this concession
      is not material to the Company.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>

    <td><font size="2"><i>Chubut Province:</i> On March 1, 2012, the province
      of Chubut, through Decree No. 271, requested YPF to respond in relation
      to the Company&#146;s alleged breach of its obligation to make investments
      in certain concessions (El Tr&#233;bol-Escalante and Campamento Central-Bella
      Vista Este-Ca&#241;ad&#243;n Perdido) and to propose a work plan aimed at
      remedying such alleged breach.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-42</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_43"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">YPF submitted its response on March 13, 2012,
      rejecting the alleged breach of the relevant regulation and submitted a
      work plan concerning the affected areas. On March 20, 2012, YPF was notified
      of Decree No. 324/12, which ordered the expiration of the exploitation concessions
      of the areas El Tr&#233;bol-Escalante and Campamento Central-Bella Vista
      Este-Ca&#241;ad&#243;n Perdido. According to the decree, the expiration
      will be effective 90 calendar days after its notification. YPF filed a declaratory
      action before the Argentine Supreme Court requesting that the decree be
      declared unconstitutional and requesting a preliminary injunction against
      its implementation until the action brought by YPF is solved. Assets (net
      of deferred income tax liabilities and asset retirement obligations) related
      to the areas affected by this expiration totaled approximately 188 million
      as of December 31, 2011 (0.34% of the Company&#146;s total net assets as
      of such date), had a production of approximately 4.3 millions of barrels
      of oil-equivalent (&#147;mmboe&#148;) in 2011 (2.42% of the Company&#146;s
      production in 2011) and had proved reserves totaling 21.1 mmboe as of December
      31, 2011 (2.11% of the Company&#146;s total proved reserves as of such date).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">In addition, on April 3, 2012, the province
      of Chubut requested YPF to submit a new investment and work proposal for
      the Manantiales Behr area within a period of 10 working days, and invited
      YPF to hold a meeting to discuss the matters referred to above. Resolutions
      No. 3.19/93 and 10/06 of the Subsecretariat of Hydrocarbons and Mining of
      the province of Chubut in connection with the investments made in this area.
      On May 11, 2012, YPF submitted a new investment and work proposal for this
      area. Assets (net of deferred income tax liabilities and asset retirement
      obligations) related to this area totaled approximately 1,468 million as
      of December 31, 2011 (2.65% of the Company&#146;s total assets as of such
      date), had a production of approximately 7.6 mmboe in 2011 (4.29% of the
      Company&#146;s production in 2011) and had proved reserves totaling approximately
      24.7 mmboe as of December 31, 2011 (2.46% of the Company&#146;s total proved
      reserves as of such date).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>

    <td><font size="2"><i>Santa Cruz Province:</i> On March 2, 2012, the province
      of Santa Cruz, through a registered letter, requested YPF to inform the
      province&#146;s Energy Institute of the technical, economic and financial
      reasons for which YPF had allegedly failed to make the required investments
      in the following concessions: Barranca Yankowsky, Barranca Baya, Ca&#241;ad&#243;n
      de la Escondida, Cerro Grande, Ca&#241;ad&#243;n Le&#243;n, Ca&#241;ad&#243;n
      Seco, Meseta Espinosa, Ca&#241;ad&#243;n Vasco, Ca&#241;ad&#243;n Yatel,
      Estancia Cholita, Estancia Cholita Norte, Cerro Guadal, Cerro Guadal Norte,
      Cerro Piedras, Los Sauces, El Guadal, Lomas del Cuy, Aguada Bandera, Los
      Monos, Cerro Bayo, La Cueva, Las Mesetas and Koluel Kaike, under penalty
      of being subject to the sanctions provided for in section 80, subsection
      c), of the Hydrocarbons Law, pursuant to which concessions and permits may
      expire, among other reasons, as a result of a material and unjustified breach
      of the applicable productivity, conservation and investment obligations.
      Net Assets (net of deferred income tax liabilities and asset retirement
      obligations) related to the areas affected this requirement totaled approximately
      1,681 million as of December 31, 2011 (3.04% of the Company&#146;s total
      assets as of such date), had a production of approximately 11.5 mmboe in
      2011 (6.43% of the Company&#146;s production in 2011) and had proved reserves
      totaling 80.3 mmboe as of December 31, 2011 (8% of the Company&#146;s total
      proved reserves as of such date).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">In addition, on March 12, 2012, the Energy
      Institute of Santa Cruz requested YPF to submit, within 24 hours, information
      aimed at rejecting the conclusions reached by a report prepared by said
      institute, which would indicate that investments made in the exploitation
      concessions Barranca Yankowsky, Los Monos and Cerro Piedra-Cerro Guadal
      Norte were insufficient, as well as an action plan aimed at putting an end
      to the alleged breach of YPF&#146;s obligations, under penalty of declaring
      the expiration of these concessions pursuant to section 80, subsections
      c) and d), of the Hydrocarbons Law.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-43</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_44"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">On March 13, 2012, YPF submitted its response
      relating to the province of Santa Cruz&#146;s request of March 2, 2012,
      providing information on investments made and rejecting the accusations
      made against it.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">On March 20, 2012, YPF was notified of Decree
      No. 393/12, which: (i) declares the expiration of the concessions relating
      to the areas Los Monos and Cerro Piedra-Cerro Guadal Norte, and (ii) rejects
      YPF&#146;s request for authorization concerning the assignment to YPF of
      the participation interest held by BG International Limited, Argentine Subsidiary
      in the Barranca Yankowsky area. On March 21, 2012, the province&#146;s Energy
      Institute declared that the expiration of the concessions referred to in
      (i) above shall be effective within 90 days following said notification.
      Assets (net of deferred income tax liability and asset retirement obligations)
      related to the areas affected by this expiration totaled approximately 53
      million as of December 31, 2011 (0.10% of the Company&#146;s total assets
      as of such date), had a production of approximately 0.609 mmboe in 2011
      (0.34% of the Company&#146;s production in 2011) and had proved reserves
      totaling 2.7 mmboe as of December 31, 2011 (0.27% of the Company&#146;s
      total proved reserves as of such date).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">On March 23, 2012, YPF was notified of Resolution
      No. 004 of the Energy Institute of Santa Cruz, which: (i) acknowledges that
      YPF has submitted its response; (ii) provides YPF with an additional period
      of 10 days to submit annual reports providing information on investments,
      production and reserves relating to the period 2006-2011 in the areas of
      Ca&#241;adon La Escondida, Cerro Grande, Ca&#241;adon Seco, Meseta Espinosa,
      El Guadal, Estancia Cholita, Estancia Cholita Norte, Cerro Bayo, La Cueva,
      Las Mesetas and Koluel Kaike; and (iii) provides YPF with a period of 10
      days to submit a Work Plan aimed at curing the alleged breaches, under penalty
      of applying section 80, subsection c), of the Hydrocarbons Law. Assets (net
      of deferred income tax liability and asset retirement obligations) related
      to the areas affected by this resolution totaled approximately 1,290 million
      as of December 31, 2011 (2.33% of the Company&#146;s total assets as of
      such date), had a production of approximately 7.3 mmboe in 2011 (4.13% of
      the Company&#146;s production in 2011) and had proved reserves totaling
      approximately 53.16 mmboe as of December 31, 2011 (5.29% of the Company&#146;s
      total proved reserves as of such date).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td><font size="2">On April 18, 2012, YPF was notified of Decree No. 575/12,
      which declares the expiration of the concessions relating to the areas Los
      Perales - Las Mesetas, Ca&ntilde;adon Vaso y Pico Truncado - El Cord&oacute;n
      Los Monos and Cerro Piedra - Cerro Guadal Norte. Assets (net of deferred
      income tax liabilities and asset retirement obligations) related to the
      areas affected by this Decree totaled approximately Ps. 84 million as of
      December 31, 2011 (0.15% of the Company&#146;s total assets as of such date),
      had a production of approximately 9.1 mmboe in 2011 (5.14% of the Company&#146;s
      production in 2011) and had proved reserves totaling approximately 66.4
      mmboe as of December 31, 2011 (6.62% of the Company&#146;s total proved
      reserves as of such date).</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td><font size="2">On May 4, 2012, YPF filed a motion of reconsideration of
      Decree No. 575/12 with the governor of the Santa Cruz Province.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2"><i>Neuqu&#233;n Province:</i> On March 9, 2012, the province of Neuqu&#233;n requested YPF to submit, within seven days, a plan for future action aiming at curing its alleged breaches in the areas of Don Ruiz, Chihuido de la Salina and Rinc&#243;n del Mangrullo, setting forth verifiable information concerning investments and production, under penalty of imposing the sanction set forth in section 80, subsection c), of the Hydrocarbons Law.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td ><font size="2">On March 19, 2012, YPF responded to the province&#146;s
      request, by submitting a work plan for the areas Don Ruiz and Rinc&#243;n
      del Mangrullo, and informing that it has decided to return the areas Chihuido
      de la Salina and Portezuelo Minas. Assets (net of deferred income tax liability
      and asset retirement obligations) totaled approximately 13 million as of
      December 31, 2011 (0.02% of the Company&#146;s total net assets as of such
      date), with no proved reserves and production in 2011.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">With respect to the areas Don Ruiz and Rinc&#243;n
      del Mangrullo, YPF has rejected the alleged breach of its obligations.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td><font size="2">On April 4, 2012, YPF was notified by Decree No. 0558/12
      of the expiration of the Don Ruiz area concession, which shall be effective
      within 90 days following said notification.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td><font size="2">On April 11, 2012, YPF was notified of Decree No. 0559/12
      accepting the reversion of the Chihuido de las Salinas Sur and Portezuelo
      Minas areas. According to the Decree, the reversion shall be effective within
      90 days following its notification.</font></td>
  </tr>
</table>
<br>
<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%">&nbsp;</td>
    <td><font size="2">On March 30, 2012, the province of Neuqu&eacute;n requested
      YPF to submit, within 7 days, a plan for future action aimed at curing its
      alleged breaches with respect to its failure to meet requirements relating
      to investment, production and reserves in the Se&ntilde;al Cerro Bayo, Paso
      de las Bardas Norte, Cerro Hamaca, Filo Morado, Octogono, Se&ntilde;al Picada
      Punta Barda, Las Manadas and Loma Campana areas, under penalty of imposing
      the expiration sanction established by section 80 of the Hidrocarbons Law.
      On April 13, 2012, YPF requested an extension for the submission of the
      required plan. On the same day, a 10-day extension was granted. On April
      27, 2012, YPF requested an additional extension of 30 days which was granted
      on the same day. YPF is currently preparing its response.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2"><i>Mendoza Province:</i> On March 8, 2012, the province of Mendoza, though a certified notification, requested YPF to, within 7 working days, submit information on investments made in connection with concessions Ceferino and Cerro Mollar Norte and to submit a Complementary Development and Exploration investment plan for these areas, under penalty of ordering the expiration of the related concessions, according to sections 31 and 80, subsection c), of the Hydrocarbons Law, as a result of the alleged breaches of YPF&#146;s obligations concerning the productivity of these exploitation concessions.</font></td>
	</tr>
</table>
<p><br></p>
<p align="center"><font size="2">F-44</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_45"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">On March 19, 2012, YPF submitted its response
      to the province of Mendoza, providing information on investments made in
      these areas (which had already been provided in the past to the relevant
      authorities) and proposing a plan for future investment.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">On March 26, 2012, YPF was notified of Decree
      No. 502/12, which declared the expiration of the exploitation concessions
      relating to the areas Ceferino and Cerro Mollar Norte. According to this
      decree, the expiration will be effective 90 calendar days after its notification.
      Assets (net of deferred income tax liabilities and asset retirement obligations)
      related to these areas totaled approximately 12 million as of December 31,
      2011 (0.02% of The Company&#146;s total net assets as of such date), had
      a production of 0.084 mmboe in 2011 (0.05% of The Company&#146;s production
      in 2011) and had proved reserves totaling approximately 0.69 mmboe as of
      December 31, 2011 (0.07% of the Company&#146;s total proved reserves as
      of such date).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td><font size="2">On April 25, 2012, YPF filed an administrative claim before
      the Supreme Court of Mendoza Province, regarding the areas Ceferino and
      Mollar Norte.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>

    <td><font size="2"><i>Tierra del Fuego Province:</i><b><i> </i></b>On March
      26, 2012, YPF was notified of Resolution No. 88/12 of the Secretariat of
      Energy and Hydrocarbons, which requests YPF to submit, within a period of
      15 working days following its notification, a plan aimed at complying with
      YPF&#146;s obligations concerning production, investment and reserves in
      the Lobo area, which is reasonable and adequate considering the characteristics
      of such area, under penalty of declaring the expiration of the related exploitation
      concession. As of December 31, 2011 neither proved reserves nor assets are
      assigned to this area. On April 17, 2012, YPF submitted its response to
      the Province of Tierra del Fuego, providing information on reserves in this
      area. As of December 31, 2011 neither proved reserves nor assets are assigned
      to this area.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top><font size="2">In addition to the legal action referred to
      above, following the passage of the Expropriation Law (see Note 17), the
      Intervenor and its delegates have initiated negotiations with the relevant
      provincial authorities so that the revocations and intimations referred
      to above are withdrawn. The governors of certain of these provinces have
      publicly manifested that they will reconsider the matter in view of the
      stated objectives of the Intervention and the Expropriation Law. However,
      as of the date of these consolidated financial statements, the Company has
      not been notified of the withdrawal of any of these revocations or intimations.</font></td>
  </tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2"><i>Claims related to the gas market:</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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 Administrated Exports, 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 Management estimates, 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>
</table>
<br>
<p align="center"><font size="2">F-45</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_46"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#150;</font></td>

    <td><font size="2"><i>Arbitration process initiated by TGM: </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 Sulg&#225;s 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 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. 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. During December 2011,
      evidence production hearings took place. On January 13, 2012 the parties
      presented their post-hearing briefs, closing the evidence production period.
      The Arbitration Tribunal has indicated that it will reach a resolution by
      July 31, 2012. On April 19 and 24, 2012, AESU and Sulg&aacute;s presented
      new evidence requesting its admission in the arbitration proceedings. YPF
      and TGM commented on the admission of such new evidence on April 27, 2012.
      On May 1, 2012, the Arbitration Tribunal denied the admission of such new
      evidence, while ruling that, if during the trial the Tribunal considers
      such evidence to be necessary, such new evidence may be admitted.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#150;</font></td>

    <td><font size="2"><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, 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.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-46</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_47"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">In addition, on January 11, 2012, the Argentine
      Secretariat of Transportation filed with the CNDC a complaint against five
      oil companies (including YPF), for alleged abuse of a dominant position
      regarding bulk sales of diesel fuel to public bus transportation companies.
      The alleged conduct consists of selling bulk diesel fuel to public bus transportation
      companies at prices higher than the price charged in service stations. According
      to the provisions of Article 29 of Law No. 25,156 of Antitrust Protection,
      YPF has submitted appropriate explanations to the CNDC, questioning certain
      formal aspects of the complaint, and arguing that YPF has adjusted its behavior
      at all times with current regulations and that it did not set any discrimination
      or abuse in determining prices.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#150;</font></td>

    <td><font size="2"><i>Users and Consumers&#146; 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
      365), 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#150;</font></td>

    <td><font size="2"><i>Mega claim:</i> Mega, a company in which YPF holds an
      interest of 38%, 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. This notwithstanding, Mega recently served on YPF a written claim
      for the total sum of US$ 94 million corresponding to undelivered volumes
      for the years 2009, 2010 and 2011. Despite the fact that the Company has
      material arguments of defense, as previously mentioned, they have been considered
      as possible contingencies.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">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 consolidated financial statements, has
      considered them to be possible contingencies.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top><font size="2"><i>Additional information:</i></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2">&#150;</font></td>
    <td><font size="2"><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&iacute;o Santiago and R&iacute;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.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td><font size="2">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 as of December 31, 1990. 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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td><font size="2">Based on the information mentioned in the preceding paragraph,
      the Company&#146;s Management has revised its assessment concerning the
      potential outcome this dispute will have for YPF. Consequently, the Company&#146;s
      Management considers that the claim and the charges brought against the
      Company will have a favorable outcome.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Environmental liabilities:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The Company 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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 as of 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>
<br>
<p align="center"><font size="2">F-47</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_48"></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">In addition to the hydrocarbon wells abandonment legal obligations for 6,581 as of December 31, 2011, the Company has accrued 524 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c)</b></font></td>
		<td><font size="2"><b>Contractual commitments and regulatory requirements:</b></font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2"><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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<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">&#150;</font></td>
		<td><font size="2"><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 10.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. On January 5, 2012, the Official Gazette published Resolution of the Secretariat of Energy No. 172 which temporarily extends the rules and criteria established by Resolution No. 599/07 and the commitments undertaken by natural gas producers under the Agreement 2007-2011, until new legislation replaces the Resolution previously mentioned. This Resolution was appealed on February 17, 2012 by filing a motion for reconsideration with the Secretariat of Energy.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 19, 2012, the Official Gazette published Resolution No. 55/2012 of the Secretariat of Energy, which extended the Complementary Agreement for 2012 and established the following with respect to non-signing parties: (i) the natural gas price increase established by the Complementary Agreement will not be applicable to natural gas injected into the gas system by non-signing parties; (ii) natural gas injected by non-signing parties will be consumed first in the order of priority by residential users, which tariffs are in the lowest range; and (iii) non-signing parties must fulfill all of the commitments undertaken by natural gas producers under the Agreement 2007-2011, which was extended by Resolution S.E. No. 172. As of the date of this annual report, YPF has not signed the 2012 extension of the Complementary Agreement. </font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 23, 2012, the Official Gazette published Resolution No. 2,087/2012, which established the procedure to be followed by distribution companies when making contributions to the fiduciary fund created by Law No. 26,020 and determining that natural gas price increase must be assigned to the fiduciary fund.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-48</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_49"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">Additionally, on October 4, 2010, the Official
      Gazette published ENARGAS Resolution No. 1410/2010 that approves the procedure
      which sets new rules for natural gas dispatch applicable to all participants
      in the natural gas industry, imposing new and more severe regulations to
      the producers&#146; availability of natural gas (&#147;Procedimiento para
      Solicitudes, Confirmaciones y Control de Gas&#148;). 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. 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">On November 8, 2011, ENARGAS published Resolution
      No. 1982, which supplements Decree No. 2067 of November 27, 2008, which
      had created a fiduciary fund to finance natural gas and other imports necessary
      to complement the natural gas injection required to satisfy the internal
      demand. This Resolution adjusts the tariff charges established by Executive
      Decree No. 2067/08 and extends the type of users reached by the tariff adjustment,
      including users in the residential segment and gas processing and electric
      generation companies, among others, which has impacted on the operations
      of the Company and, very significantly in some companies under joint control,
      all of which have appealed against such resolution. In particular, the impact
      that the application of the tariff charge mentioned has on the operations
      of Mega is so significant that, if the situation is not judicially solved
      in favor of Mega, it could have serious difficulties in the future to continue
      its activity. These consolidated financial statements do not include any
      adjustments related to the recoverability of the assets of Mega which could
      be accrued on the assumption that it would cease its activity. This measure
      applies to consumptions that were made since December 1, 2011. On November
      24, 2011, ENARGAS issued Resolution No. 1991/2011, which extends the type
      of users that will be required to pay tariff charges.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2"><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 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>
<br>
<p align="center"><font size="2">F-49</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_50"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>

    <td valign=top ><font size="2">Additionally, Rule No.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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On January 26, 2012, the Secretariat of Domestic Commerce issued Resolution No. 6/2012 whereby<br>(i) YPF and other four oil companies were required to sell diesel oil to public bus transportation companies at a price not higher than the retail price charged on its service station located, in general terms, nearest to the place of delivery of diesel fuel to each such transportation company, while maintaining both historic volumes and delivery conditions; and (ii) it created a price monitoring scheme of both the retail and the bulk markets to be implemented by the CNDC. YPF has appealed that resolution. On February 16, 2012, YPF filed with the CNDC an appeal against Resolution No. 6/2012, for submission to the Civil and Commercial Federal Court of Appeals of Buenos Aires city. Meanwhile, on March 2, 2012, YPF has challenged this Resolution and requested a preliminary injunction against its validity. YPF&#146;s preliminary injunction has been granted and the effects of the Resolution No. 6/2012 have been temporarily suspended.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">On March 13, 2012, YPF was notified of Resolution No. 17/2012, issued by the Argentine Secretariat of Domestic Commerce, pursuant to which YPF, Shell Compa&#241;&#237;a Argentina de Petr&#243;leo, S.A. and ESSO Petrolera Argentina S.R.L were ordered to supply jet fuel for domestic and international air transport at a price net of taxes not to exceed 2.7% of the price net of taxes of medium octane gasoline (not premium) offered at its closest service station to the relevant airport, while maintaining its existing supply logistics and its usual supply quantities. The abovementioned resolution benefits companies owning aircraft that operate in the field of commercial passenger or commercial passenger and cargo aviation which are registered under the Argentine National Aircraft Registry. According to a later clarification from the Secretary of Domestic Commerce, the beneficiaries of the measure adopted by this resolution are the following companies: Aerol&#237;neas Argentinas, S.A., Andes L&#237;neas A&#233;reas S.A., Austral &#150; Cielos del Sur, LAN Argentina, S.A. and Sol S.A. L&#237;neas A&#233;reas. In addition, in said resolution, the Argentine Secretariat of Domestic Commerce indicated that it considered convenient to implement a price surveillance system to be implemented by the CNDC. YPF has challenged such resolution, which will be reviewed by a court.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2"><i>Other regulatory requirements: </i>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>
<br>
<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">&#150;</font></td>

    <td><font size="2"><i>Refining and Petroleum Plus Programs.</i> Decree No.
      2,014/2008 of the Department of Federal Planning, Public Investment and
      Services of November 25, 2008, created the &#147;Refining Plus&#148; and
      the &#147;Petroleum Plus&#148; programs to encourage (a) the production
      of diesel fuel and gasoline and (b) the production of crude oil and the
      increase of reserves through new investments in exploration and production.
      The programs entitle refining companies that undertake the construction
      of a new refinery or the expansion of their refining and/or conversion capacity
      and production companies that increase their production and reserves within
      the scope of the program to receive export duty credits to be applied to
      exports withholdings. In order to be eligible for the benefits of both programs,
      companies&#146; plans must be approved by the Argentine Secretariat of Energy.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">During February 2012, by Note No. 707/2012, supplemented by Note No. 800/2012, both issued by the Secretariat of Energy, YPF was notified that the benefits granted under the &#147;Refining and Petroleum Plus&#148; programs are temporarily suspended. The effects of the suspension also apply to benefits accrued and not yet redeemed by YPF at the time of the issuance of the Notes.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-50</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_51"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The reasons alleged for such suspension are that the &#147;Refining and Petroleum Plus&#148; programs were created in a context where domestic prices were lower than currently prevailing prices and that the objectives of those programs have already been achieved. Under this notification the Company has written-off the balances corresponding to these programs outstanding as of December 31, 2011, which resulted in a net loss for the current year of approximately 273, after the corresponding tax effect. YPF is evaluating to challenge this suspension.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>

    <td><font size="2"><i>Repatriation of foreign exchange</i>: During October,
      2011, Decree No. 1,722/2011 was published and became effective as from such
      date. The mentioned decree provides that total export collections from operations
      by producers of crude oil or its derivatives, natural gas and liquefied
      gas, and companies which aim to develop mining projects, must be liquidated
      in the single and free-exchange market in accordance with the provisions
      of Article No. 1 of Decree No. 2,581 of April 10, 1964. Consequently, and
      taking into account the business of the Company, the free-availability of
      70% of hydrocarbon export collections, as established by Decree No. 1589/89,
      has no more effect.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2"><i>Agreements of extension of concessions in the Province of Neuquen: </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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Additionally, in 2008 and 2009, the Company 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>
<br>
<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">&#150;</font></td>
		<td><font size="2"><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 would become effective upon its approval, through the issuance of the corresponding executive decree, in a maximum term of 90 days. Such decree was published in July 2011.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The Memorandum of Agreement between YPF and the province of Mendoza provides the following:</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top width="3%"><font size="2">&#149;</font></td>
		<td><font size="2">Exploitation and transportation concessions terms are extended for a 10-year term; and</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-51</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_52"></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">YPF has undertaken: (i) to make initial payments
      to the province of Mendoza in an aggregate amount of approximately 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>d)</b></font></td>
		<td><font size="2"><b>Operating leases:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 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 December 31, 2011, amounted to 1,733 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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As of December 31, 2011, estimated future payments related to these contracts are as follows:</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Within 1 year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>From 1 to 2 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>From 2 to 3 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>From 3 to 4 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>From 4 to 5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>More than 5 years</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <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" width="3%">&nbsp;</td>
    <td align="left"><font size="2">Estimated future payments</font></td>
    <td width="8%" align="right"><font size="2">1,166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">199</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">109</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>11.</b></font></td>
		<td><font size="2"><b>RESTRICTIONS ON UNAPPROPRIATED RETAINED EARNINGS</b></font></td>
	</tr>
</table>
<p><font size="2">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). According to the modifications mentioned in Note 1.b, as of December 31, 2011, the legal reserve is fully integrated amounting 2,007.</font></p>
<p><font size="2">Additionally, pursuant to the regulations on the CNV, when the net balance of the Deferred earnings, at the end of a 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">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 treaties for the avoidance of double taxation, which will be subject to a minor tax rate.</font></p>
<p align="center"><font size="2">F-52</font><br>
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<p><font size="2" face="Arial, Helvetica, sans-serif"><page></font></p>
<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 width="3%"><font size="2"><b>12.</b></font></td>
		<td><font size="2"><b>SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN ACCOUNTING PRINCIPLES FOLLOWED BY THE COMPANY AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</b></font></td>
	</tr>
</table>
<p><font size="2">The consolidated financial statements have been prepared in accordance with Argentine GAAP, which differs in certain respects from generally accepted accounting principles in the United States of America (&#147;U.S. GAAP&#148;).</font></p>
<p><font size="2">The differences between Argentine GAAP and U.S. GAAP are reflected in the amounts provided in Notes 13 and 14 and principally relate to the items discussed in the following paragraphs:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a.</b></font></td>
		<td><font size="2"><b>Functional and reporting currency</b></font></td>
	</tr>
</table>
<p><font size="2">Under Argentine GAAP, financial statements are presented in constant Argentine pesos (&#147;reporting currency&#148;), as mentioned in Note 1.a. Foreign currency transactions are recorded in Argentine pesos by applying to the foreign currency amount the exchange rate between the reporting and the foreign currency at the date of the transaction. Exchange rate differences arising on monetary items in foreign currency are recognized in the income statement of each year.</font></p>
<p><font size="2">Under U.S. GAAP, a definition of the functional currency is required, which may differ from the reporting currency. Management has determined for YPF and certain of its subsidiaries and investees the U.S. dollar as its functional currency in accordance with the Accounting Standard Codification (&#147;ASC&#148;) No. 830, <i>&#147;Foreign Currency translation&#148; </i>(&#147;ASC No. 830&#148;). Therefore, the Company has remeasured into U.S. dollars its financial statements and the financial statements of the mentioned subsidiaries and investees as of December 31, 2011, 2010 and 2009, prepared in accordance with Argentine GAAP by applying the procedures specified in ASC No. 830. The objective of the remeasurement process is to produce the same results that would have been reported if the accounting records had been kept in the functional currency. Accordingly, monetary assets and liabilities are remeasured at the balance sheet date (current) exchange rate. Amounts carried at prices in past transactions are remeasured at the exchange rates in effect when the transactions occurred. Revenues and expenses are remeasured at the exchange rate existing at the time of the transaction or, if appropriate, at the weighted average of the exchange rate during the period, except for consumption of nonmonetary assets, which are remeasured at the rates of exchange in effect when the respective assets were acquired. Translation gains and losses on monetary assets and liabilities arising from the remeasurement are included in the determination of net income (loss) in the period such gains and losses arise. For certain YPF&#146;s subsidiary and investees, Management has determined the Argentine peso as its functional currency. Translation adjustments resulting from the process of translating the financial statements of the mentioned subsidiary and investees into U.S. dollars are not included in determining net income and are reported in other comprehensive income (&#147;OCI&#148;) as a component of shareholders&#146; equity.</font></p>
<p><font size="2">The amounts obtained from the process referred to above are translated into Argentine pesos following the provisions of ASC No. 830. Assets and liabilities were translated at the current selling exchange rate of Argentine pesos 4.30, 3.98 and 3.80 to US$ 1, as of December 31, 2011, 2010 and 2009, respectively. Revenues, expenses, gains and losses reported in the income statement are translated at the exchange rate existing at the time of each transaction or, if appropriate, at the weighted average of the exchange rates during the period. Translation effects of exchange rate changes are included in OCI as a component of shareholders&#146; equity.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b.</b></font></td>
		<td><font size="2"><b>Proportional consolidation</b></font></td>
	</tr>
</table>
<p><font size="2">As discussed in Note 1.a, YPF has proportionally consolidated,
  net of intercompany transactions, assets, liabilities, revenues, income, costs
  and expenses of investees and joint ventures in which joint control is held.
  Under U.S. GAAP these investees and joint ventures not engaged in oil and gas
  activities, are accounted for by the equity method. The mentioned proportional
  consolidation generated under Argentine GAAP an increase of 1,247, 966 and 965
  in total assets and total liabilities as of December 31, 2011, 2010 and 2009,
  respectively, and an increase of 2,312, 1,684 and 1,433 in net sales and 830,
  609, and 551 in operating income for the years ended December 31, 2011, 2010
  and 2009, respectively.</font></p>
<p align="center"><font size="2">F-53</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_54"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c.</b></font></td>
		<td><font size="2"><b>Valuation of inventories</b></font></td>
	</tr>
</table>
<p><font size="2">As described in Note 2.b, the Company values its inventories of refined products for sale, products in process of refining and separation, crude oil and natural gas at replacement cost provided that does not exceed net realizable value. Under U.S. GAAP, these inventories should be valued at the lower of cost or market, which is defined as replacement cost, provided that it does not exceed net realizable value or is not less than net realizable value reduced by a normal profit margin. As the turnover ratio of inventories is high, there have been no significant differences between inventories valued at replacement cost and at historical cost using first in first out (&#147;FIFO&#148;) method for the years presented.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>d.</b></font></td>
		<td><font size="2"><b>Impairment of long-lived assets</b></font></td>
	</tr>
</table>
<p><font size="2">Under Argentine GAAP, in order to perform the recoverability test, long-lived assets are grouped with other assets at business segment level (see Note 8). With respect to long-lived assets that are held as pending for sale or disposal, the Company&#146;s policy is to record these assets at amounts that did not exceed net realizable value.</font></p>
<p><font size="2">Under U.S. GAAP, considering the characteristic of the Argentinean market, which are also affected by certain regulatory provisions, oil properties are grouped into a unique cash generating unit and gas properties are grouped by basin, considering logistics restrictions. Other long-lived assets are aggregated, so that the discrete cash flows produced by each group of assets may be separately analyzed. Each group of assets is tested following the guidelines of ASC No. 360, &#147;Accounting for the Impairment of Long-Lived Assets&#148;, by comparing the net book value of such group of assets with the expected undiscounted cash flow. If the book value exceeds the expected undiscounted cash flow, then the impairment losses are measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. When market values are not available, the Company estimates them using the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the assets.</font></p>
<p><font size="2">There were no impairment charges under U.S. GAAP for the years ended December 31, 2011, 2010 and 2009.</font></p>
<p><font size="2">The adjusted basis of fixed assets book values after impairment charges results in lower depreciation under U.S. GAAP of 75, 181 and 173 for the years ended December 31, 2011, 2010 and 2009, respectively.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>e.</b></font></td>
		<td><font size="2"><b>Pension Plans</b></font></td>
	</tr>
</table>
<p><font size="2">As displayed in Note 2.e, YPF Holdings Inc. has non-contributory defined-benefit pension plans and postretirement and postemployment benefits (&#147;pension plans&#148;).</font></p>
<p><font size="2">Under Argentine GAAP, the Company fully recognized the underfunded status of pension plans as a liability. The actuarial losses were charged to the &#147;Other (expense) income, net&#148; account of the statement of income.</font></p>
<p><font size="2">Under U.S. GAAP, the Company adopted SFAS No. 158 <i>&#147;Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans-an amendment of FASB Statements No. 87, 88, 106, and 132 (R)&#148;</i> codified into ASC No. 320. Under provisions of ASC No. 320 the Company fully recognized the underfunded status of defined-benefit pension and postretirement plans as a liability in the financial statements reducing the Company&#146;s shareholders&#146; equity through Accumulated OCI account. Unrecognized actuarial losses and gains are recognized in the statement of income during the expected average remaining service period of the employees participating in the plans and the life expectancy of retired employees.</font></p>
<p align="center"><font size="2">F-54</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_55"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>f.</b></font></td>
		<td><font size="2"><b>Accounting for asset retirement obligations</b></font></td>
	</tr>
</table>
<p><font size="2">ASC No. 410, &#147;<i>Accounting for Asset Retirement Obligations&#148; </i>(&#147;ASC No. 410&#148;), addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement cost. The standard applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and normal use of the asset. ASC No. 410 requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The asset retirement obligations liability is built up in cash flow layers, with each layer being discounted using the discount rate as of the date that the layer was created. Measurement of the entire obligation using current discount rates is not permitted. Each cash flow layer is added to the carrying amount of the associated asset. This additional carrying amount is then depreciated over the life of the asset. The liability is increased due to the passage of time based on the time value of money (&#147;accretion expense&#148;) until the obligation is settled. The activity with respect to retirement obligations under US GAAP is detailed in Note 14.c.</font></p>
<p><font size="2">Argentine GAAP is similar to ASC No. 410, except for a change in the discount rate which is treated as a change in estimates, so the entire liability must be recalculated using the current discount rate, being the change added or reduced from the related asset.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>g.</b></font></td>
		<td><font size="2"><b>Capitalization of financial expenses</b></font></td>
	</tr>
</table>
<p><font size="2">Under Argentine GAAP, for those assets that necessarily take a substantial period of time to get ready for its intended use, borrowing costs (including interest and exchange differences) should be capitalized. Accordingly, borrowing costs for those assets whose construction period exceeds one year have been capitalized, provided that such capitalization does not exceed the amount of financial expense recorded in that year.</font></p>
<p><font size="2">Under US GAAP, interest expense on qualifying assets must be capitalized, regardless of the asset&#146;s construction period.</font></p>
<p><font size="2">The effect on net income and shareholders&#146; equity as of December 31, 2011, 2010 and 2009 is included in &#147;Capitalization of financial expenses&#148; in the reconciliation in Note 13.</font></p>
<p><font size="2">The adjusted basis of fixed assets results in higher depreciation under U.S. GAAP of 129, 80 and 57 for the years ended December 31, 2011, 2010 and 2009, respectively.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>h.</b></font></td>
		<td><font size="2"><b>Fair Value Measurement</b></font></td>
	</tr>
</table>
<p><font size="2">In May 2011, the FASB issued an update to ASC No. 820, &#147;<i>Fair Value Measurement&#148;</i>. The ASU conforms certain sections of ASC No. 820 to IFRS in order to provide a single converged guidance on the measurement of fair value. This update also expands the existing disclosure requirements for fair value measurements. This ASU is effective for interim and annual periods beginning after December 15, 2011. The Company does not expect this ASU to have a material impact, if any, on its consolidated financial statements.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>i.</b></font></td>
		<td><font size="2"><b>Comprehensive Income</b></font></td>
	</tr>
</table>
<p><font size="2">In June 2011, the FASB issued an update to ASC No. 220, <i>&#147;Comprehensive Income&#148;</i>. This ASU requires entities to present components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements that would include reclassification adjustments by component for items that are reclassified from other comprehensive income to net income on the face of the financial statements. In December 2011, the FASB issued an update to this ASU indefinitely deferring the implementation of the reclassification adjustments by component requirement of the ASU issued in June 2011. These ASUs are effective for fiscal years beginning after December 15, 2011. The Company does not expect this ASU to have a material impact, if any, on its consolidated financial statements.</font></p>
<p align="center"><font size="2">F-55</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_56"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>j.</b></font></td>
		<td><font size="2"><b>Intangibles &#150; Goodwill and Other</b></font></td>
	</tr>
</table>
<p><font size="2">In September 2011, the FASB issued an update to ASC No. 350, <i>&#147;Intangibles &#150; Goodwill and Other&#148;</i>. This ASU amends the guidance in ASC No. 350-20 on testing for goodwill impairment. The revised guidance allows entities testing for goodwill impairment to have the option of performing a qualitative assessment before calculating the fair value of the reporting unit. The ASU does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test annually for impairment. The ASU is limited to goodwill and does not amend the annual requirement for testing other indefinite-lived intangible assets for impairment. The ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company does not expect this ASU to have a material impact, if any, on its consolidated financial statements.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>k.</b></font></td>
		<td><font size="2"><b>IFRS Adoption</b></font></td>
	</tr>
</table>
<p><font size="2">As disclosed in Note 16 to these consolidated financial statements,
  as a result of YPF&#146;s transition from Argentine GAAP to IFRS, which is mandatory
  for YPF for the fiscal year beginning on January 1, 2012, with transition date
  on January 1, 2011, in future filings the Company will present its financial
  information prepared in accordance with IFRS as issued by the IASB. Accordingly,
  the Company will no longer include a reconciliation to U.S. GAAP.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>13.</b></font></td>
		<td><font size="2"><b>RECONCILIATION OF NET INCOME AND SHAREHOLDERS&#146; EQUITY TO UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</b></font></td>
	</tr>
</table>
<p><font size="2">The following is a summary of the significant adjustments to net income for each of the years ended December 31, 2011, 2010 and 2009, and to shareholders&#146; equity as of December 31, 2011, 2010 and 2009, which would have been required if U.S. GAAP had been applied instead of Argentine GAAP in the consolidated financial statements. Amounts are expressed in millions of Argentine pesos.</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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Net income according to Argentine GAAP</font></td>
		<td width="8%" align="right"><font size="2">5,296</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,790</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,689</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Increase (decrease) due to:</font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Elimination of the inflation adjustment into Argentine constant pesos <br>(Note 1.a and 12.a)</font></td>
		<td width="8%" align="right"><font size="2">396</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">450</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">537</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Remeasurement into functional currency (Note 12.a)</font></td>
		<td width="8%" align="right"><font size="2">(1,055</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(1,570</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(1,478</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Impairment of long-lived assets (Note 12.d)</font></td>
		<td width="8%" align="right"><font size="2">75</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">181</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">173</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Pension Plans (Note 12.e)</font></td>
		<td width="8%" align="right"><font size="2">(1</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">27</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(40</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Asset Retirement Obligations (Note 12.f)</font></td>
		<td width="8%" align="right"><font size="2">77</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">41</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(114</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Capitalization of financial expenses (Note 12.g)</font></td>
		<td width="8%" align="right"><font size="2">160</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(66</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(17</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Deferred income tax<sup>(1)</sup></font></td>
		<td width="8%" align="right"><font size="2">(241</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(167</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(145</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income in accordance with U.S. GAAP</font></td>
		<td width="8%" align="right"><font size="2">4,707</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,686</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,605</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Shareholders&#146; equity according to Argentine GAAP</font></td>
		<td width="8%" align="right"><font size="2">18,735</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">19,040</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">17,701</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Increase (decrease) due to:</font></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=5>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Elimination of the inflation adjustment into Argentine constant pesos <br>(Note 1.a and 12.a)</font></td>
		<td width="8%" align="right"><font size="2">(2,095</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(2,491</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(2,941</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Remeasurement into functional currency and translation into <br>reporting currency (Note 12.a)</font></td>
		<td width="8%" align="right"><font size="2">11,032</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">9,875</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">10,265</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Impairment of long-lived assets (Note 12.d)</font></td>
		<td width="8%" align="right"><font size="2">(287</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(337</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(498</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Asset Retirement Obligations (Note 12.f)</font></td>
		<td width="8%" align="right"><font size="2">(104</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(170</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(203</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Capitalization of financial expenses (Note 12.g)</font></td>
		<td width="8%" align="right"><font size="2">320</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">141</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">199</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Deferred income tax<sup>(1)</sup></font></td>
		<td width="8%" align="right"><font size="2">789</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,034</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,194</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; equity in accordance with U.S. GAAP</font></td>
		<td width="8%" align="right"><font size="2">28,390</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">27,092</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">25,717</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>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Corresponds to the effect of Deferred Income Tax, if applicable, to U.S. GAAP adjustments.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-56</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_57"></a></font></p>
<p><font size="2">The summarized consolidated balance sheets as of December 31, 2011, 2010 and 2009, and consolidated statements of income and cash flows for the years then ended, remeasured into U.S. dollar and translated into Argentine pesos under U.S. GAAP, after giving effect to the adjustments detailed above and the elimination of the proportional consolidation performed under Argentine GAAP, are presented only for the convenience of the readers and would be as follows:</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">

    <td align="left"><font size="2"><b>Summarized consolidated balance sheets</b></font></td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Current assets</font></td>
		<td width="8%" align="right"><font size="2">15,762</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">14,391</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">11,129</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Fixed assets</font></td>
		<td width="8%" align="right"><font size="2">44,419</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">35,189</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">32,781</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Other noncurrent assets</font></td>
		<td width="8%" align="right"><font size="2">4,111</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,173</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,634</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</font></td>
		<td width="8%" align="right"><font size="2">64,292</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">53,753</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">46,544</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=4></font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2"><hr noshade size=4></font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2"><hr noshade size=4></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Current liabilities</font></td>
		<td width="8%" align="right"><font size="2">21,877</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">16,996</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">11,870</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Noncurrent liabilities</font></td>
		<td width="8%" align="right"><font size="2">14,025</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">9,665</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">8,957</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Shareholders&#146; equity</font></td>
		<td width="8%" align="right"><font size="2">28,390</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">27,092</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">25,717</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders&#146; equity</font></td>
		<td width="8%" align="right"><font size="2">64,292</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">53,753</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">46,544</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>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Summarized consolidated statements of income</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net sales<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">54,385</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">42,459</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">32,931</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Operating income (Note 14.a)</font></td>
    <td width="8%" align="right"><font size="2">6,650</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,690</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,385</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net income</font></td>
    <td width="8%" align="right"><font size="2">4,707</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,686</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,605</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Earnings per share, basic and diluted</font></td>
    <td width="8%" align="right"><font size="2">11.97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11.91</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6.62</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Sales are disclosed net of fuel transfer tax, turnover tax and hydrocarbon export withholdings.</font></td>
	</tr>
</table>

<br>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">

    <td align="left"><font size="2"><b>Summarized consolidated statements of cash
      flows</b></font></td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Net cash flow provided by operating activities</font></td>
		<td width="8%" align="right"><font size="2">12,231</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">12,776</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">9,303</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Net cash flow used in investing activities</font></td>
		<td width="8%" align="right"><font size="2">(12,159</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(8,520</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(5,566</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Net cash flow used in financing activities</font></td>
		<td width="8%" align="right"><font size="2">(1,388</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(3,790</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(2,960</font></td>
		<td width="2%" align="left"><font size="2">)</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">(Decrease) increase in cash and equivalents</font></td>
		<td width="8%" align="right"><font size="2">(1,316</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">466</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">777</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Cash and equivalents at the beginning of years</font></td>
		<td width="8%" align="right"><font size="2">2,326</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,808</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">977</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Exchange differences from cash and equivalents</font></td>
		<td width="8%" align="right"><font size="2">102</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">52</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">54</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and equivalents at the end of years</font></td>
		<td width="8%" align="right"><font size="2">1,112</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,326</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,808</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>
	</tr>
</table>
<p><font size="2">Cash and equivalents at the end of years are comprised 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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Cash</font></td>
    <td width="8%" align="right"><font size="2">776</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">518</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">563</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Cash equivalents<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">336</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,808</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,245</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and equivalents
      at the end of years<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">1,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,326</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,808</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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Included in short-term investments in the consolidated balance sheets.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Cash and equivalents from jointly controlled companies which are proportionally consolidated for Argentine GAAP purposes are not included.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-57</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_58"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>14.</b></font></td>
		<td><font size="2"><b>ADDITIONAL U.S. GAAP DISCLOSURES</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Consolidated operating income</b></font></td>
	</tr>
</table>
<p><font size="2">Under U.S. GAAP, costs charged to income for YPF Holdings environmental remediation, holding gains on inventories, impairment of long-lived assets, operating income from jointly controlled companies proportionally consolidated, pending lawsuits and other claims costs and other items which are not individually significant, would have been deducted from or added to operating income.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Comprehensive income</b></font></td>
	</tr>
</table>
<p><font size="2">Net income under U.S. GAAP as determined in Note 13 is approximately the same as comprehensive income as defined by ASC No. 220, <i>&#147;Reporting Comprehensive Income&#148;</i> (&#147;ASC 220&#148;) for all periods presented, except for the effect in the years 2011, 2010 and 2009 of the variations of the following items. The items included in Accumulated other comprehensive income as of December 31, 2011, 2010 and 2009, 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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Effect arising from the translation into reporting
      currency<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">23,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21,699</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,532</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Pension plans<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">(81</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(74</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(41</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Comprehensive income at the end of years</font></td>
    <td width="8%" align="right"><font size="2">23,773</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21,625</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,491</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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Has no tax effect.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Valuation allowance has been recorded to offset the recognized income tax effect.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c)</b></font></td>
		<td><font size="2"><b>Assets retirement obligation</b></font></td>
	</tr>
</table>
<p><font size="2">Under Argentine regulations, the Company has the obligation to incur costs related to the abandonment of hydrocarbon wells. The Company does not have assets legally restricted for purposes of settling the obligation.</font></p>
<p><font size="2">The reconciliation of the beginning and ending aggregate carrying amount of assets retirement obligation, translated into Argentine pesos at the outstanding selling exchange rate at the end of each year and under US GAAP, is 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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Aggregate assets retirement obligation, beginning
      of year</font></td>
    <td width="8%" align="right"><font size="2">5,074</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,282</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,382</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Translation effect</font></td>
    <td width="8%" align="right"><font size="2">259</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">213</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Revision in estimated cash flows</font></td>
    <td width="8%" align="right"><font size="2">773</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">307</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(667)<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Obligations incurred</font></td>
    <td width="8%" align="right"><font size="2">68</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">139</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">156</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Accretion expense</font></td>
    <td width="8%" align="right"><font size="2">442</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">380</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">397</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Obligations settled</font></td>
    <td width="8%" align="right"><font size="2">(225</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(145</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(199</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Aggregate assets retirement obligation, end
      of year</font></td>
    <td width="8%" align="right"><font size="2">6,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,074</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,282</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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">The effect is mainly attributable to the new timing estimation for the Company&#146;s wells abandonment obligations taking into consideration the extension of concessions.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-58</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_59"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>d)</b></font></td>
		<td><font size="2"><b>Fair Value Measurements</b></font></td>
	</tr>
</table>
<p><font size="2">SFAS No. 157, <i>Fair Value Measurements</i> codified into ASC No. 820, defines fair value, establishes a framework for measuring fair value and expands disclosure requirements about fair value measurements. ASC No. 820 does not mandate any new fair-value measurements and is applicable to assets and liabilities that are required to be recorded at fair value under other accounting pronouncements.</font></p>
<p><font size="2">ASC No. 820 establishes three levels of the fair-value hierarchy based on the sources of the inputs used in the measurement of the fair value, which are described below:</font></p>
<p><font size="2">Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.</font></p>
<p><font size="2">Level 2: Inputs other than Level 1 that are observable, either directly or indirectly.</font></p>
<p><font size="2">Level 3: Unobservable inputs.</font></p>
<p><font size="2">The initial application of SFAS No. 157 on January 1, 2008, had no effect on the Company&#146;s existing fair-value measurement practices and is limited to the Company&#146;s investments in mutual funds. The fair value measurements for these assets are based on observable market inputs (Level 1) consisting in quotations provided by the mutual funds&#146; bank sponsor. The fair value of these assets was 233, 1,457 and 653 as of December 31, 2011, 2010 and 2009, respectively and the related gains or losses from periodic measurement at fair value is immaterial to the Company&#146;s financial statements.</font></p>
<p><font size="2">As of December 31, 2011, 2010 and 2009, there were not non-financial assets or liabilities measured at fair value.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>e)</b></font></td>
		<td><font size="2"><b>SFAS Interpretation No. 48, &#147;Accounting for uncertainty in income taxes &#150; an interpretation of FASB Statement No. 109&#148; (&#147;FIN 48&#148;), codified into ASC No. 740</b></font></td>
	</tr>
</table>
<p><font size="2">FIN 48 defines the criteria an individual tax position must meet for any part of the benefit of such position to be recognized in the financial statements. FIN 48 establishes &#147;a more-likely-than-not&#148; recognition threshold that must be met before a tax benefit can be recognized in the financial statements. FIN 48 also provides guidance, among other things, on the measurement of the income tax benefit associated with uncertain tax positions, de-recognition, classification, interest and penalties and financial statement disclosures.</font></p>
<p><font size="2">There were no unrecognized tax benefits as of December 31, 2011, 2010 and 2009.</font></p>
<p><font size="2">Under Argentine tax regime, as of December 31, 2011, fiscal years 2004 through 2010 remain to examination by the Federal Administration of Public Revenues (&#147;AFIP&#148;).</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>15.</b></font></td>
		<td><font size="2"><b>OTHER CONSOLIDATED FINANCIAL STATEMENT INFORMATION</b></font></td>
	</tr>
</table>
<p><font size="2">The following tables present additional consolidated financial statement disclosures required under Argentine GAAP. Certain information disclosed in these tables is not required as part of the basic financial statements under U.S. GAAP.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">a)</font></td>
		<td><font size="2">Fixed assets evolution.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">b)</font></td>
		<td><font size="2">Investments in shares and holdings in companies under significant influence and other companies.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">c)</font></td>
		<td><font size="2">Allowances and accruals for contingencies.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">d)</font></td>
		<td><font size="2">Cost of sales.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">e)</font></td>
		<td><font size="2">Foreign currency assets and liabilities.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">f)</font></td>
		<td><font size="2">Expenses incurred.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-59</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_60"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">a)</font></td>
		<td><font size="2">Fixed assets evolution</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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 align="left" width="2%">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>Cost</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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"><b>Main account</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amounts at beginning of year</b></font></div>
    </td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net translation effect<sup>(5)</sup></b></font></div>
    </td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Increases</b></font></div>
    </td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net decreases, reclassifications and
        transfers</b></font></div>
    </td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amounts at the end of year</b></font></div>
    </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 align="left" width="2%">&nbsp;</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="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="4%" align="left">&nbsp;</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="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="4%" 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">Land and buildings</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,385</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(5</font></td>
    <td width="4%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">3,413</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Mineral property, wells and related equipment</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">66,530</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">19</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,437</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,288</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">74,274</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Refinery equipment and petrochemical plants</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,442</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">525</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,994</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Transportation equipment</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,997</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">16</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">97</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,110</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Materials and equipment in warehouse</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,317</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,158</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(1,457</font></td>
    <td width="4%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">2,018</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Drilling and work in progress</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,574</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,605</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(5,709</font></td>
    <td width="4%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">9,471</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Exploratory drilling in progress</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">248</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,157</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(989</font></td>
    <td width="4%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">416</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Furniture, fixtures and installations</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">941</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">71</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,021</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Selling equipment</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,532</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">179</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,712</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Other property</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,022</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">45</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">35</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,102</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="4%" align="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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2011</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">93,988</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,488</font></td>
    <td width="4%" align="left"><font size="2"><sup>(2)(6)</sup></font></td>
    <td width="8%" align="right"><font size="2">(965</font></td>
    <td width="4%" align="left"><font size="2">)<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">107,531</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2010</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">85,121</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,477</font></td>
    <td width="4%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">(624</font></td>
    <td width="4%" align="left"><font size="2">)<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">93,988</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2009</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">80,364</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">54</font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,389</font></td>
    <td width="4%" align="left"><font size="2"><sup>(2)(6)</sup></font></td>
    <td width="8%" align="right"><font size="2">(686</font></td>
    <td width="4%" align="left"><font size="2">)<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">85,121</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="4%" 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>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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 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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><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 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"><b>Main account</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Accumulated at beginning of year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net decreases, reclassifications and
        transfers</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Depreciation rate</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Increases</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Accumulated at the end of year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net book value</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net book value</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Net book value</b></font></div>
    </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 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">Land and buildings</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,282</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(8</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">75</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,349</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,064</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,103</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,987</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Mineral property, wells and related equipment</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">49,599</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left"><font size="2"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2">4,542</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">54,141</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,133</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2">16,931</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2">16,339</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Refinery equipment and petrochemical plants</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,614</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4 &#150; 10</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">581</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,195</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,799</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,828</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,745</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Transportation equipment</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,488</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(4</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">4 &#150; 5</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">75</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,559</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">551</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">509</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">540</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Materials and equipment in warehouse</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,018</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,317</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">814</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Drilling and work in progress</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,471</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,574</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,640</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Exploratory drilling in progress</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">416</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">248</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">119</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Furniture, fixtures and installations</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">167</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">180</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">210</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Selling equipment</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,236</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">66</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,308</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">404</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">309</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Other property</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">339</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(5</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">10</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">368</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">734</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">683</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">330</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2011</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">62,319</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(11)<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">5,466</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">67,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">39,757</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 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2010</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">57,088</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(42)<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">5,273</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">62,319</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">31,669</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 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 colspan=2>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2009</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">52,291</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(35)<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">4,832</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">57,088</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 width="8%" align="right"><font size="2">28,033</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes 13, 10 and 6 of net book value charged to fixed assets allowances for years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Includes 695, 894 and 176 corresponding to hydrocarbon wells abandonment costs for the years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Includes 1,660, 1,072 and 1,196 of mineral property as of December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">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">(5)</font></td>
		<td><font size="1">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">(6)</font></td>
		<td><font size="1">Includes 654 and 106 for the extension of certain exploitation concessions in the Provinces of Mendoza and Neuqu&#233;n (Note 10.c) and other not significant acquisitions for the years ended December 31, 2011 and 2009, respectively.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-60</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_61"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">b)</font></td>
		<td><font size="2">Investments in shares and holdings in companies under significant influence and other companies</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=23  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=23  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=13  width="5%" align="center"><font size="2"><b>Information of
      the Issuer</b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=13  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>Description of
      the Securities</b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=7  width="5%" align="center"><font size="2"><b>Last Financial
      Statements Available</b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=7  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><br>
      <br>
      <b>Name and Issuer</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Class</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Face Value</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Amount</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Book Value</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Cost<sup>(2)</sup></b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2"><b><br>
        <br>
        Main Business</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Registered Address</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Date</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        Capital Stock</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        Income (Loss)</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Equity</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Holding in Capital Stock</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Book Value</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b><br>
        <br>
        Book Value</b></font></div>
    </td>
    <td width="1%" 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 align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="left">
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Companies under significant influence:</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=27>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Oleoductos del Valle S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 10</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4,072,749</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">77<sup>(1)(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Oil transportation by pipeline</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Florida 1, P. 10&#186;, Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12-31-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">110</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(28</font></td>
    <td width="1%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">254</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">37.00</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">83<sup>(1)(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">84<sup>(1)(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Terminales Mar&#237;timas Patag&#243;nicas
      S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 10</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">476,034</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">48<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Oil storage and shipment</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Av. Leandro N. Alem 1180, P.11&#186;, Buenos
        Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">09-30-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">14</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="1%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">148</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">33.15</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">47<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">45<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Oiltanking Ebytem S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 10</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">351,167</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">28</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Hydrocarbon transportation and storage</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Terminal Mar&#237;tima Puerto Rosales &#150;
        Provincia de Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12-31-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">28</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">116</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">30.00</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">32</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">34</font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Gasoducto del Pac&#237;fico (Argentina) S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Preferred</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">15,579,578</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Gas transportation by pipeline</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">San Mart&#237;n 323, P. 13&deg;, Buenos
        Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12-31-2010</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">156</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(6</font></td>
    <td width="1%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">86</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">10.00</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">4<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">8<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Central Dock Sud S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 0.01</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,822,342,992</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">46</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Electric power generation and bulk marketing</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Pasaje Ingeniero Butty 220, P. 16&#186;,
        Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">09-30-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">356</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">70</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">226</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">9.98%<sup>(5)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;<sup>(7)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;<sup>(7)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Gas Argentino S.A.(6)</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">126,808,862</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">41</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">338</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Investment in Metrogas S.A.</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Gregorio Ar&#225;oz de Lamadrid 1360, Buenos
        Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12-31-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">247</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(87</font></td>
    <td width="1%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">36</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">45.33</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">66</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">100</font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Inversora Dock Sud S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">103,501,823</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">107<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">193</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Investment and finance</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Pasaje Ingeniero Butty 220, P. 16&#186;,
        Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">09-30-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">241</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">57</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">254</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">42.86</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">89<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">82<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2">Pluspetrol Energy S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">30,006,540</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">317<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Exploration and exploitation of hydrocarbons
        and electric power generation, production and marketing</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Lima 339, Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">09-30-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">67</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">23</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">568</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">45.00</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">281<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">240<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Oleoducto Trasandino (Argentina) S.A.</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">Preferred</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">27,018,720</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">13<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">Oil transportation by pipeline</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">Macacha G&#252;emes 515, P. 3&#186;, Buenos
        Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">09-30-2011</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">76</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(3</font></td>
    <td width="1%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">36</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">36.00</font></td>
    <td width="1%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">14<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">16<sup>(3)</sup></font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2"><b>Other companies:</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=27>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2">Others<sup>(4)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">29</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">29</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2">&#151;</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">
      <div align="left"><font size="2">&#151;</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">27</font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">668</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">608</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">628</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">636</font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="11%" align="right">&nbsp; </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">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">(2)</font></td>
		<td><font size="1">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">(3)</font></td>
		<td><font size="1">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>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">Includes 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., Gasoducto Oriental S.A., Bizoy S.A., Civeny S.A. and Bioceres S.A.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">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">(6)</font></td>
		<td><font size="1">On May 19, 2009, Gas Argentino S.A. (&#147;GASA&#148;) filed a voluntary reorganization petition (&#147;concurso preventivo&#148;), which was opened on June 8, 2009. The book value as of December 31, 2011, 2010 and 2009, 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">(7)</font></td>
		<td><font size="1">As of December 31, 2010 and 2009, 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><br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">c)</font></td>
		<td><font size="2">Allowances and accruals for contingencies</font></td>
	</tr>
</table>
<br>


<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"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
    <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"><b>Account</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at Beginning of Year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Increases</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Decreases</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Transfers</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at End of Year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at End of Year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at End of Year</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Deducted from current assets:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=13>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">For doubtful trade receivables</font></td>
    <td width="8%" align="right"><font size="2">467</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">63</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">457</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">467</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">413</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">For other doubtful accounts</font></td>
    <td width="8%" align="right"><font size="2">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">94</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">560</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">63</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">550</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">560</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">507</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Deducted from noncurrent assets:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=13>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">For valuation of other receivables to their
      estimated realizable value</font></td>
    <td width="8%" align="right"><font size="2">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">For reduction in value of holdings in long-term
      investments</font></td>
    <td width="8%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">For unproductive exploratory drilling</font></td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">For obsolescence of materials and equipment</font></td>
    <td width="8%" align="right"><font size="2">99</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">107</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">99</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">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>
    <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">197</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">172</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">197</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">182</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total deducted from assets, 2011</font></td>
    <td width="8%" align="right"><font size="2">757</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">86</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">121</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">722</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"><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">Total deducted from assets, 2010</font></td>
    <td width="8%" align="right"><font size="2">689</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">217</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">149</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</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">757</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">&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 colspan=2>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Total deducted from assets, 2009</font></td>
    <td width="8%" align="right"><font size="2">865</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">338</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</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 width="8%" align="right"><font size="2">689</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">&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"><b>Accruals for losses &#150; current:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=13>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">For various specific contingencies</font></td>
    <td width="8%" align="right"><font size="2">295</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">76</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">396</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">295</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">341</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">295</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">76</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">396</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">295</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">341</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>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-61</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_62"></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 align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
    <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"><b>Account</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at Beginning of Year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Increases</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Decreases</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Transfers</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at End of Year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at End of Year</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amount at End of Year</b></font></div>
    </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 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"><b>Accruals for losses &#150; noncurrent:</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=13>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">For pending lawsuits, environmental contingencies
      and various specific contingencies</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">784</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">714</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(76</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">2,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,959</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">784</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">714</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(76</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">2,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,959</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total included
      in liabilities, 2011</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,822</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">809</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">714</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,917</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 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=4>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total included
      in liabilities, 2010</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,310</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">788</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</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">2,822</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 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>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total included
      in liabilities, 2009</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,445</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,067</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,212</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</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 width="8%" align="right"><font size="2">2,300</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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">&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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">d)</font></td>
		<td><font size="2">Cost of sales</font></td>
	</tr>
</table>
<br>


<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">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Inventories at beginning of year</font></td>
    <td width="8%" align="right"><font size="2">3,865</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,066</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,449</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Purchases for the year</font></td>
    <td width="8%" align="right"><font size="2">18,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,631</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,873</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Production costs (Note 15.f)</font></td>
    <td width="8%" align="right"><font size="2">24,841</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">16,932</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Holding gains (losses) on inventories</font></td>
    <td width="8%" align="right"><font size="2">1,089</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">676</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(11</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Inventories at end of year</font></td>
    <td width="8%" align="right"><font size="2">(6,074</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,865</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,066</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales</font></td>
    <td width="8%" align="right"><font size="2">41,932</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">29,899</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">23,177</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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">e)</font></td>
		<td><font size="2">Foreign currency assets and liabilities</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Account</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>Foreign currency
      and amount</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Exchange rate<br>
        in pesos as of <br>
        12-31-11</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Book value <br>
        as of 12-31-11</b></font></div>
    </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 align="left" width="2%">&nbsp;</td>
    <td colspan=5  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>
    <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 align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </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 align="left" width="2%">&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 colspan=4>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Current Assets</b></font></td>
    <td align="left" width="2%">&nbsp;</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">Cash</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$102</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$84</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$136</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">580</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Investments</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$163</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$439</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$81</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">345</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Trade receivables</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$508</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$592</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$528</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">2,251</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU132</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">0.21</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other receivables</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$488</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$427</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$222</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">947</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">5.53</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU225</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">0.21</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">47</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</font></td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4,209</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Noncurrent Assets</b></font></td>
    <td align="left" width="2%">&nbsp;</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">Investments</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other receivables</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$291</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="13%" align="right"><font size="2">362</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent assets</font></td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">375</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</font></td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4,584</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-62</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_63"></a></font></p>



<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Account</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>Foreign currency
      and amount</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Exchange rate<br>
        in pesos as of <br>
        12-31-11</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Book value <br>
        as of 12-31-11</b></font></div>
    </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 align="left" width="2%">&nbsp;</td>
    <td colspan=5  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>
    <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 align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </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 align="left" width="2%">&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 colspan=4>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Current Liabilities</b></font></td>
    <td align="left" width="2%">&nbsp;</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">Accounts payable</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$767</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$1,019</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$1,399</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">6,017</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#128;49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">5.59</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">UYU111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">0.23</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Loans</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$910</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$1,254</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$1,391</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">5,983</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Salaries and social security</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Taxes payable</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Accruals for losses</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$64</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$53</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$68</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">293</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" height="18">&nbsp;</td>
    <td align="left" height="18" width="2%">&nbsp;</td>
    <td width="8%" align="right" height="18">&nbsp;</td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18">&nbsp;</td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="8%" align="right" height="18">&nbsp;</td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="13%" align="right" height="18">&nbsp;</td>
    <td width="2%" align="left" height="18">&nbsp;</td>
    <td width="13%" align="right" height="18"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left" height="18">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current
      liabilities</font></td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">12,619</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Noncurrent Liabilities</b></font></td>
    <td align="left" width="2%">&nbsp;</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">Accounts payable</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$563</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$715</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$857</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">3,687</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Loans</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$510</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$386</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$1,084</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">4,663</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Salaries and social security</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Accruals for losses</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$342</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$411</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">US$346</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="13%" align="right"><font size="2">1,489</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent
      liabilities</font></td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">9,990</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</font></td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">22,609</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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="13%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">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">(2)</font></td>
		<td><font size="1">Selling exchange rate.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">f)</font></td>
		<td><font size="2">Expenses incurred</font></td>
	</tr>
</table>
<br>


<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"><b>2011</b></font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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>
		<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">
      <div align="center"><font size="2"><b>Production costs</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>Administrative expenses</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>Selling expenses</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>Exploration expenses</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Salaries and social security taxes</font></td>
		<td width="8%" align="right"><font size="2">2,470</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">693</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">361</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">63</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,587</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,512</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,827</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Fees and compensation for services</font></td>
		<td width="8%" align="right"><font size="2">248</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">518</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">74</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">8</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">848</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">718</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">587</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Other personnel expenses</font></td>
		<td width="8%" align="right"><font size="2">687</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">129</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">36</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">12</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">864</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">623</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">494</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Taxes, charges and contributions</font></td>
		<td width="8%" align="right"><font size="2">428</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">48</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">636</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,112</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">952</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">755</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Royalties and easements</font></td>
		<td width="8%" align="right"><font size="2">3,518</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">11</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">18</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,547</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,989</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,545</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Insurance</font></td>
		<td width="8%" align="right"><font size="2">175</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">8</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">17</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">200</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">177</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">200</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Rental of real estate and equipment</font></td>
		<td width="8%" align="right"><font size="2">951</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">10</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">104</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,065</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">571</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">531</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Survey expenses</font></td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">52</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">52</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">98</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">54</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Depreciation of fixed assets</font></td>
		<td width="8%" align="right"><font size="2">5,211</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">117</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">138</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,466</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">5,273</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,832</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Industrial inputs, consumable materials and supplies</font></td>
		<td width="8%" align="right"><font size="2">1,000</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">12</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">84</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,100</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">895</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">696</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Operation services and other service contracts</font></td>
		<td width="8%" align="right"><font size="2">3,027</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">104</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">217</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,348</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,470</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,981</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Preservation, repair and maintenance</font></td>
		<td width="8%" align="right"><font size="2">4,038</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">54</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">105</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">16</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">4,213</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,084</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,315</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Contractual commitments</font></td>
		<td width="8%" align="right"><font size="2">88</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">88</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">411</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">139</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Unproductive exploratory drillings</font></td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">350</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">350</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">112</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">356</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Transportation, products and charges</font></td>
		<td width="8%" align="right"><font size="2">1,215</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,604</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,819</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,387</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,045</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">(Credit) charge for allowance for doubtful trade receivables</font></td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(10</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(10</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">24</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">(11</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Publicity and advertising expenses</font></td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">113</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">164</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">&#151;</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">277</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">192</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">165</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Fuel, gas, energy and miscellaneous</font></td>
		<td width="8%" align="right"><font size="2">1,785</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">99</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">182</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">51</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,117</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,691</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,565</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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2011</font></td>
		<td width="8%" align="right"><font size="2">24,841</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,905</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,723</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">574</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">31,043</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"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2010</font></td>
		<td width="8%" align="right"><font size="2">20,391</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,429</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">3,015</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">344</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">25,179</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">&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 colspan=2>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total 2009</font></td>
		<td width="8%" align="right"><font size="2">16,932</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">1,102</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">2,490</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">552</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 width="8%" align="right"><font size="2">21,076</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">&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>
<br>
<p align="center"><font size="2">F-63</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_64"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>16.</b></font></td>
		<td><font size="2"><b>ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (&#147;IFRS&#148;)</b></font></td>
	</tr>
</table>
<p><font size="2">As mentioned in Note 1.a, in accordance with IFRS 1, <i>&#147;First-Time Adoption of International Financial Reporting Standards&#148;</i>, adopted by General Resolution No. 562/09 of the CNV, the information provided below has been prepared based on the IFRS as issued by the IASB that are expected to be applicable at December 31, 2012, which is the end of year in which IFRS will be applied for first time. It should be noted that the Shareholders&#146; equity as of January 1, 2011 and December 31, 2011, and the Net income for the year ended December 31, 2011, prepared according to IFRS, resulting from the reconciliations included below, could be modified to the extent that, at December 31, 2012, the applicable standards were different from those that were considered for the preparation of such reconciliations. In addition, and in accordance to IFRS, the date of transition to IFRS is January 1, 2011 (the &#147;transition date&#148;).</font></p>
<p><font size="2">The criteria adopted by YPF in its transition to IFRS in relation to the permitted exceptions established by IFRS 1 and anticipated adoption of certain IFRS are as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">I.</font></td>
		<td><font size="2">Fixed assets and intangible assets according to IFRS have been measured at the transition date in the functional currency defined by the Company according to the following:</font></td>
	</tr>
</table>
<br>
<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">a)</font></td>
		<td><font size="2">Assets as of the transition date which were acquired or incorporated before March 1, 2003, date on which General Resolution No. 441 of the CNV established the discontinuation of the remeasurement of financial statements in constant pesos (see Note 1.a): the value of these assets valued according to the accounting standards outstanding in Argentina before the adoption of IFRS (&#147;Previous Argentine GAAP&#148;) have been adopted as deemed cost as of March 1, 2003 and remeasured into U.S. dollars using the exchange rate in effect on that date;</font></td>
	</tr>
</table>
<br>
<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">b)</font></td>
		<td><font size="2">Assets as of the transition date which were acquired or incorporated subsequently to March 1, 2003: the value of these assets was remeasured into U.S. dollars using the exchange rate in effect as of the date of acquisition or incorporation of each such asset.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">II.</font></td>
		<td><font size="2">IFRS 9, <i>&#147;Financial Instruments&#148;</i>, IFRS 10, <i>&#147;Consolidated Financial Statements&#148;</i>, IFRS 11, <i>&#147;Joint Arrangements&#148;</i> and IFRS 12, <i>&#147;Disclosure of Interests in Other Entities&#148;</i>, have been applied as from the transition date.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">III.</font></td>
		<td><font size="2">The cumulative translation differences generated by investments in foreign company as of the transition date were reclassified to retained earnings. Under the previous Argentine GAAP, they were recorded under shareholders&#146; equity as deferred earnings.</font></td>
	</tr>
</table>
<p><font size="2">Set forth below are the reconciliations of Shareholders&#146; equity at the beginning and end of year 2011 and the Net income thereof.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Reconciliations of Shareholders&#146; equity as of January 1, 2011 and December 31, 2011:</b></font></td>
	</tr>
</table>
<br>


<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">
      <div align="center"><font size="2"><b>As of January 1, 2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b>As of December 31, 2011</b></font></div>
    </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"><b>Shareholders&#146; equity according to previous Argentine GAAP<sup>(1)</sup></b></font></td>
		<td width="8%" align="right"><font size="2">19,040</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">18,735</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><div style="margin-left:5%; text-indent:-5%"><font size="2">a)&nbsp;&nbsp;&nbsp;Effect of application of the functional and reporting currency:</font></div></td>

    <td width="2%" align="left">&nbsp;</td>

    <td colspan=3>&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><div style="margin-left:10%; text-indent:-5%"><font size="2">a.1)&nbsp;&nbsp;&nbsp;Adjustment to fixed assets and Intangible assets</font></div></td>
		<td width="8%" align="right"><font size="2">5,040</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">6,438</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><div style="margin-left:10%; text-indent:-5%"><font size="2">a.2)&nbsp;&nbsp;&nbsp;Adjustment to Inventories</font></div></td>
		<td width="8%" align="right"><font size="2">137</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">266</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><div style="margin-left:10%; text-indent:-5%"><font size="2">a.3)&nbsp;&nbsp;&nbsp;Other</font></div></td>
		<td width="8%" align="right"><font size="2">283</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">327</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><div style="margin-left:5%; text-indent:-5%"><font size="2">b)&nbsp;&nbsp;&nbsp;Deferred Income Tax</font></div></td>
		<td width="8%" align="right"><font size="2">(1,812</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
		<td width="8%" align="right"><font size="2">(2,346</font></td>
		<td width="2%" align="left"><font size="2">)</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"><b>Shareholders&#146; equity according to IFRS</b></font></td>
		<td width="8%" align="right"><font size="2">22,688</font></td>

    <td width="2%" align="left">&nbsp;</td>
		<td width="8%" align="right"><font size="2">23,420</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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Corresponds to the outstanding accounting standards applicable to the Company, before IFRS&#146;s adoption.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-64</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_65"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Effect of application of the functional and reporting currency:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Under previous Argentine GAAP, considering CNV regulations, the financial statements are measured and presented in pesos (reporting currency) recognizing the effects of variations in the purchasing power of money by applying the method of restatement in constant currency established by Resolution No. 6 and considering the provisions of General Resolution No. 441 of the CNV, which established the suspension of the restatement of financial statements in constant currency as from March 1, 2003. Foreign currency transactions were recorded in pesos at the exchange rate prevailing at the date of each transaction. Exchange differences arising on monetary items in foreign currencies are recognized as financial income (expense) in the year in which they arise.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Under IFRS, companies should determine their functional currency according to the criteria established by International Audit Standard (&#147;IAS&#148;) 21, <i>&#147;The Effects of Changes in Foreign Exchange Rates&#148;</i>, which may differ from their reporting currency. According to the provisions of that standard, YPF&#146;s management has defined the U.S. dollar as the functional currency of YPF and certain of its subsidiaries. Accordingly, the shareholders&#146; equity as of January 1 and December 31, 2011, prepared under previous Argentine GAAP have been remeasured into U.S. dollars according to the procedure set out in IAS 21 and IFRS 1, with the objective of generating the same accounting information that would have been reported if the accounting records were kept in the functional currency. According to the established procedures, monetary assets and liabilities are remeasured at the relevant closing exchange rates. Non-monetary items, that are measured in terms of historical cost, as well as income and expenses, are remeasured using the exchange rate at the date of the relevant transaction. The results of the remeasurement into U.S. dollars of monetary assets and liabilities in currencies different from U.S. dollar are recognized as income (expense) in the year in which they arise. With respect to investments in companies under control, joint control or significant influence and holdings in other companies in which YPF&#146;s management has defined a currency different from the U.S. dollar as its functional currency, the adjustment for the remeasurement of their shareholders&#146; equity in to U.S. dollars is not included in the determination of Net income and is reported in Other comprehensive income for the year.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Additionally, according to General Resolution No. 562 of the CNV, the Company must file its financial statements in pesos. Accordingly, the amounts obtained from the process above mentioned, need to be converted into pesos, following the criteria set forth in IAS 21. As a result, assets and liabilities will be translated to the reporting currency, at the closing exchange rate, income and expenses will be translated at the exchange rate at the date of each transaction (or, for practical reasons and when exchange rates do not fluctuate significantly, the average exchange rate for each month) and the exchange differences resulting from this process will be reported in Other Comprehensive Income for the year.</font></td>
	</tr>
</table>
<br>
<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">a.1)</font></td>
		<td><font size="2">According to the methodology mentioned above, the Company has valued its fixed assets and intangible assets, in its functional currency, taking into consideration the exception mentioned in the paragraphs I.a) and I.b) above and has subsequently converted them into pesos. Based on that valuation, the fixed assets and intangible assets of the Company have been increased in the amounts of 5,040<b> </b>and 6,438<b> </b>as of January 1 and December 31, 2011, respectively.</font></td>
	</tr>
</table>
<br>
<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">a.2)</font></td>
		<td><font size="2">In addition, the adjustment referred to above in fixed assets has affected the valuation of the inventories. According to the methodology established by the Company for the valuation of inventories, the depreciation of fixed assets is part of their cost. Since such depreciation has been affected by the adjustment referred to above in fixed assets, the Company proceeded to increase the value of its inventories in 137 and 266 as of January 1 and December 31, 2011, respectively.</font></td>
	</tr>
</table>
<br>
<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">a.3)</font></td>
		<td><font size="2">Mainly includes the adjustments resulting from the application of the concept of functional currency, as defined by IFRS, to investments valued using the equity method.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Deferred Income Tax:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Corresponds to the income tax effect of the valuation differences referred to in paragraphs a.1 and a.2.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Under previous Argentine GAAP, when there were timing differences between the accounting value of the assets and liabilities and their tax basis, deferred income tax assets or liabilities will be recognized.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-65</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_66"></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">Under IFRS, according to the provisions of IAS 12, &#147;Income Taxes&#148;, a deferred tax asset or liability exists when there are tax deferred earnings to be recovered or settled in future periods related to deductible or taxable temporary differences, which are generated when there is a difference between the carrying amount of an asset or liability in the balance sheet and its tax base. Taxable temporary differences are temporary differences that give rise to taxable amounts in determining taxable profit (tax loss) of future periods when the asset&#146;s carrying amount is recovered or the liability is settled, and deductible temporary differences are temporary differences that give rise to amounts that are deductible in determining taxable profit (tax loss) of future periods when the asset&#146;s carrying amount is recovered or the liability is settled.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The effect of applying the current tax rate on the difference generated between the tax basis of fixed assets and intangible assets and their book value under IFRS, measured in its functional currency and converted into pesos as described in paragraph a), with respect to the book value under the previous Argentine GAAP, resulted in a decrease in Shareholders&#146; equity of 1,764 and 2,253 as of January 1 and December 31, 2011, respectively.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Similarly, as result of the adjustment in the valuation of inventories, the difference between the book value under IFRS of the related assets and their tax basis generates a decrease in Shareholders&#146; equity of 48 and 93 as of January 1 and December 31, 2011, respectively.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Reconciliation of Net income for the year ended December 31, 2011</b></font></td>
	</tr>
</table>
<br>


<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">
      <div align="center"><font size="2"><b>For the Year Ended December 31, 2011</b></font></div>
    </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Net income according to previous Argentine
      GAAP</b></font></td>
    <td width="8%" align="right"><font size="2">5,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2">a)&nbsp;&nbsp;&nbsp;Remeasurement
        into functional currency</font></div>
    </td>
    <td width="8%" align="right"><font size="2">1,113</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2">b)&nbsp;&nbsp;&nbsp;Depreciation
        of fixed assets and amortization of intangible assets</font></div>
    </td>
    <td width="8%" align="right"><font size="2">(1,120</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2">c)&nbsp;&nbsp;&nbsp;Deferred
        Income Tax</font></div>
    </td>
    <td width="8%" align="right"><font size="2">(534</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2">d)&nbsp;&nbsp;&nbsp;Other</font></div>
    </td>
    <td width="8%" align="right"><font size="2">(310</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Net income according to IFRS</b></font></td>
    <td width="8%" align="right"><font size="2">4,445</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2">e)&nbsp;&nbsp;&nbsp;Translation
        adjustment</font></div>
    </td>
    <td width="8%" align="right"><font size="2">1,864</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2">f)&nbsp;&nbsp;&nbsp;Actuarial
        losses &#150; Pension Plan</font></div>
    </td>
    <td width="8%" align="right"><font size="2">(12</font></td>
    <td width="2%" align="left"><font size="2">)</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Comprehensive income according to IFRS</b></font></td>
    <td width="8%" align="right"><font size="2">6,297</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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Remeasurement into functional currency:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Corresponds to the elimination of exchange differences recorded under previous Argentine GAAP originated by monetary assets and liabilities denominated in currencies other than the peso, and the recognition of the exchange differences corresponding to the measurement of monetary assets and liabilities denominated in currencies other than U.S. dollar, as a result of the application of the functional currency concept previously mentioned.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Depreciation of fixed assets and amortization of intangible assets:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Corresponds to the difference in depreciations and amortizations charged to expenses in the year, derived from the valuation of fixed assets and intangible assets, respectively, as a result of the application of the concept of functional currency described above.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c)</b></font></td>
		<td><font size="2"><b>Deferred Income Tax:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Corresponds to the effect of income tax in accordance with the requirements of IAS 12.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-66</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_67"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>d)</b></font></td>
		<td><font size="2"><b>Other:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Mainly includes the effect, in net income, of the valuation of inventories under IFRS and the adjustments resulting from the application of functional currency, as defined by IFRS, to long term investments valued using the equity method that defined the U.S. dollar as its functional currency.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>e)</b></font></td>
		<td><font size="2"><b>Translation adjustment:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Includes the adjustment effect of the conversion process from the Company&#146;s functional currency (U.S. dollar) into the Company&#146;s reporting currency (peso), and the effect of converting the financial statements of long term investments in companies whose functional currency differs from U.S. dollar, according to the methodology provided by IAS 21. Accordingly, the main effects are generated by:</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Translation into U.S. dollars of financial information corresponding to investments in companies where the functional currency differs from the Company&#146;s funcional currency;</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Conversion from U.S. dollars into pesos of the statement of income and Shareholders&#146; equity at the prevailing exchange rate when operations were generated (or, for practical reasons and when exchange rates do not fluctuate significantly, the average exchange rate for each month);</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Conversion from U.S. dollars into pesos of U.S. dollar-denominated assets and liabilities at the exchange rate prevailing at the end of the year.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The main items that accounted for the conversion differences referred to above are:</font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>
		<td width="13%" align="right">
      <div align="center"><font size="2"><b>For the Year Ended December 31, 2011</b></font></div>
    </td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>
		<td width="13%" 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">Fixed assets and intangible assets</font></td>
		<td width="13%" align="right"><font size="2">2,596</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Inventories</font></td>
		<td width="13%" align="right"><font size="2">367</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Monetary Assets</font></td>
		<td width="13%" align="right"><font size="2">433</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Monetary Liabilities</font></td>
		<td width="13%" align="right"><font size="2">(1,049</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Conversion of monetary liabilities net in pesos</font></td>
		<td width="13%" align="right"><font size="2">(578</font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Other</font></td>
		<td width="13%" align="right"><font size="2">95</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td 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>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total translation adjustment</b></font></td>
		<td width="13%" align="right"><font size="2">1,864</font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
	<tr align="center" valign="bottom">

    <td align="left">&nbsp;</td>
		<td width="13%" align="right"><font size="2"><hr noshade size=3></font></td>

    <td width="2%" align="left">&nbsp;</td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>f)</b></font></td>
		<td><font size="2"><b>Actuarial losses &#150; Pension Plans</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">As disclosed in Note 2.e, YPF Holdings Inc. has non-contributory defined-benefit pension plans and postretirement and postemployment benefits (&#147;pension plans&#148;).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Under Argentine GAAP, the actuarial losses arising from the remeasurment of the defined benefit liability of pension plans were charged to the &#147;Other (expense) income, net&#148; account of the statement of income.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Under IFRS, according to the provisions of IAS 19, remeasurements of the net defined benefit liability are recognized in Other Comprehensive Income, and shall not be reclassified to profit or loss in a subsequent period. However, the entity may transfer those amounts recognized in Other Comprehensive Income within equity (i.e. retained earnings).</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-67</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_68"></a></font></p>

<p><font size="2">The cash and equivalents at the beginning and end of year ended December 31, 2011, and the summarized consolidated statements of cash flows for the year then ended, remeasured into U.S. dollar and translated into Argentine pesos under IFRS, after giving effect to the adjustments detailed above and the elimination of the proportional consolidation, referred to under the caption Investments in Joint Arrangements, are presented only for the convenience of the readers and would be as follows:</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Summarized consolidated statements of cash
      flows</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">Net cash flow provided by
      operating activities</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">12,333</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net cash flow used in investing activities</font></td>
    <td width="8%" align="right"><font size="2">(12,159</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">Net cash flow used in financing
      activities</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(1,388</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <hr size="1" noshade>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Decrease in cash and equivalents</font></td>
    <td width="8%" align="right"><font size="2">(1,214</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <hr size="1" noshade>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">Cash and equivalents at
      the beginning of years</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">2,224</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Exchange differences from cash and equivalents</font></td>
    <td width="8%" align="right"><font size="2">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">
      <hr size="1" noshade>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">Cash and equivalents at
      the end of years</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">1,112</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <hr size="2" noshade>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>
<p><font size="2">The Company&#146; statements of cash flow was modified, derived from the deconsolidation of Joint Ventures, previously referred to under the caption Investments in Joint Arrangements, which generated a decrease in cash and equivalents at the beginning and end of year of 201 and 336, respectively, a decrease in the net cash flows provided by operating activities of 437, a decrease in the net cash flow used in investing activities of 119 and a decrease in the net cash flow used in financing activities of 183, for the year ended December 31, 2011.</font></p>
<p><font size="2">Summarized below are the most significant reclassifications that will affect the Company&#146;s financial statements as a result of the adoption of IFRS.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Effect of the application of the interpretation of the International Financial Reporting Interpretation Committee (&#147;IFRIC&#148;) 12, &#147;Service Concession Arrangements&#148;:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The Argentine Hydrocarbons Law permits the executive branch of the Argentine government to award 35-year concessions for the transportation of oil, gas and petroleum products following submission of competitive bids. The term of a transportation concession may be extended for an additional ten-year term. Pursuant to Law No. 26,197, provincial governments have the same powers. Holders of production concessions are entitled to receive a transportation concession for the oil, gas and petroleum products that they produce. The holder of a transportation concession has the right to:</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">transport oil, gas and petroleum products; and</font></td>
	</tr>
</table>
<br>
<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">&#149;</font></td>
		<td><font size="2">construct and operate oil, gas and products pipelines, storage facilities, pump stations, compressor plants, roads, railways and other facilities and equipment necessary for the efficient operation of a pipeline system.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The holder of a transportation concession is obligated to transport hydrocarbons for third parties on a non-discriminatory basis for a fee. This obligation, however, applies to producers of oil or gas only to the extent that the concession holder has surplus capacity available and is expressly subordinated to the transportation requirements of the holder of the concession. Transportation tariffs are subject to approval by the Argentine Secretariat of Energy for oil and petroleum pipelines and by the National Gas Regulatory Authority (Ente Nacional Regulador del Gas or &#147;ENARGAS&#148;) for gas pipelines. Upon expiration of a transportation concession, the pipelines and related facilities automatically revert to the Argentine State without payment to the holder.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The Privatization Law granted YPF a 35-year transportation concession with respect to the pipelines operated by Yacimientos Petrol&#237;feros Fiscales S.A. at the time. The main pipelines related to such transport concessions are:</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">La Plata / Dock Sud</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Puerto Rosales / La Plata</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Monte Cristo / San Lorenzo</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Puesto Hern&#225;ndez / Luj&#225;n de Cuyo</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Luj&#225;n de Cuyo / Villa Mercedes</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-68</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_69"></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">Management considers that the assets referred to above meet the criteria set forth by IFRIC 12, and should be therefore recognized as intangible assets. However, according to previous Argentine GAAP, these assets are considered as fixed assets.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The net book value of the pipelines and related facilities falling under the scope of IFRIC 12 amounted to 764 and 807 as of January 1 and December 31, 2011, respectively.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Effects of the application of IFRS 6</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">According to the provisions of IFRS 6, exploration assets corresponding to mineral interests must be disclosed in the financial statements as intangible assets, whereas they are considered fixed assets under previous Argentine GAAP.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Net book value of exploration assets corresponding to mineral interests falling under the scope of IFRIC 6 amounted to 78 and 181 as of January 1 and December 31, 2011, respectively.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c)</b></font></td>
		<td><font size="2"><b>Investments in Joint Arrangements</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Under Argentine GAAP, YPF has proportionally consolidated, net of intercompany transactions, the corresponding assets, liabilities, revenues, income, costs and expenditures of investees and joint ventures and other agreements in which joint control is held.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Under the provisions of IFRS 11 &#150; Joint Arrangements and IAS 28 (Revised 2011) &#150; Investments in Associates and Joint Ventures, investments in which two or more parties have joint control (defined as a &#147;Joint Arrangement&#148;) shall be classified as either a Joint Operation (when the parties that have joint control have rights to the assets and obligations for the liabilities relating to the Joint Arrangement) or a Joint Venture (when the parties that have joint control have rights to the net assets of the Joint Arrangement). Considering this classification, Joint Operations shall be proportionally consolidated and Joint Ventures shall be accounted for under the equity method.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">Upon the analysis of the contracts of the Joint Arrangements in which the Company is involved, Management has determined that the investees defined under Argentine GAAP as under joint control (and consequently proportionally consolidated under Argentine GAAP) shall be classified under IFRS as Joint Ventures, while the Company&#146;s interest in oil and gas exploration and production joint ventures and other agreements (see Note 6) shall be classified under IFRS as Joint Operations.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The effect derived from the deconsolidation of the investments classified as Joint Ventures generated a decrease of 1,207 and 934 in total consolidated assets and total consolidated liabilities as of December 31, 2011 and January 1, 2011, respectively, and a decrease of 2,312 in consolidated net sales for the year ended December 31, 2011.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2"><b>17.</b></font></td>
    <td><font size="2"><b> SUBSEQUENT EVENTS</b></font></td>
  </tr>
</table>
<p><font size="2">On March 21, 2012, the Board of Director&#146;s meeting, among
  other issues, proposed to the shareholders: (i) to transfer the amount of 1,057
  million, which is currently included in the &#145;Reserve for future dividends&#146;,
  which has not been used, to &#145;Unappropriated retained earnings&#146;, which
  together with the earnings of the fiscal year, add up to a total amount of 6,353
  million; (ii) carry out a capital increase in the amount of 5,789 million, which
  represents approximately 91.125% of such total; (iii) to assign the amount of
  299 million to meet the restriction imposed by the CNV regulation concerning
  the distribution of profits in connection with deferred negative earnings; and
  (iv) to assign the amount of 265 million, which represents 5% of the fiscal
  year earnings, to partially meet the increase in the legal reserve which will
  be required when such capital increase is carried out. These proposals will
  be subject to the consideration of the shareholders in the General Ordinary
  Shareholders&#146; Meeting that will evaluate the accounting documentation corresponding
  to Fiscal Year N&deg; 35, ended December 31, 2011.</font></p>
<p align="center"><font size="2">F-69</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_70"></a></font></p>

<p><font size="2">On April 16, 2012 the Company has been notified, through a notarial
  certification, of Decree No. 530/12 of the National Executive Power, which provides
  for the temporary intervention of YPF for a period of thirty (30) days (which
  we expect to be extended up to our next Shareholders&#146; meeting to be held
  on June 4, 2012) with the aim of securing the continuity of its business, the
  preservation of its assets and capital, fuel provision and the satisfaction
  of the country&#146;s needs, and guaranteeing that the goals of the legislative
  initiative undertaken by said Executive Power, which seeks that the 51% of the
  Class D Shares owned by Repsol YPF, its controlled or controlling entities,
  be declared of public interest and subject to expropriation, are met. Additionally,
  such Decree suspended the attributions of the Board of Directors, and consequently
  it&#146;s Audit Committee, which were assumed by the Intervenor named by the
  Argentine Government (the &#147;Intervenor&#148;).</font></p>
<p><font size="2">On April 23, 2012, the Intervenor has decided to suspend, until
  further notice, the call notice of the General Ordinary Shareholders&#146; Meeting
  of YPF S.A. to be held on April 25, 2012, in order to guarantee the normality
  of the meeting and protect the interests of the Company and its shareholders
  and the transparency in the market. Such Shareholders&#146; meeting, among other
  things, should have approved the financial statements as of December 31, 2011
  filed with CNV and approved by the Board of Directors on March 8, 2012.</font></p>
<p><font size="2">On May 4, 2012, Law 26,741 was enacted, which, among other matters,
  provided for the expropriation of 51% of the equity of YPF represented by an
  identical stake of Class D Shares of said company owned by Repsol YPF, its controlled
  or controlling entities, directly or indirectly. According to Law 26,741, achieving
  self-sufficiency in the supply of hydrocarbons as well as in the exploitation,
  industrialization, transportation and sale of hydrocarbons, is hereby declared
  a national public interest and a priority for Argentina, with the goal of guaranteeing
  socially equitable economic development, the creation of jobs, the increase
  of the competitiveness of various economic sectors and the equitable and sustainable
  growth of the provinces and regions. As mentioned in Note 3.g), a significant
  portion of the Company&#146;s financial debt, totaling approximately US$ 2,000
  million as of December 31, 2011 (US$ 1,600 million as of the issuance date of
  these consolidated financial statements), provides that changes in the Company&#146;s
  control and/or nationalization will constitute an event of default. Moreover,
  the Company&acute;s financial debt also contains cross-default provisions and/or
  cross acceleration provisions that could cause all of the financial debt to
  be accelerated if the debt having changes in control and/or nationalization
  events provisions goes into default or is accelerated. Considering the effects
  of Law No. 26,741, such event of default was configured, however, as of the
  issuance date of these consolidated financial statements, the Company has not
  received any default notification or debt acceleration requirement, and Management
  is actively pursuing formal waivers from the corresponding financial creditors.
  In case those waivers are not obtained and immediate repayment was required,
  the Company could face short-term liquidity problems. However Management expects
  that in such case it could obtain financing from several sources, including
  the Company&acute;s operating cash flows and available credit lines.</font></p>
<p><font size="2">On May 7, 2012, pursuant to Resolution 16,808 of CNV, a General
  Ordinary and Special Shareholders meeting was called for the 4th of June 2012.
  This meeting will consider: (i) the removal of Class A and Class D Directors
  and members of the Statutory Audit Committee; (ii) determination of the number
  of Directors and members of the Statutory Audit Committee to be named; (iii)
  elections of Class A and Class D Directors and members of the Statutory Audit
  Committee; and (iv) determination of the term of their designation.</font></p>
<p><font size="2">Additionally, on May 7, 2012, Decree No. 676/2012 of the National Executive Power appointed Mr. Miguel Mat&#237;as Galuccio, graduated with a degree in petroleum engineering, as a General Manager of the Company during the Intervention.</font></p>

<p><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Update of Nota 10.a &#147;Pending lawsuits and contingencies&#148;: </font></i>
</p>
<p>
<i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Passaic River Mile 10.9 Removal Action.</font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif"> In February 2012, the EPA issued to the CPG a draft
Administrative Settlement Agreement and order on Consent (&#147;AOC RM 10.9&#148;) for Removal Action and Pilot Studies to address high levels of contamination of TCDD dioxin, PCBs, mercury and other contaminants of concern in the vicinity of the
Passaic River&#146;s mile 10.9, comprised of a sediment formation (&#147;mud flat&#148;) of approximately 8.9 acres. In connection with this AOC RM 10.9, the EPA is asking the CPG that 16,000-30,000 cubic yards of sediments be removed and that pilot
scale studies be conducted to evaluate ex situ decontamination beneficial reuse technologies, innovative capping technologies, and in situ stabilization technologies for consideration and potential selection as components of the remedial action to
be evaluated in the 2007 AOC and the FFS and selected in one or more subsequent records of decision. The EPA has requested that a final AOC RM 10.9 be ready for signature by mid to late May 2012. The CPG&#146;s technical consultants are negotiating
a Scope of Work with the EPA and the CPG internally has retained an allocation consultant to assist in developing a proposed plan for allocation of the cost of the AOC RM 10.9. Tierra currently does not have sufficient information regarding either
the Scope of Work or the cost allocation to estimate with any degree of certainty what would be Tierra&#146;s financial responsibility under the AOC RM 10.9. </font>
</p>
<p>
<i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Hudson County, New Jersey.</font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif"> Pursuant to a request of the DEP, in the second half of 2006, the PRG
tested the sediments in a portion of the Hackensack River near the former Kearny Plant. A report of those test results was submitted to the DEP. DEP requested additional sampling, and the PRG submitted to DEP work plans for additional sampling in
January 2009. In March 2012, the PRG received a Notice of Deficiency (&#147;NOD&#148;) letter from DEP relating to the Hackensack River Study Area (&#147;HRSA&#148;) Supplemental Remedial Investigation Work Plan (&#147;SRIWP&#148;) that the PRG had
submitted to the DEP in January 2009. In the NOD, DEP seeks to expand the scope of work that would be required in the Hackensack River under the SRIWP to add both additional sample locations/core segments and parameters. While the PRG acknowledges
that it is required to investigate and prevent chrome releases from certain upland sites into the river, the PRG contends that it is has no obligation under the governing ACOs and Consent Judgment to investigate chrome contamination in the river
generally. Negotiations between the PRG and the DEP are ongoing. </font>
</p>
<p> <i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Hydrocarbon&#146;s
  concessions &#150; Provincial claims:</font></i> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="3%" valign="top">&#149;</td>
    <td valign="top"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Rio
      Negro Province: </font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">YPF
      has been notified of the Resolution No. 433/2008 issued by the </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Direction
      of Hydrocarbons, Ministry of Production of the Province of R&iacute;o Negro,
      concerning</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      compliance with certain obligations assumed as production concessionaire
      of the areas</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      Barranca de los Loros, Bajo del Piche, El Medanito and Los Caldenes, all
      of them located in </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">the
      Province of R&iacute;o Negro. The resolution provides that YPF, among others,
      has not complied</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      with certain obligations as production concessionaire and claims for damages
      to the </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">environment.</font></td>
  </tr>
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Considering
      the previous paragraph and the dispositions of the Law No. 17,319 (Law of</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      Hydrocarbons), YPF was requested to submit its discharge at risk of termination
      of the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      mentioned concessions. However, the mentioned law grants the concessionaire
      and/or licensee </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">the
      right, prior to termination of the concession, to cure a contractual breach
      within a certain </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">period
      of time after receiving notice thereof. In this order, on May 29, 2008,
      YPF filed a </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">request
      for nullification of the Resolution No. 433/2008, since this resolution
      fail to grant YPF </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">the
      mentioned right. Additionally, on June 13, 2008, YPF submitted a response,
      denying the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      mentioned charges and, on November 12, 2008, the Ministry of Production
      ordered the <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">initiation
      of the evidence production period. On November 28, 2008, YPF requested the
      production of certain evidence and the appointment of a technical expert.
      YPF has argued certain aspects related with the production of evidence.
      On May 12, 2009, the Company was notified of the issuance of</font></font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">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. More recently, YPF submitted a new presentation providing
      an updated information on the amounts invested in 2010, expected investments
      in exploratory activity for 2011 and for the period 2011-2016, requesting
      the resolution of a claim against the intervention of the Hydrocarbon&#146;s
      Secretariat in all the issues under investigation by the provincial environmental
      authority (CODEMA), and making a new request for the termination of this
      claim. On March 28, 2012, YPF was notified that a legal process was initiated
      for purposes of declaring the expiration of the concession in Los Caldenes
      area, due to YPF&acute;s alleged failure to meet the minimum investments
      requirements. YPF is currently analyzing its course of action. The net value
      of the assets and the volume of proved reserves related to this concession
      is not material to the Company. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#149;</td>
    <td><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Chubut
      Province:</font></i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">
      </font><font size=2 face="TimesNewRoman,Times
New Roman,Times,serif">On March 1, 2012, the province of Chubut, through Decree
      No. 271, requested YPF to respond in relation to the Company&#146;s alleged
      breach of its obligation to make investments in certain concessions (El
      Tr&eacute;bol-Escalante and Campamento Central-Bella Vista Este-Ca&ntilde;ad&oacute;n
      Perdido) and to propose a work plan aimed at remedying such alleged breach.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">YPF submitted
      its response on March 13, 2012, rejecting the alleged breach of the relevant
      regulation and submitted a work plan concerning the affected areas. On March
      20, 2012, YPF was notified of </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Decree No.
      324/12, which ordered the expiration of the exploitation concessions of
      the areas El Tr&eacute;bol-Escalante and Campamento Central-Bella Vista
      Este-Ca&ntilde;ad&oacute;n Perdido. According to the decree, the expiration
      will be effective 90 calendar days after its notification. YPF filed a declaratory
      action before the Argentine Supreme Court requesting that the decree be
      declared unconstitutional and requesting a preliminary injunction against
      its implementation until the action brought by YPF is solved. Assets (net
      of deferred income tax liabilities and asset retirement obligations) related
      to the areas affected by this expiration totaled approximately 188 million
      as of December 31, 2011 (0.34% of the Company&#146;s total net assets as
      of such date), had a production of approximately 4.3 millions of barrels
      of oil-equivalent (&#147;mmboe&#148;) in 2011 (2.42% of the Company&#146;s
      production in 2011) and had proved reserves totaling 21.1 mmboe as of December
      31, 2011 (2.11% of the Company&#146;s total proved reserves as of such date).
      </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">In addition,
      on April 3, 2012, the province of Chubut requested YPF to submit a new investment
      and work proposal for the Manantiales Behr area within a period of 10 working
      days, and invited YPF to hold a meeting to discuss the matters referred
      to above. Resolutions No. 3.19/93 and 10/06 of the Subsecretariat of Hydrocarbons
      and Mining of the province of Chubut in connection with the investments
      made in this area. On May 11, 2012, YPF submitted a new investment and work
      proposal for this area. Assets (net of deferred income tax liabilities and
      asset retirement obligations) related to this area totaled approximately
      1,468 million as of December 31, 2011 (2.65% of the Company&#146;s total
      assets as of such date), had a production of approximately 7.6 mmboe in
      2011 (4.29% of the Company&#146;s production in 2011) and had proved reserves
      totaling approximately 24.7 mmboe as of December 31, 2011 (2.46% of the
      Company&#146;s total proved reserves as of such date). </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#149;</td>
    <td><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Santa
      Cruz Province:</font><font size=2
face="TimesNewRoman,Times New Roman,Times,serif"> </font></i><font size=2
face="TimesNewRoman,Times New Roman,Times,serif">On March 2, 2012, the province
      of Santa Cruz, through a registered letter, requested YPF to inform the
      province&#146;s Energy Institute of the technical, economic and financial
      reasons for which YPF had allegedly failed to make the required investments
      in the following concessions: Barranca Yankowsky, Barranca Baya, Ca&ntilde;ad&oacute;n
      de la Escondida, Cerro Grande, Ca&ntilde;ad&oacute;n Le&oacute;n, Ca&ntilde;ad&oacute;n
      Seco, Meseta Espinosa, Ca&ntilde;ad&oacute;n Vasco, Ca&ntilde;ad&oacute;n
      Yatel, Estancia Cholita, Estancia Cholita Norte, Cerro Guadal, Cerro Guadal
      Norte, Cerro Piedras, Los Sauces, El Guadal, Lomas del Cuy, Aguada Bandera,
      Los Monos, Cerro Bayo, La Cueva, Las Mesetas and Koluel Kaike, under penalty
      of being subject to the sanctions provided for in section 80, subsection
      c), of the Hydrocarbons Law, pursuant to which concessions and permits may
      expire, among other reasons, as a result of a material and unjustified breach
      of the applicable productivity, conservation and investment obligations.
      Assets (net of deferred income tax liabilities and asset retirement obligations)
      related to the areas affected this requirement totaled approximately 1,681
      million as of December 31, 2011 (3.04% of the Company&#146;s total assets
      as of such date), had a production of approximately 11.5 mmboe in 2011 (6.43%
      of the Company&#146;s production in 2011) and had proved reserves totaling
      80.3 mmboe as of December 31, 2011 (8% of the Company&#146;s total proved
      reserves as of such date).</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">In addition,
      on March 12, 2012, the Energy Institute of Santa Cruz requested YPF to submit,
      within 24 hours, information aimed at rejecting the conclusions reached
      by a report prepared by said institute, which would indicate that investments
      made in the exploitation concessions Barranca Yankowsky, Los Monos and Cerro
      Piedra-Cerro Guadal Norte were insufficient, as well as an action plan aimed
      at putting an end to the alleged breach of YPF&#146;s obligations, under
      penalty of declaring the expiration of these concessions pursuant to section
      80, subsections c) and d), of the Hydrocarbons Law. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On March
      13, 2012, YPF submitted its response relating to the province of Santa Cruz&#146;s
      request of</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">March 2,
      2012, providing information on investments made and rejecting the accusations
      made against it. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On March
      20, 2012, YPF was notified of Decree No. 393/12, which: (i) declares the
      expiration of the concessions relating to the areas Los Monos and Cerro
      Piedra-Cerro Guadal Norte, and (ii) rejects YPF&#146;s request for authorization
      concerning the assignment to YPF of the participation interest held by BG
      International Limited, Argentine Subsidiary in the Barranca Yankowsky area.
      On March 21, 2012, the province&#146;s Energy Institute declared that the
      expiration of the concessions referred to in (i) above shall be effective
      within 90 days following said notification. Assets (net of deferred income
      tax liability and asset retirement obligations) related to the areas affected
      by this expiration totaled approximately 53 million as of December 31, 2011
      (0.10% of the Company&#146;s total assets as of such date), had a production
      of approximately 0.609 mmboe in 2011 (0.34% of the Company&#146;s production
      in 2011) and had proved reserves totaling 2.7 mmboe as of December 31, 2011
      (0.27% of the Company&#146;s total proved reserves as of such date). </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On March
      23, 2012, YPF was notified of Resolution No. 004 of the Energy Institute
      of Santa Cruz, which: (i) acknowledges that YPF has submitted its response;
      (ii) provides YPF with an additional period of 10 days to submit annual
      reports providing information on investments, production and reserves relating
      to the period 2006-2011 in the areas of Ca&ntilde;adon La Escondida, Cerro
      Grande, Ca&ntilde;adon Seco, Meseta Espinosa, El Guadal, Estancia Cholita,
      Estancia Cholita Norte, Cerro Bayo, La Cueva, Las Mesetas and Koluel Kaike;
      and (iii) provides YPF with a period of 10 days to submit a Work Plan aimed
      at curing the alleged breaches, under penalty of applying section 80, subsection
      c), of the Hydrocarbons Law. Assets (net of deferred income tax liability
      and asset retirement obligations) related to the areas affected by this
      resolution totaled approximately 1,290 million as of December 31, 2011 (2.33%
      of the Company&#146;s total assets as of such date), had a production of
      approximately 7.3 mmboe in 2011 (4.13% of the Company&#146;s production
      in 2011) and had proved reserves totaling approximately 53.16 mmboe as of
      December 31, 2011 (5.29% of the Company&#146;s total proved reserves as
      of such date). </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On April
      18, 2012, YPF was notified of Decree No. 575/12, which declares the expiration
      of the concessions relating to the areas Los Perales &#150; Las Mesetas,
      Ca&ntilde;adon Vaso y Pico Truncado &#150; El Cord&oacute;n Los Monos and
      Cerro Piedra &#150; Cerro Guadal Norte. Assets (net of deferred income tax
      liabilities and asset retirement obligations) related to the areas affected
      by </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">this
      Decree totaled approximately Ps. 84 million as of December 31, 2011 (0.15%
      of the Company&#146;s total assets as of such date), had a production of
      approximately 9.1 mmboe in 2011 (5.14% of the Company&#146;s production
      in 2011) and had proved reserves totaling approximately 66.4 mmboe as of
      December 31, 2011 (6.62% of the Company&acute;s total proved reserves as
      of such date).</font></td>
  </tr>
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On May 4,
      2012, YPF filed a motion of reconsideration of Decree No. 575/12 with the
      governor of the Santa Cruz Province. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#149;</td>
    <td valign="top"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Neuqu&eacute;n
      Province: </font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On
      March 9, 2012, the province of Neuqu&eacute;n requested YPF to submit, within
      seven days, a plan for future action aiming at curing its alleged breaches
      in the areas of Don Ruiz, Chihuido de la Salina and Rinc&oacute;n del Mangrullo,
      setting forth verifiable information concerning investments and production,
      under penalty of imposing the sanction set forth in section 80, subsection
      c), of the Hydrocarbons Law. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On March
      19, 2012, YPF responded to the province&#146;s request, by submitting a
      work plan for the areas Don Ruiz and Rinc&oacute;n del Mangrullo, and informing
      that it has decided to return the areas Chihuido de la Salina and Portezuelo
      Minas. Assets (net of deferred income tax liability and asset retirement
      obligations) totaled approximately 13 million as of December 31, 2011 (0.07%
      of the Company&#146;s total net assets as of such date), with no proved
      reserves and production in 2011.</font> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">With respect
      to the areas Don Ruiz and Rinc&oacute;n del Mangrullo, YPF has rejected
      the alleged breach of its obligations. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On April
      4, 2012, YPF was notified by Decree No. 0558/12 of the expiration of the
      Don Ruiz area concession, which shall be effective within 90 days following
      said notification. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On April
      11, 2012, YPF was notified of Decree No. 0559/12 accepting the reversion
      of the Chihuido de las Salinas Sur and Portezuelo Minas areas. According
      to the Decree, the reversion shall be effective within 90 days following
      its notification. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On March
      30, 2012, the province of Neuqu&eacute;n requested YPF to submit, within
      7 days, a plan for future action aimed at curing its alleged breaches with
      respect to its failure to meet requirements relating to investment, production
      and reserves in the Se&ntilde;al Cerro Bayo, Paso de las Bardas Norte, Cerro
      Hamaca, Filo Morado, Octogono, Se&ntilde;al Picada Punta Barda, Las Manadas
      and Loma Campana areas, under penalty of imposing the expiration sanction
      established by section 80 of the Hidrocarbons Law. On April 13, 2012, YPF
      requested an extension for the submission of the required plan. On the same
      day, a 10-day extension was granted. On April 27, 2012, YPF requested an
      additional extension of 30 days which was granted on the same day. YPF is
      currently preparing its response. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#149;</td>
    <td valign="top"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Mendoza
      Province: </font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On
      March 8, 2012, the province of Mendoza, though a certified notification,
      requested YPF to, within 7 working days, submit information on investments
      made in connection with concessions Ceferino and Cerro Mollar Norte and
      to submit a Complementary Development and Exploration investment plan for
      these areas, under penalty of ordering the expiration of the related concessions,
      according to sections 31 and 80, subsection c), of the Hydrocarbons Law,
      as a result of the alleged breaches of YPF&#146;s obligations concerning
      the productivity of these exploitation concessions.</font> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On March
      19, 2012, YPF submitted its response to the province of Mendoza, providing
      information on investments made in these areas (which had already been provided
      in the past to the relevant authorities) and proposing a plan for future
      investment.</font> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On March
      26, 2012, YPF was notified of Decree No. 502/12, which declared the expiration
      of the exploitation concessions relating to the areas Ceferino and Cerro
      Mollar Norte. According to this decree, the expiration will be effective
      90 calendar days after its notification. Assets (net of deferred income
      tax liabilities and asset retirement obligations) related to these areas
      totaled approximately 12 million as of December 31, 2011 (0.02% of The Company&#146;s
      total net assets as of such date), had a production of 0.084 mmboe in 2011
      (0.05% of The Company&#146;s production in 2011) and had proved reserves
      totaling approximately 0.69 mmboe as of </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">December
      31, 2011 (0.07% of the Company&#146;s total proved reserves as of such date).</font>
    </td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On April
      25, 2012, YPF filed an administrative claim before the Supreme Court of
      Mendoza </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Province,
      regarding the areas Ceferino and Mollar Norte.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#149;</td>
    <td valign="top"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Tierra
      del Fuego Province: </font></i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">On
      March 26, 2012, YPF was notified of Resolution No. 88/12 of</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">the
      Secretariat of Energy and Hydrocarbons, which requests YPF to submit, within
      a period of 15 working days following its notification, a plan aimed at
      complying with YPF&#146;s obligations concerning production, investment
      and reserves in the Lobo area, which is reasonable and adequate considering
      the characteristics of such area, under penalty of declaring the expiration
      of the related exploitation concession. On April 17, 2012, YPF submitted
      its response to the Province of Tierra del Fuego, providing information
      on reserves in this area. As of December 31, 2011 neither proved reserves
      nor assets are assigned to this area.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" colspan="2"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">In
      addition to the legal action referred to above, following the passage of
      the Expropriation Law (see Note 17), the Intervenor and its delegates have
      initiated negotiations with the relevant provincial authorities so that
      the revocations and intimations referred to above are withdrawn. The governors
      of certain of these provinces have publicly manifested that they will reconsider
      the matter in view of the stated objectives of the Intervention and the
      Expropriation Law. However, as of the date of these consolidated financial
      statements, the Company has not been notified of the withdrawal of any of
      these revocations or intimations.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" colspan="2"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Additional
      information: </font></i></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#150;</td>
    <td valign="top"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Other
      environmental claims in La Plata: </font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">On
      June 6, 2007, YPF was served with a new</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      complaint in which 9 residents of the vicinity of La Plata refinery requested:
      i) the cease of</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      contamination and other harms they claim are attributable to the refinery;
      and ii) the clean-up </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">of
      the adjacent channels, R&iacute;o Santiago and R&iacute;o de la Plata (soil,
      water and acquiferous, </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">including
      those of the refinery) or, if clean-up is impossible, indemnification for
      </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">environmental
      and personal damages. The plaintiff has quantified damages in 52 or an </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">amount
      to be determined from evidence produced during the proceeding. YPF believes
      that</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      most damages that are alleged by the plaintiff, might be attributable to
      events that occurred</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      prior to YPF&#146;s privatization and would, therefore, be covered to that
      extent by the indemnity</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      granted by the Argentine Government in accordance with the Privatization
      Law of YPF.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">The Court
      has accepted the summon of the Argentine Government in this matter.</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      Notwithstanding the foresaid, the possibility of YPF being asked to afford
      these liabilities</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      is not discarded, in which case the Argentine Government must be asked to
      reimburse the </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">remediation
      expenses for liabilities existing as of December 31, 1990. In addition,
      the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">claim
      partially overlaps with the request made by a group of neighbors of La Plata</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      Refinery on June 29, 1999, described in the first paragraph of &#147;La
      Plata and Quilmes </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">environmental
      claims&#148;. Accordingly, YPF considers that the cases should be partially
      </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">consolidated
      to the extent that the claims overlap. Regarding claims not consolidated,
      </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">information
      and documents in order to answer the claim are being collected, and for
      the </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">time
      being, it is not possible to reasonably estimate the outcome, as long as,
      if applicable,</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      estimate the corresponding legal fees and expenses that might result. The
      contamination </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">that
      may exist could derive from countless sources, including from disposal of
      waste over </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">many
      years by other industrial facilities and ships. YPF has requested the dismissal
      of this</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      claim for want of prosecution. The decision remains pending.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Based on
      the information mentioned in the preceding paragraph, the Company&#146;s</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      Management has revised its assessment concerning the potential outcome this
      dispute will</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      have for YPF. Consequently, YPF considers that the proceedings against YPF
      is unlikely</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      to be successful.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td colspan="2" valign="top"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Update
      of Nota 10.c &#147;Contractual commitments and regulatory requirements&#148;:
      </font></i></td>
  </tr>
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#150;</td>
    <td valign="top"><i><font size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Liquid
      hydrocarbons regulatory requirements:</font></i><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      On March 13, 2012, YPF was notified of Resolution No. 17/2012, issued by
      the Argentine Secretariat of Domestic Commerce, pursuant to which YPF, Shell
      Compa&ntilde;&iacute;a Argentina de Petr&oacute;leo, S.A. and ESSO Petrolera
      Argentina S.R.L were ordered to supply jet fuel for domestic and international
      air transport at a price net of taxes not to exceed 2.7% of the price net
      of taxes of medium octane gasoline (not premium) offered at its closest
      service station to the relevant airport, while maintaining its existing
      supply logistics and its usual supply quantities. The abovementioned resolution
      benefits companies owning aircraft that operate in the field of commercial
      passenger or commercial passenger and cargo aviation which are registered
      under the Argentine National Aircraft Registry. According to a later clarification
      from the Secretary of Domestic Commerce, the beneficiaries of the measure
      adopted by this resolution are the following companies: Aerol&iacute;neas
      Argentinas, S.A., Andes L&iacute;neas A&eacute;reas S.A., Austral &#150;
      Cielos del Sur, LAN Argentina, S.A. and Sol S.A. L&iacute;neas A&eacute;reas.
      In addition, in said resolution, the Argentine Secretariat of Domestic Commerce
      indicated that it considered convenient to implement a price surveillance
      system to be implemented by the CNDC. YPF has challenged such resolution,
      which will be reviewed by a court.</font></td>
  </tr>
</table>
<p><font size="2">As of the date of the issuance of these consolidated financial
  statements, there are no other significant subsequent events that require adjustments
  or disclosure, if applicable, which were not already considered in this note
  or elsewhere in the financial statements.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><a name="f70a"></a>SUPPLEMENTAL INFORMATION
      ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED)</b></font></td>
	</tr>
</table>
<p><font size="2">The following information is presented in accordance with ASC No. 932 <i>&#147;Extractive Activities &#150; Oil and Gas&#148;</i>, as amended by ASU 2010 &#150; 03 <i>&#147;Oil and Gas Reserves. Estimation and Disclosures&#148;</i>, issued by FASB in January 2010 in order to align the current estimation and disclosure requirements with the requirements set in the SEC final rules and interpretations, published on December 31, 2008, according to oil and gas reporting requirements were updated (&#147;SEC Final Rule&#148;). Many of the revisions are updates to definitions in the existing oil and gas rules to make them consistent with the petroleum resource management system, which is a widely accepted standard for the management of petroleum resources that was developed by several industry organizations. Key revisions include changes to the pricing used to estimate reserves, the ability to include non-traditional resources in reserves, the use of new technology for determining reserves, and permitting disclosure of probable and possible reserves. The SEC required companies to comply with the amended disclosure requirements for registration statements filed after January 1, 2010, and for annual reports for fiscal years ending on or after December 31, 2011. Early adoption was not permitted. The Company adopted the new requirements effective December 31, 2009. This adoption did not have a material impact on the Company&#146;s reported reserves evaluation, results of operations, financial position or cash flows (amounts expressed in millions of Argentine Pesos, except where otherwise indicated and prepared under Argentine GAAP).</font></p>
<p align="center"><font size="2">F-70</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_71"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Oil and gas reserves</b></font></td>
	</tr>
</table>
<p><font size="2">Proved oil and gas reserves are those quantities of oil and
  gas, which, by analysis of geoscience and engineering data, can be estimated
  with reasonable certainty to be economically producible (from a given date forward,
  from known reservoirs, and under existing economic conditions, operating methods
  and government regulations) prior to the time at which contracts providing the
  right to operate expire, unless evidence indicates that renewal is reasonably
  certain, regardless of whether deterministic or probabilistic methods are used
  for the estimation. The project to extract the hydrocarbons must have commenced
  or the operator must be reasonably certain that it will commence the project
  within reasonable time. In some cases, substantial investments in new wells
  and related facilities may be required to recover proved reserves.</font></p>
<p><font size="2">Information on net proved reserves as of December 31, 2011, 2010 and 2009 was calculated in accordance with the SEC rules and FASB&#146;s ASC 932 as amended. Accordingly, crude oil prices used to determine reserves were calculated at the beginning of each month, for crude oils of different quality produced by the Company. The Company considered the realized prices for crude oil in the domestic market taking into account the effect of exports taxes as were enforced by the enacted laws as of each of the corresponding years (until 2011, for the years ended December 31, 2010 and 2009, in accordance with Law No. 26,217 and until 2016 for the year ended on December 31, 2011 in accordance with Law No. 26,732). For the years beyond the mentioned periods, the Company considered the underweighted average price of the first-day-of-the-month price for each month within the twelve-month period ended December 31, 2011, 2010 and 2009, respectively, which refers to the WTI prices adjusted by each different quality produced by the Company. Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company used average realized gas prices during the year to determine its gas reserves. Information on net proved reserves as of January 1, 2009 was calculated using year-end prices and costs, respectively.</font></p>
<p><font size="2">Net reserves are defined as that portion of the gross reserves attributable to the interest of YPF after deducting interests owned by third parties. In determining net reserves, the Company excludes from its reported reserves royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and is able to make lifting and sales arrangements independently. By contrast, to the extent that royalty payments required to be made to a <i>third party</i>, whether payable in cash or in kind, are a financial obligation, or are substantially equivalent to a production or severance tax, the related reserves are not excluded from the reported reserves despite the fact that such payments are referred to as &#147;royalties&#148; under local rules. The same methodology is followed in reporting our production amounts.</font></p>
<p><font size="2">Gas reserves exclude the gaseous equivalent of liquids expected to be removed from the gas on concessions and leases, at field facilities and at gas processing plants. These liquids are included in net proved reserves of crude oil and natural gas liquids.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Technology used in establishing proved reserves additions in 2011</b></font></td>
	</tr>
</table>
<p><font size="2">YPF&#146;s estimated proved reserves as of December 31, 2011,
  are based on estimates generated through the integration of available and appropriate
  data, utilizing well-established technologies that have been demonstrated in
  the field to yield repeatable and consistent results. Data used in these integrated
  assessments include information obtained directly from the subsurface via wellbore,
  such as well logs, reservoir core samples, fluid samples, static and dynamic
  pressure information, production test data, and surveillance and performance
  information. The data utilized also include subsurface information obtained
  through indirect measurements, including high quality 2-D and 3-D-seismic data,
  calibrated with available well control. Where applicable, surface geological
  information was also utilized. The tools used to interpret and integrate all
  these data included both proprietary and commercial software for reservoir modeling,
  simulation and data analysis. In some circumstances, where appropriate analog
  reservoir models are available, reservoir parameters from these analog models
  were used to increase the reliability of our reserves estimates.</font></p>
<p><font size="2"><b>Provincial claims</b></font></p>
<p><font size="2">As of May 14, 2012, the provinces of Chubut, Santa Cruz, Mendoza,
  Salta, R&iacute;o Negro and Neuqu&eacute;n had publicly announced that they
  would be terminating certain of our concessions there due to the Company's alleged
  failure to made adequate investments in exploration and production in those
  areas. The Company has alleged that the revocation of these concessions was
  inappropriate and has taken legal action to seek to prevent the termination
  of these concessions and management plans to continue to take such steps as
  necessary (see Note 10.a - &quot;Hydrocarbons concessions - Provincial claims&quot;).
  In addition, following the passage of the Expropriation Law, the Intervenor
  and its delegates have initiated negotiations with the relevant provincial authorities
  so that the revocations and intimations referred to above are withdrawn. The
  governors of certain of these provinces have publicly manifested that they will
  reconsider the matter in view of the stated objectives of the Intervention and
  the Expropriation Law. However, as of the date of this annual report, we have
  not been notified of the withdrawal of any of these revocations or intimations.
  There can be no assurance that the Company will prevail in these proceedings
  or negotiations or that additional concessions will not be revoked by these
  or additional provinces. </font></p>
<p><font size="2">As of May 14, 2012, concessions representing 7.6% of our production
  in 2011 and 8.8% of our proved reserves as of December 31, 2011 have been revoked
  by the relevant authorities. In addition, the revocation of concessions representing
  12.87% of our production in 2011 and 12.92% of our proved reserves as of December
  31, 2011 is currently being evaluated by the relevant authorities. </font><br></p>
<p align="center"><font size="2">F-71</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_72"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Changes in YPF&#146;s Estimated Net Proved Reserves</b></font></td>
	</tr>
</table>
<p><font size="2">The table below sets forth information regarding changes in YPF&#146;s net proved reserves during 2011, 2010 and 2009, by hydrocarbon product.</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Crude oil, condensate and natural gas liquids</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </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 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"><b>Consolidated entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=17  width="5%" align="center"><font size="2"><b>(Millions of barrels)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>531</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>530</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>537</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>536</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>580</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>579</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>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">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">404</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">403</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">429</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">428</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">450</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Revisions of previous estimates<sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">91</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">90</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Extensions and discoveries</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Improved recovery</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchase of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Sale of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Production for the year <sup>(2)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(100</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(99</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(107</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(106</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(111</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(110</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">At December 31<sup>(3)</sup>,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>584</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>583</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>531</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>530</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>537</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>536</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">437</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">436</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">404</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">403</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">429</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">428</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="5" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="5" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="5" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="5" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="5" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan="5" 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"><b>Crude oil, condensate and natural gas liquids</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </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 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"><b>Equity -accounted entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Revisions of previous estimates<sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Extensions and discoveries</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Improved recovery</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchase of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Sale of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Production for the year</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">At December 31,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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 align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Crude oil, condensate and natural gas liquids</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </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 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"><b>Consolidated and <br>
      Equity-accounted entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=17  width="5%" align="center"><font size="2"><b>(Millions of barrels)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">405</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">404</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">431</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">430</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">452</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>&nbsp;&nbsp;Total</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>532</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>531</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>539</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>538</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>581</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>580</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">At December 31,</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed<sup>(5)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">437</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">405</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">404</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">431</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">430</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;<b>Total</b><sup>(4)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>585</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>584</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>532</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>531</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>539</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>538</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Revisions in estimates of reserves are performed at least once a year. Revision of oil and gas reserves is considered prospectively in the calculation of depreciation.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Oil production of consolidated entities for the years 2011, 2010 and 2009 includes an estimated approximately 12 , 13 and 14, respectively, of crude oil, condensate and natural gas liquids in respect of royalty payments which, as described above, are a financial obligation, or are substantitally equivalent to a production or similar tax. Oil production of equity-accounted entities in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, is not material.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Proved oil reserves of consolidated entities as of December 31, 2011, 2010 and 2009 include an estimated approximately 76, 66 and 67, respectively, of crude oil, condensate and natural gas liquids in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Oil reserves of equity-accounted entities in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, is not material.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">Includes natural gas liquids of 73, 76 and 83 as of December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(5)</font></td>
		<td><font size="1">Includes natural gas liquids of 58, 60 and 67 as of December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-72</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_73"></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 align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Natural gas</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </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 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"><b>Consolidated entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=17  width="5%" align="center"><font size="2"><b>(Billion of standard
      cubic feet)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,533</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,531</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,672</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,670</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>3,099</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>3,096</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>3</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,948</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,946</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,102</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,219</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,216</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">880</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">880</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Revisions of previous estimates
      <sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">165</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Extensions and discoveries</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Improved recovery</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchase of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Sale of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Production for the year <sup>(2)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(441</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(440</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(491</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(490</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(533</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(532</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">At December 31,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,362</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,360</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,533</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,531</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,672</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,670</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,760</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,758</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,948</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,946</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,102</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Equity -accounted entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>48</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>48</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>49</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>49</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>49</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>49</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Revisions of previous estimates
      <sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Extensions and discoveries</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Improved recovery</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchase of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Sale of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Production for the year <sup>(2)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(12</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(12</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(15</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(15</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(17</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(17</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">At December 31,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>37</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>37</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>48</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>48</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>49</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>49</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Natural gas</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </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 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"><b>Consolidated and<br>
      Equity-accounted entities</b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=17  width="5%" align="center"><font size="2"><b>(Billions of standard
      cubic feet)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,996</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,994</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,149</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,268</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,265</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">880</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">880</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>&nbsp;&nbsp;Total</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,581</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,579</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,721</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,719</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>3,148</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>3,145</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>3</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">At December 31,</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,797</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,795</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,996</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,994</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,149</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">602</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">585</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>&nbsp;&nbsp;Total</b><sup>(3)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,399</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,397</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,581</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,579</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,721</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2,719</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Revisions in estimates of reserves are performed at least once a year. Revision of natural gas reserves is considered prospectively in the calculation of depreciation.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Natural gas production of consolidated entities for the years 2011, 2010 and 2009 includes an estimated approximately 48, 50 and 56, respectively, of natural gas in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Natural gas production of equity-accounted entities in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, is not material.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Proved natural gas reserves of consolidated entities as of December 31, 2011, 2010 and 2009 include an estimated approximately 254, 257 and 280, respectively, of natural gas in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Natural gas reserves of equity-accounted entities in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, is not material.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-73</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_74"></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 align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Oil equivalent<sup>(1)</sup></b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </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 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 align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2"><b>Consolidated entities</b></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=17  width="5%" align="center" bgcolor="#cccccc"><font size="2"><b>(Millions
      of barrels of oil-equivalent)</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>982</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>981</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,014</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,133</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,131</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">751</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">750</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">803</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">801</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">2</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">847</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">845</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">2</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">286</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">286</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Revisions of
      previous estimates <sup>(2)</sup></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">121</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">120</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">100</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">99</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">44</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">43</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Extensions and discoveries</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Improved recovery</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">18</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">18</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">32</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">32</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">15</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">15</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchase of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Sale of minerals
      in place</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Production for the year <sup>(3)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(178</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(177)</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(195</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(194</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(205</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(204</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">At December 31,</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>1,005</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1,004</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>982</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>981</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>1,014</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>1,012</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">751</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">750</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">751</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">750</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">803</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">801</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">2</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2"><b>Equity -accounted entities</b></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=17 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Revisions of
      previous estimates <sup>(2)</sup></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">3</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">3</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">3</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">3</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Extensions and discoveries</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Improved recovery</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Purchase of minerals in place</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Sale of minerals
      in place</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Production for the year <sup>(3)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(3</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">At December 31,</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>8</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>8</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>10</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2"><b>&#151;</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">8</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">8</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">10</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="5%" align="right" bgcolor="#cccccc"><font size="2">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Oil equivalent<sup>(1)</sup></b></font></td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </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="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"><b>Consolidated and <br>
      Equity-accounted entities</b></font></td>
    <td colspan=17  width="5%" align="center"><font size="2"><b>(Millions of barrels
      of oil-equivalent)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">At January 1,</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td width="5%" align="right"><font size="2">761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">760</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">813</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">811</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">857</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">855</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">286</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">286</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>&nbsp;&nbsp;Total</b></font></td>
    <td width="5%" align="right"><font size="2"><b>992</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>991</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,024</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,022</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,143</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,141</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</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">
      <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>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">At December 31,</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Developed</font></td>
    <td width="5%" align="right"><font size="2">759</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">758</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">760</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">813</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">811</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="5%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">254</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">231</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>&nbsp;&nbsp;Total</b><sup>(4)</sup></font></td>
    <td width="5%" align="right"><font size="2"><b>1,013</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>992</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>991</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,024</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>1,022</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>2</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">
      <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>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Volumes of natural gas have been converted to barrels of oil-equivalent at 5,615 cubic feet per barrel.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(2)</font></td>
		<td><font size="1">Revisions in estimates of reserves are performed at least once a year. Revision of oil and natural gas reserves are considered prospectively in the calculation of depreciation.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Barrel of oil-equivalent production of consolidated entities for the years 2011 , 2010 and 2009 includes an estimated approximately 21, 22 and 22, respectively, of oil and natural gas in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Oil and natural gas production of equity-accounted entities in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, is not material.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(4)</font></td>
		<td><font size="1">Proved oil-equivalent reserves of consolidated entities as of December 31, 2011, 2010 and 2009 include an estimated approximately 121, 110 and 116, respectively, of oil and natural gas in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Oil and natural gas reserves of equity-accounted entities in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax, are not material.</font></td>
	</tr>
</table>
<p align="center"><font size="2">F-74</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_75"></a></font></p>
<p><font size="2">The paragraphs below explain in further detail the most significant changes in our reserves during 2011.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Changes in our estimated proved reserves during 2011</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Revisions of previous estimates:</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">During 2011, the Company&#146;s proved reserves were revised upwards by 91 million barrels (&#147;mmbbl&#148;) of crude oil and 166 billion cubic feet (&#147;bcf&#148;) of natural gas,</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">The main revisions to proved reserves have been due to the following:</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">A net volume of 51.8 mmboe of proved reserves was added (50.8 mmbbls of liquids and 6.2 bcf of gas) as a result of a ten year extension of exploitation concessions contracts in Mendoza Province.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>

    <td valign=top width="3%">&nbsp;</td>
		<td valign=top ><font size="2">This revision involves the following reserve areas: El Port&#243;n, Barrancas, Cerro Fortunoso, El Manzano, La Brea, Llancanelo, Llancanelo &#147;R&#148;, Puntilla de Huincan, R&#237;o Tunuy&#225;n, Valle del R&#237;o Grande, Vizcacheras, Ca&#241;ad&#243;n Amarillo, Altiplanicie del Pay&#250;n, Chihuido de la Sierra Negra and La Ventana.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Production performance was better than expected in some oil and gas fields, mainly in San Roque, Chihuido Sierra Negra, Tierra del Fuego, El Port&#243;n, Chihuido La Salina Sur, Chihuido La Salina, CNQ 7A and Los Perales. According to these results a 61.1 mmboe upward revision was made in proved reserves (36.7 mmbbls of liquid and 136.7 bcf of gas).</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">In Loma La Lata field approximately 38 bcf of gas and 2.2 mbbls of liquids were added as proved undeveloped reserves as a result of a revision of developlment project studies, due to better than expected results in new wells to Sierras Blancas formation.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Due to revision of development projects, approximately 7.2 mmboe of proved undeveloped reserves were added. Upward revisions were made mainly in Volc&#225;n Auca Mahuida, CNQ 7A, Barranca Baya, Pico Truncado fields, and downward in Se&#241;al Picada field.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">The results of some of our development wells were below expectations in certain areas, resulting in a downward revision of approximately 4.7 mmboe of proved reserves, mainly in Manantiales Behr, Acambuco, Ca&#241;ad&#243;n Amarillo, Barranca Baya and Se&#241;al Picada.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Improved recovery</b></font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">In Golfo San Jorge basin, completion of technical/economic feasibility studies for new projects, and for extension of current improved recovery projects, resulted in an addition of 8.1 mmbbls of proved undeveloped reserves, mainly in Seco Le&#243;n, Los Perales and Barranca Baya areas.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">In Cerro Fortunoso, in Neuquina Basin, 6.7 mmbbls of proved undeveloped reserves were added due to a new development study for expansion of an existing Improved Recovery project in a Block located to the north east of the area.</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">In CNQ7A an addition of 1.3 mmbbls of proved reserves was made due to development results and positive production response of improved recovery projects.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>c)</b></font></td>
		<td><font size="2"><b>Extensions and discoveries</b></font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">Extensions and Discoveries made a significant contribution during 2011, adding a total of 62 mmboe of proved reserves (43.1 mmbbls of liquids and 103.8 bcf of gas).</font></td>
	</tr>
</table>
<br>
<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">&#150;</font></td>
		<td><font size="2">In Loma La Lata field, successful results in drilling and producing hydrocarbons from Non Conventional Shale Oil reservoirs allowed an addition of 4.8 mmboe of Proved Developed and 28.6 mmboe of Proved Undeveloped Reserves (net proved 23.3 mmbbls of oil and 56.4 bcf of gas). The scheduled development project includes drilling of 112 new wells in Proved Undeveloped locations and 271 wells in unproved reserves areas.</font></td>
	</tr>
</table>
<br>
<p align="center"><font size="2">F-75</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_76"></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">&#150;</font></td>
		<td><font size="2">As a result of the drilling activity at approximately 190 wells in unproved reserve areas, 13.5 mmboe of proved oil reserves were added mainly in Manantiales Behr (4.3 mmboe), Aguada Pichana (3.2 mmboe), Vizcacheras (2.6 mmboe), Barranca Baya (1.8 mmboe), and Cerro Fortunoso (1.5 mmboe).</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Capitalized costs</b></font></td>
	</tr>
</table>
<p><font size="2">The following tables set forth capitalized costs, along with the related accumulated depreciation and allowances as of December 31, 2011, 2010 and 2009:</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Consolidated capitalized costs</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Proved oil and gas properties</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Mineral property, wells and related
      equipment</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">72,543</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,071</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">73,614</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">65,236</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">943</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">66,179</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">60,304</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">844</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">61,148</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Support equipment and facilities</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,911</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,911</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,160</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,160</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,492</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,492</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Drilling and work in progress</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,087</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,087</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,268</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,268</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,744</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,744</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Unproved oil and gas properties</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">821</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">78</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">899</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">559</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">73</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">632</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">400</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">479</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Total capitalized costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">79,362</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,149</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">80,511</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">70,223</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,016</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">71,239</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">63,940</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">923</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">64,863</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Accumulated depreciation and valuation allowances</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(54,103</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(892</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(54,995</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(49,581</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(716</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(50,297</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(45,291</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(465</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(45,756</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Net capitalized costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">25,259</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">257</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">25,516</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">20,642</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">20,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18,649</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">19,107</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</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 align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  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"><font size="2"><b>Company&#146;s share in equity method investees&#146;
      capitalized costs</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Proved oil and gas properties</font></td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=17>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Mineral property, wells and related
      equipment</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">253</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">253</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">213</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">213</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Support equipment and facilities</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Drilling and work in progress</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Unproved oil and gas properties</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">72</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">72</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Total capitalized costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">253</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">253</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">285</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">285</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Accumulated depreciation and valuation allowances</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(193</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(193</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(188</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(188</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(181</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(181</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Net capitalized costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">81</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">81</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">65</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">65</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Costs incurred</b></font></td>
	</tr>
</table>
<p><font size="2">The following tables set forth the costs incurred for oil and gas producing activities during the years ended December 31, 2011, 2010 and 2009:</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Consolidated costs incurred</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Acquisition of unproved properties</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">179</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">179</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Exploration costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,508</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">159</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,667</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">481</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">80</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">561</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">567</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">586</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Development costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">7,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">7,949</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6,207</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">34</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6,241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,745</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Total costs incurred</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">9,629</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">9,795</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6,688</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6,802</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4,235</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">119</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4,354</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-76</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_77"></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 align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Company&#146;s share in equity method investees&#146;
      costs incurred</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Exploration costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Development costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Total costs incurred</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Results of operations from oil and gas producing activities</b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:0%"><p><font size="2">The following tables include only the revenues and expenses directly associated with oil and gas producing activities. It does not include any allocation of the interest costs or corporate overhead and, therefore, is not necessarily indicative of the contribution to net earnings of the oil and gas operations.</font></p></div>
<div style="text-indent:0%"><p><font size="2">Differences between these tables and the amounts shown in Note 8, &#147;Consolidated Business Segment Information&#148;, for the exploration and production business unit, relate to additional operations that do not arise from those properties held by the Company.</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Consolidated results of operations</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Net sales to unaffiliated parties</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,888</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">239</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,862</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">189</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4,051</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,236</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">173</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,409</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net intersegment sales</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">20,686</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">20,686</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">17,853</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">17,853</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">14,823</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">14,823</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Total net revenues</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">23,574</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">239</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">23,813</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">21,715</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">189</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">21,904</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18,059</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">173</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18,232</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Production costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(14,186</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(48</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(14,234</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(11,112</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(57</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(11,169</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(8,801</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(55</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(8,856</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Exploration expenses</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(464</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(110</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(574</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(282</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(62</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(344</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(514</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(38</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(552</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Depreciation and expense for valuation allowances</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(4,457</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(115</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(4,572</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(4,241</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(226</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(4,467</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(3,708</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(334</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(4,042</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(387</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(387</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(360</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(360</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(422</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(422</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Pre-tax income (loss) from producing
      activities</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4,080</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(34</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">4,046</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5,720</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(156</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">5,564</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4,614</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(254</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">4,360</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income tax expense</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1,423</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1,423</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(2,008</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2,008</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(1,730</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(1,730</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Results of oil and gas producing
      activities</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,657</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(34</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">2,623</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,712</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(156</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">3,556</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,884</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(254</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">2,630</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" 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"><b>Company&#146;s share in equity method investee&#146;s
      results of operations</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Net sales to unaffiliated parties</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">135</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">135</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">108</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net intersegment sales</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Total net revenues</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">128</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">128</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Production costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(57</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(57</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(92</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(92</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(99</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(99</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Depreciation and expense for valuation allowances</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(54</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(54</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(11</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(11</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Pre-tax income from producing
      activities</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Income tax expense</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(25</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(25</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(2</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(2</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(7</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(7</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Results of oil and gas producing
      activities</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<p align="center"><font size="2">F-77</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_78"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Standardized measure of discounted future net cash flows</b></font></td>
	</tr>
</table>
<p><font size="2">The standardized measure is calculated as the excess of future cash inflows from proved reserves less future costs of producing and developing the reserves, future income taxes and a discount factor. Future cash inflows represent the revenues that would be received from production of year-end proved reserve quantities assuming the future production would be sold at the prices used for reserves estimates as of year-end (the &#147;average price&#148;). Accordingly, crude oil prices used to determine reserves were calculated at the beginning of each month, for crude oils of different quality produced by the Company. The Company considered the realized prices for crude oil in the domestic market taking into account the effect of exports taxes as were enforced by the enacted laws as of each of the corresponding years (until 2011, for the years ended December 31, 2010 and 2009, in accordance with Law No. 26,217 and until 2016 for the year ended on December 31, 2011 in accordance with Law No. 26,732). For the years beyond the mentioned periods, the Company considered the underweighted average price of the first-day-of-the-month price for each month within the twelve-month period ended December 31, 2011, 2010 and 2009, respectively, which refers to the WTI prices adjusted by each different quality produced by the Company.Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company used average realized gas prices during the years ended December 31, 2011, 2010 and 2009 to determine its gas reserves.</font></p>
<p><font size="2">Future production costs include the estimated expenditures related to production of the proved reserves plus any production taxes without consideration of future inflation. Future development costs include the estimated costs of drilling development wells and installation of production facilities, plus the net costs associated with dismantling and abandonment of wells, assuming year-end costs continue without consideration of future inflation. Future income taxes were determined by applying statutory rates to future cash inflows less future production costs and less tax depreciation of the properties involved. The present value was determined by applying a discount rate of 10% per year to the annual future net cash flows.</font></p>
<p><font size="2">The future cash inflows and outflows in foreign currency have been remeasured at the selling exchange rate of Argentine pesos 4.30, 3.98 and 3.80 to US$ 1, as of December 31, 2011, 2010 and 2009, respectively.</font></p>
<p><font size="2">The standardized measure does not purport to be an estimate of the fair market value of the Company&#146;s proved reserves. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated changes in future prices and costs and a discount factor representative of the time value of money and the risks inherent in producing oil and gas.</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</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 align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  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"><font size="2"><b>Consolidated standardized measure of discounted
      future net cash flows</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Future cash inflows <sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">173,871</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">364</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">174,235</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">154,882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">303</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">155,185</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">111,797</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">265</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">112,062</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Future production costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(74,604</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(131</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(74,735</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(54,026</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(172</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(54,198</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(41,430</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(139</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(41,569</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Future development costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(26,071</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(48</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(26,119</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(16,999</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(16,999</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(13,793</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(13,793</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Future income tax expenses</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(18,476</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(82</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(18,558</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(23,365</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(10</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(23,375</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(13,889</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(44</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(13,933</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">10% annual discount for estimated timing of
      cash flows</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(19,090</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(15</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(19,105</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(16,568</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(16</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(16,584</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(11,917</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(8</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(11,925</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Standardized measure of discounted future
      net cash flows</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">35,630</font></td>
    <td width="2%" align="left"><font size="1">&nbsp;<sup>(2)</sup></font></td>
    <td width="5%" align="right"><font size="2">88</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">35,718</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">43,924</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">44,029</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">30,768</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">74</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">30,842</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>2009</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 align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  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"><font size="2"><b>Company&#146;s share in equity method investee&#146;s
      standardized measure of discounted future net cash flows</b></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Argentina</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Other foreign</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Worldwide</b></font></div>
    </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 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">Future cash inflows <sup>(1)</sup></font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">531</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">531</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">537</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">537</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Future production costs</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(169</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(169</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(144</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(144</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(145</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(145</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Future income tax expenses</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(144</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(144</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(131</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(131</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(130</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(130</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">10% annual discount for estimated timing of
      cash flows</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(66</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(66</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(62</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(62</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(68</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(68</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Standardized measure of discounted future
      net cash flows</font></td>
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">215</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">215</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(1)</font></td>

    <td><font size="1">For the years ended December 31, 2010 and 2009, future
      cash inflows are stated net of the import of withholdings on exports until
      2011, according to the outstanding Law No. 26,217, as of such dates. For
      the year ended December 31, 2011, future cash inflows are stated net of
      the import of withholdings on exports until 2016 in accordance with Law
      No. 26,732.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">(2)</font></td>
    <td><font size="1">As of the issuance date of these consolidated financial
      statements, 933 of the future net cash flows correspond to concessions which
      were revoked by the relevant authorities (see Note 10.a &#150; &#147;Hydrocarbon&#146;s
      concessions &#150; Provincial claims&#148;).</font></td>
  </tr>
</table>
<p align="center"><font size="2">F-78</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_79"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Changes in the standardized measure of discounted future net cash flows</b></font></td>
	</tr>
</table>
<p><font size="2">The following table reflects the changes in standardized measure of discounted future net cash flows for the years ended December 31, 2011, 2010 and 2009:</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"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>2009</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>
    <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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Consolidated</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Company&#146;s share in equity method
        investees</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Consolidated</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Company&#146;s share in equity method
        investees</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Consolidated</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Company&#146;s share in equity method
        investees</b></font></div>
    </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">Beginning of year</font></td>
    <td width="8%" align="right"><font size="2">44,029</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30,842</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">22,059</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">266</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Sales and transfers, net of production costs</font></td>
    <td width="8%" align="right"><font size="2">(13,397</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(99</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(10,703</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(106</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(9,600</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(169</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Net change in sales and transfer prices,</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">net of future production costs</font></td>
    <td width="8%" align="right"><font size="2">(24,583</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,275</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,534</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(83</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Changes in reserves and production rates (timing)</font></td>
    <td width="8%" align="right"><font size="2">10,771</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">84</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,864</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,464</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">87</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net changes for extensions, discoveries</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">and improved recovery</font></td>
    <td width="8%" align="right"><font size="2">8,491</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,373</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,745</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Changes in estimated future development</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=11>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">and abandonment costs</font></td>
    <td width="8%" align="right"><font size="2">(8,714</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(5</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(4,018</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,416</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(22</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Development costs incurred during the year
      that reduced future development costs</font></td>
    <td width="8%" align="right"><font size="2">3,487</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,058</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,108</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Accretion of discount</font></td>
    <td width="8%" align="right"><font size="2">4,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,611</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,896</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Net change in income taxes</font></td>
    <td width="8%" align="right"><font size="2">7,897</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(5,696</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(3,159</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">69</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Others</font></td>
    <td width="8%" align="right"><font size="2">3,625</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,423</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">27</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">End of year</font></td>
    <td width="8%" align="right"><font size="2">35,718</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">215</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,029</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">194</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30,842</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">194</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>
<br>
<p align="center"><font size="2">F-79</font><br>
<hr noshade align="center" width="100%" size=2>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>2
<FILENAME>ex12-1.htm
<TEXT>
<!doctype html public "exhibit 12.1">


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   <title>exhibit 12.1</title>
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<p><a name="page_1"></a> </p>
<p align="right"><b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exhibit
  12.1</font></b></p>
<p align="center"><b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION</font></b>
</p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">I,
      Julio M. De Vido, certify that:</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      I have reviewed this annual report on Form 20-F of YPF Sociedad An&oacute;nima
      (the &#147;Company&#148;);</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Based on my knowledge, this report does not contain any untrue statement
      of a material fact or</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">omit
      to state a material fact necessary to make the statements made, in light
      of the circumstances under which such</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">statements
      were made, not misleading with respect to the period covered by this report;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Based on my knowledge, the financial statements, and other financial information
      included in this</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">report,
      fairly present in all material respects the financial condition, results
      of operations and cash flows of the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Company
      as of, and for, the periods presented in this report;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The company&#146;s other certifying officers and I are responsible for establishing
      and maintaining</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">disclosure
      controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
      15d-15(e)) and internal control</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">over
      financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
      for the Company and have:</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Designed such disclosure controls and procedures, or caused such disclosure
      controls and</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">procedures
      to be designed under our supervision, to ensure that material information
      relating to the Company,</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">including
      its consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">period
      in which this report is being prepared;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Designed such internal control over financial reporting, or caused such
      internal control over</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">financial
      reporting to be designed under our supervision, to provide reasonable assurance
      regarding the reliability of</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">financial
      reporting and the preparation of financial statements for external purposes
      in accordance with generally</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">accepted
      accounting principles;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Evaluated the effectiveness of the Company&#146;s disclosure controls and
      procedures and presented in</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">this
      report our conclusions about the effectiveness of the disclosure controls
      and procedures, as of the end of the</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">period
      covered by this report based on such evaluation; and</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Disclosed in this report any change in the Company&#146;s internal control
      over financial reporting that</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">occurred
      during the period covered by the annual report that has materially affected,
      or is reasonably likely to</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">materially
      affect, the Company&#146;s internal control over financial reporting; and</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The company&#146;s other certifying officers and I have disclosed, based
      on our most recent evaluation</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">of
      internal control over financial reporting, to the Company&#146;s auditors
      and the audit committee of the Company&#146;s</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">board
      of directors (or persons performing the equivalent functions):</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      All significant deficiencies and material weaknesses in the design or operation
      of internal control</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">over
      financial reporting which are reasonably likely to adversely affect the
      Company&#146;s ability to record, process,</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">summarize
      and report financial information; and</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Any fraud, whether or not material, that involves management or other employees
      who have a</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">significant
      role in the Company&#146;s internal control over financial reporting.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan=1>&nbsp; </td>
  </tr>
</table>

<p>&nbsp;</p><table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="66%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Date:May
      15, 2012</font></td>
    <td width="3%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="27%">&nbsp;</td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">By:</font></td>
    <td colspan=2><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">/s/JULIO
      M. DE VIDO</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td colspan=2>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Name:</font></td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">JULIO
      M. DE VIDO</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Title:</font></td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Intervenor</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Principal
      Executive Officer</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Principal
      Financial Officer</font></td>
  </tr>
</table>
<p>&nbsp;</p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>3
<FILENAME>ex13-1.htm
<TEXT>
<!doctype html public "exhibit.13">


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   <title>exhibit.13</title>
    <meta name="HandheldFriendly" content="true">
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<p align="right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exhibit
  13.1</font></b></p>
<p align="center"><b><font size=2 face="TimesNewRomanPS-BoldMT,Times New
Roman,Times,serif">CERTIFICATION PURSUANT TO</font></b><font size=2 face="ArialMT,Arial,Helvetica,sans-serif">
  </font> </p>
<p align="center"> <b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">18
  U.S.C. SECTION 1350,</font></b><font size=2 face="ArialMT,Arial,Helvetica,sans-serif">
  </font> </p>
<p align="center"> <b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">AS
  ADOPTED PURSUANT TO</font></b><font size=2 face="ArialMT,Arial,Helvetica,sans-serif">
  </font> </p>
<p align="center"> <b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION
  906 OF THE SARBANES-OXLEY ACT OF 2002</font></b><font size=2 face="ArialMT,Arial,Helvetica,sans-serif">
  </font> </p>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">The certification set forth below is being submitted in connection with the Annual Report on Form 20-F for the year ended December 31, 2011 (the &#147;Annual
Report&#148;) for the purposes of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) and Section 1350 of Chapter 63 of Title 18 of the United States Code.</font><font size=2
face="ArialMT,Arial,Helvetica,sans-serif"> </font>
</p>
<p> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">JULIO
  M. DE VIDO, the Intervenor, certify that, to the best of his knowledge:</font>
</p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">1. the Annual
  Report fully complies with the requirements of Section 13(a) or </font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">15(d)
  of the Exchange Act; and </font> </p>
<p>
<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">2. 	the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of YPF Sociedad An&oacute;nima. </font>
</p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="66%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Date:May
      15, 2012</font></td>
    <td width="3%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="27%">&nbsp;</td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">By:</font></td>
    <td colspan=2><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">/s/JULIO
      M. DE VIDO</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td colspan=2>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Name:</font></td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">JULIO
      M. DE VIDO</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Title:</font></td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Intervenor</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Principal
      Executive Officer</font></td>
  </tr>
  <tr>
    <td width="66%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="27%"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Principal
      Financial Officer</font></td>
  </tr>
</table>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>4
<FILENAME>ex23-1.htm
<TEXT>
<!doctype html public "exhibit 23-1">


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<p align="right"> <b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exhibit
  23.1</font></b></p>
<p align="center"><b><font size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CONSENT
  OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </font></b> </p>
<p>
<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">We consent to the incorporation by reference in the Registration Statements on Form F-3 (File Nos. 333-149313, 333-170848 and 333-172317) of (a) our report dated March 8, 2012 (except for
Notes 12, 13, 14, 16 and 17, as to which the date is May 15, 2012) relating to the consolidated financial statements of YPF Sociedad An&oacute;nima (&#147;YPF&#148; or the &#147;Company&#148;) (which report expresses an unqualified opinion and
includes explanatory paragraphs stating that: (i) as indicated in Note 17 to the consolidated financial statements, on April 16, 2012, Decree No. 530/12 of the National Executive Power, provided for the temporary intervention of YPF for a period of
30 days. Furthermore, on April 23, 2012, the Intervenor decided to suspended, until further notice, the Shareholders&#146; meeting to be held on April 25, 2012, that should have considered, among other things, the financial statements as of December
31, 2011 prepared under accounting principles generally accepted in Argentina filed with the Comisi&oacute;n Nacional de Valores (Argentine Securities Commission) and approved by the Board of Directors of the Company on March 8, 2012; (ii) as
indicated in Note 17 to the consolidated financial statements, on May 4, 2012, Law No. 26,741 was enacted providing for the expropriation by the Argentine Government of 51% of the equity held until such date by Repsol YPF, S.A. A significant portion
of the Company&#146;s financial debt amounting to approximately US$ 2 billion as of December 31, 2011, provides that changes in the Company&#146;s control and/or nationalization constitute an event of default. In addition, the outstanding financial
indebtedness also contains cross-default provisions and/or cross-acceleration provisions that could cause all of the debt to be accelerated if the debt having changes in control and/or nationalization events provisions goes into default or is
accelerated; (iii) as indicated in Note 17 to the consolidated financial statements, during 2012 certain provinces of Argentina have revoked and/or have commenced proceedings to revoke some oil and gas production concessions; (iv) the accounting
principles generally accepted in Argentina vary in certain significant respects from accounting principles generally accepted in the United States of America and that the information relating to the nature and effect of such differences is presented
in Notes 12, 13, and 14 to the consolidated financial statements, and v) as indicated in Note 1 to the consolidated financial statements, the Company will be adopting the International Financial Reporting Standards as issued by the IASB
(International Auditing Standard Board) (&#147;IFRS&#148;) as from the fiscal year beginning on January 1, 2012, with transition date on January 1, 2011 and information relating the effects of such transition to IFRS is presented in Note 16 to the
consolidated financial statements, which also indicates that items and amounts contained in the reconciliations included in that note are subject to the changes that might occur as a result of modifications introduced to the IFRS that will be
applied, and that such items and amounts will be considered definitive only when preparing the financial statements for the year ending on December 31, 2012), and (b) our report dated March 8, 2012 (except for the procedures relating to the testing
and evaluation of the controls over the preparation of the US GAAP financial information shown in Notes 12, 13 and 14, as to which the date is May 15, 2012) relating to the effectiveness of YPF&#146;s internal control over financial reporting,
appearing in the Annual Report on Form 20-F of YPF for the year ended December 31, 2011 (which expresses an unqualified opinion and includes an explanatory paragraph stating that, as stated in Management&#146;s Report on Internal Control over
Financial Reporting (Item 15 of the 2011 Form 20-F), pursuant to Decree No. 530/12 of the National Executive Power enacted on April 16, 2012, during the temporary intervention of the Company, all powers, duties and responsibilities of the Board of
Directors, the Audit Committee and the Disclosure Committee of the Company have been transferred to the Argentine government-appointed Intervenor. Therefore, since such date, the Board of Directors, the Audit Committee and the Disclosure Committee
are no longer in effect).</font><font size=1 face="TimesNewRoman,Times New Roman,Times,serif"> </font>
</p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Buenos Aires
  City, Argentina<br>
  May 15, 2012 </font> </p>
<p>
<font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Deloitte &amp; Co. S.R.L. </font>
</p>
<p> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif"><u>/S/ Diego
  O. De Vivo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
  Diego O. De Vivo<br>
  Partner </font> </p>

<hr noshade align="center" width="100%" size=2>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>5
<FILENAME>ex23-2.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>

</head>

<body bgcolor="#FFFFFF" text="#000000">
<div align="right"><font size="2"><b>Exhibit 23.2</b></font> </div>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td nowrap><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"><br>
      <br>
      Gaffney, Cline &amp; Associates, Inc.<br>
      <br>
      1300 Post Oak Blvd., Suite 1000<br>
      Houston, TX 77056<br>
      Telephone: +1 713 850 9955<br>
      <font color="#0066CC">www.gaffney-cline.com</font> </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">DKM/gjh/C1900.01/gcah.170.12</font></td>
    <td width="30%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">May
        14, 2012 </font></div>
    </td>
  </tr>
</table>
<p><font size=2 face="Arial,Arial,Helvetica,sans-serif">YPF S.A.<br>
  </font><font size=2 face="Arial,Arial,Helvetica,sans-serif">Macacha Guemes 515
  <br>
  C1106BKK Buenos Aires <br>
  Argentina</font> </p>
<p align="center"> <b><font size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Consent
  of Independent Petroleum Engineers </font></b> </p>
<p> <font size="2" face="Arial,Arial,Helvetica,sans-serif">Gentlemen:</font> </p>
<p> <font size="2"><font face="Arial,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
  hereby consent to the references to Gaffney, Cline &amp; Associates Inc. and
  the inclusion of our third party report dated February 17, 2012 and the information
  included therein in sections &#147;Information on the Company&#150;Exploration
  and Production&#148;and &#147;Exhibits&#148; in YPF S.A.'s report on Form 20-F
  for the year ended December 31, 2011 to be filed with the United States Securities
  and Exchange Commission, and the incorporation by reference of the same information
  in Form F-3 documents that have been filed with the Securities and Exchange
  Commission by YPF S.A. </font></font></p>
<p><font size="2"><font face="Arial,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaffney,
  Cline &amp; Associates Inc. audited certain areas in Argentina in which YPF
  has interests. These external audits were performed with an as of date of September
  30, 2011. <br>
  </font></font></p>
<p align="center"> <font face="Arial,Arial,Helvetica,sans-serif" size="2">Yours
  Sincerely, </font> </p>
<p align="center"> <b><font face="Arial,Bold,Arial,Helvetica,sans-serif">GAFFNEY,
  CLINE &amp; ASSOCIATES, INC. </font></b></p>
<p align="center"><b><font face="Arial,Bold,Arial,Helvetica,sans-serif"><u>/s/
  David K. Morgan</u></font></b> </p>
<p align="center"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial,Arial,Helvetica,sans-serif">David
  K. Morgan <br>
  Principal &#150; Reservoir Engineering</font></font><font size="2" face="Arial,Arial,Helvetica,sans-serif"></font></p>


<div align="center"><img src="ex23-2x1.jpg" width="170" height="100"> </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>6
<FILENAME>ex23-3.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<html>
<head>
<title>Prepared by Imprima</title>
</head>
<body>
<p align="right"><b><font size="2">Exhibit 23.3</font></b></p>
<p align="center"><b><font size="4">D<font size="3">E</font>G<font size="3">OLYER
  AND</font> M<font size="3">AC</font>N<font size="3">AUGHTON</font></font></b></p>
<p align="center"><font size="3">5001 S<font size="2">PRING</font> V<font size="2">ALLEY</font>
  R<font size="2">OAD</font><br>
  S<font size="2">UITE</font> 800 E<font size="2">AST</font><br>
  D<font size="2">ALLAS</font>, T<font size="2">EXAS</font> 75244</font></p>

<p align="center"><font size="2">May 14, 2012</font></p>
<p><font size="2">YPF S.A.<br>
  Macacha Guemes 515<br>
  C1106BKK Buenos Aires<br>
  Argentina<br>
  </font></p>
<p><font size="2">Ladies and Gentlemen:<br>
  </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the references
  to DeGolyer and MacNaughton and to the inclusion of our third-party letter report
  dated February 17, 2012, as set forth under the sections &#147;Item 4. Information
  on the Company-Exploration and Production-Oil and Gas Reserves,&#148; &#147;Item
  19. Exhibits,&#148; and as Exhibit 99.2 in YPF S.A.&#146;s report on Form 20-F
  for the year ended December 31, 2011, to be filed with the United States Securities
  and Exchange Commission (SEC), and the incorporation by reference of the same
  information in Form F-3 documents that have been filed with the SEC by YPF S.A.<br>
  </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our third-party letter report
  contains our independent estimates of the proved crude oil, condensate, natural
  gas liquids, gasoline, marketable gas, and oil equivalent reserves as of September
  30, 2011, of certain selected properties in the Golfo San Jorge and Neuquina
  basins in Argentina in which YPF S.A. holds interests.<br>
  </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td>
      <div align="left"><font size="2">Very truly yours,</font></div>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <div align="left"> <font size="2"><u><br>
        <br>
        /s/ DeGOLYER and MacNAUGHTON<br>
        <br>
        </u></font></div>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <div align="left"><font size="2">DeGOLYER and MacNAUGHTON</font></div>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <div align="left"><font size="2">Texas Registered Engineering Firm F-716</font></div>
    </td>
  </tr>
</table>
<p><br>
</p>
<p align="center"><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>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>7
<FILENAME>ex23-4.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<html>
<head>
<title>Prepared by Imprima</title>
</head>
<body>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_23"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
  23.4</b></font></p>
<p align="left"><font face="Arial, Helvetica, sans-serif"><img src="ex23-4x1.jpg" width="1200" height="200"></font></p>
<p align="right">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">May 14, 2012</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF S.A.<br>
  </b>Macacha Guemes 515<br>
  (C1035AAC)<br>
  Ciudad Aut&#243;noma de Buenos Aires<br>
  Argentina</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Consent
        of Independent Petroleum Engineers</b></font></div>
    </td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Gentlemen:</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Ryder Scott Company, L.P.
    hereby consents and authorizes the use and insertion by YPF S.A. of references
    to our firm and to our report that set forth the results of our reserve estimations,
    as of December 31, 2011, for YPF S.A.&#146;s interest in the Vaca Muerta formation
    in Argentina, in YPF S.A.&#146;s annual report on Form 20-F and the F3 filing
    for the year ended December 31, 2011.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Very
        truly yours,</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>RYDER
        SCOTT COMPANY, L. P.<br>
        </b>TBPE Firm Registration No. F-1580</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><u>\s\
        Herman G. Acu&#241;a</u></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Herman
        G. Acu&#241;a, P.E.<br>
        Texas P.E. License No. 92254<br>
        Managing Senior Vice President-International</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font face="Arial, Helvetica, sans-serif"><br>
  </font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="10%">&nbsp;</td>
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">1015 4TH
      STREET, S.W. SUITE 600&nbsp;&nbsp;CALGARY, ALBERTA T2R 1J4</font></td>
    <td width="20%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">TEL
      (403) 262-2799</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">FAX
      (403) 262-2790</font></td>
    <td width="10%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;621
      17TH STREET, SUITE 1550&nbsp;&nbsp;DENVER, COLORADO 80293-1501</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">TEL
      (303) 623-9147</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">FAX
      (303) 623-4258</font></td>
    <td width="2%" align="left">&nbsp;</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"><page></font>
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1 CHARTER
<SEQUENCE>8
<FILENAME>ex99-1.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<html>
<head>
<title>Prepared by Imprima</title>
</head>
<body>
<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>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
  99.1</b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="82%">&nbsp;</td>
    <td nowrap width="18%">
      <div align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC" size="7">Gaffney,<br>
        Cline &amp;<br>
        Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"><br>
        <br>
        </font></div>
    </td>
  </tr>
</table>
<p align="right">&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><font size="3">H</font>YDROCARBON
  <font size="3">P</font>ROVED <font size="3">R</font>ESERVE <font size="3">S</font>TATEMENT<br>
  FOR<br>
  <font size="3">YPF S.A. N</font>ON <font size="3">O</font>PERATED <font size="3">A</font>RGENTINE
  PROPERTIES<br>
  AS OF <font size="3">S</font>EPTEMBER 30, 2011</b></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Prepared
  for<br>
  <b>YPF S.A.</b><br>
  <br>
  <br>
  February 2012</font></p>
<p align="center">&nbsp;</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" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="88%">&nbsp;</td>
    <td nowrap width="12%">
      <div align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC" size="6">Gaffney,<br>
        Cline &amp;<br>
        Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"><br>
        </font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>

<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">SECTIONS</font></b></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">INTRODUCTORY LETTER</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">STATEMENT OF RESERVES</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">AUDIT PROCESS DESCRIPTION</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">STATEMENT OF QUALIFICATIONS</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">SEC DEFINITIONS FOR OIL
  AND GAS RESERVES</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_3"></a></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="80%">&nbsp;</td>
    <td nowrap width="20%"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"><br>
      <br>
      Gaffney, Cline &amp; Associates, Inc.<br>
      <br>
      1300 Post Oak Blvd., Suite 1000<br>
      Houston, TX 77056<br>
      Telephone: +1 713 850 9955<br>
      <font color="#0066CC">www.gaffney-cline.com</font> </font></td>
  </tr>
  <tr>
    <td width="80%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td width="80%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071</font></td>
    <td width="20%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">February
        17, 2012</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<div style="text-indent:3%"></div>
<p><font size="2" face="Arial, Helvetica, sans-serif"><b>Mr. Aquiles Rattia Regalado<br>
  </b>Director de Reservas, YPF S.A.<br>
  Macacha G&#252;emes 515<br>
  C1106BKK Buenos Aires<br>
  Argentina</font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Hydrocarbon
  Proved Reserve Statement for YPF S.A<br>
  Non Operated Argentine Properties as of September 30, 2011</font></b></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Dear Mr. Aquiles Rattia
  Regalado,</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">This reserve statement
    has been prepared by Gaffney, Cline &amp; Associates (GCA) and issued on February
    17, 2012 at the request of YPF S.A. regarding assets it holds in Argentina.
    These assets comprise the non operated areas of Acambuco, Aguada Pichana,
    Aguarag&#252;e, CAM2A Sur, CNQ7, CNQ7A, El Tordillo, La Yesera, Lindero Atravesado,
    Magallanes, Palmar Largo,Puesto Hern&#225;ndez, Puesto Quiroga La Tapera,
    Ramos, R&#237;o Negro Norte, San Roque and Tierra del Fuego, where YPF holds
    different percentages of participation on each field as described below. GCA
    has conducted an independent audit examination as of September 30, 2011, of
    the hydrocarbon liquid and natural gas proved reserves of the mentioned areas.
    This report is intended for inclusion in YPF&#146;s filings (20-F, F-3) with
    the United States Securities and Exchange Commission.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif"> On the basis of technical
    and other information made available to us concerning these property units,
    we hereby provide the reserve statements given in the table below.</font></p>
</div>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Statement
  of Remaining Hydrocarbon Volumes<br>
  YPF S.A. Non Operated Properties in Argentina<br>
  As of September 30, 2011</font></b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="60%">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross
      (100%) Field Volumes</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3 align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
        Working Interest Reserves</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  <tr align="center" valign="bottom">
    <td align="left" width="60%">&nbsp;</td>
    <td colspan=3 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">
      <hr size="1" noshade>
    </td>
    <td width="2%" align="left">
      <hr size="1" noshade>
    </td>
    <td width="8%" align="right">
      <hr size="1" noshade>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" height="18" width="60%">&nbsp;</td>
    <td width="8%" align="right" height="18">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Liquids</b></font></div>
    </td>
    <td width="2%" align="left" height="18">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="18">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left" height="18">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="18">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Liquids</b></font></div>
    </td>
    <td width="2%" align="left" height="18">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="18">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left" height="18">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="60%">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>(MMm<sup>3</sup>)</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>(Bm<sup>3</sup>)</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>(MMm<sup>3</sup>)</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>(Bm<sup>3</sup>)</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="60%"><font size="2" face="Arial, Helvetica, sans-serif">Proved</font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="60%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29.1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">54.4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12.1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18.4</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="60%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5.8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9.6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="60%">&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" width="60%"><b><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      Proved</font></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">34.9</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">64.0</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">14.2</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">20.6</font></b></td>
    <td width="2%" align="left"><b></b></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="60%">&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>
<p><font size="2" face="Arial, Helvetica, sans-serif">Note: The totals in the
  following tables could have rounding differences arising from hidden decimals
  of the individual quoted reserve values.</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_4"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="67%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 YPF S.A.</font></td>
    <td width="22%" align="right">&nbsp;</td>
    <td width="11%" align="left" valign="top"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
  </tr>
</table>
<p align="right"><font face="Arial, Helvetica, sans-serif"><br>
  </font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Statement
  of 100% Gross Field Volumes<br>
  YPF S.A. Non Operated Properties in Argentina, as of September 30, 2011</font></b></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Liquid Hydrocarbon
  Volumes</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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Proved</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Developed</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3>
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Area</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Non<br>
        Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Undeveloped</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">807</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">821</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,629</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,902</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">655</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>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,603</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</font></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">&nbsp;</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">866</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">CNQ 7A</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,761</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">2,677</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,438</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">CNQ 7</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">210</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">20</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">El Tordillo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,351</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">1,361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,712</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">La Tapera
      &#150; P.Quiroga</font></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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">63</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">182</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 Yesera</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">228</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">228</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">Lindero
      Atravesado</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">&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">264</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">338</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">869</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">1,207</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</font></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">&nbsp;</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">374</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,753</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">363</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,116</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">Puesto
      Hern&#225;ndez Extensi&#243;n</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,366</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">82</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">Ramos</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">833</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">833</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">R&#237;o
      Negro Norte</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">14</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">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">San Roque</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,720</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,720</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</font></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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,959</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>Total</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>27,602</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1,538</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>5,771</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>34,911</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">
      <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">(*)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Total hydrocarbon liquids
      reported here include oil, condensate, gasoline, NGL, propane and butane.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Natural Gas
  Volumes</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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Proved</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Developed</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3>
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Area</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Non<br>
        Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Undeveloped</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,690</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">8,440</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17,131</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,310</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,175</font></td>
    <td width="2%" align="left">&nbsp;</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">8,639</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">Aguarag&#252;e</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,874</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">689</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,562</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">CNQ 7A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">CNQ 7</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">El Tordillo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">502</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">265</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">767</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">La Tapera
      &#150; P.Quiroga</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">La Yesera</font></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">&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">95</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">Lindero
      Atravesado</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,176</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,176</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">Magallanes</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,597</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,223</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">4,820</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</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>
    <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">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87</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</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Puesto
      Hern&#225;ndez Extensi&#243;n</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">Ramos</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,676</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,676</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">R&#237;o
      Negro Norte</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">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" face="Arial, Helvetica, sans-serif">69</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,586</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,586</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,400</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</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,401</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>Total</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>49,046</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>5,400</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>9,563</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>64,009</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">
      <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">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_5"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="67%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 YPF S.A.</font></td>
    <td width="22%" align="right">&nbsp;</td>
    <td width="11%" align="left" valign="top"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Statement
  of YPF S.A. Working Interest Reserves<br>
  YPF S.A. Non Operated Properties in Argentina, as of September 30, 2011</font></b></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Liquid Hydrocarbon
  Volumes</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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Proved</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Developed</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3>
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Area</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Non<br>
        Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Undeveloped</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">182</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">185</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Aguada
      Pichana</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">519</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">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">710</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</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">68</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">260</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">CNQ 7A</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,381</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">1,338</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,719</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">CNQ 7</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">63</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">6</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"><font size="2" face="Arial, Helvetica, sans-serif">El Tordillo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">531</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">166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">697</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">La Tapera
      &#150; P.Quiroga</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">&nbsp;</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">22</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 Yesera</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</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">Lindero
      Atravesado</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">&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">99</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">184</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">489</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">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">Palmar
      Largo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</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">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">112</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,694</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">223</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,918</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">Puesto
      Hern&#225;ndez Extensi&#243;n</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,366</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">82</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">Ramos</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">422</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">422</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">R&#237;o
      Negro Norte</font></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="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">&nbsp;</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">San Roque</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,951</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,951</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">573</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">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">588</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"><b><font size="2" face="Arial, Helvetica, sans-serif">Total</font></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">11,375</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">672</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">2,122</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">14,169</font></b></td>
    <td width="2%" align="left"><b></b></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">(*)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Total hydrocarbon liquids
      reported here include oil, condensate, gasoline, NGL, propane and butane.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Natural Gas
  Volumes</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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Proved</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Developed</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3>
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Area</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Non<br>
        Producing</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Undeveloped</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,955</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">1,899</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,854</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">Aguada
      Pichana</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,721</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">593</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,356</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">862</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">207</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,069</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">CNQ 7A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">CNQ 7</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">El Tordillo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</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">32</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 bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">La Tapera
      &#150; P.Quiroga</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">La Yesera</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">&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">33</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">Lindero
      Atravesado</font></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">&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">441</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">910</font></td>
    <td width="2%" align="left">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,797</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</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">&nbsp;</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">26</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</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Puesto
      Hern&#225;ndez Extensi&#243;n</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">Ramos</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,371</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,371</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">R&#237;o
      Negro Norte</font></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">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" face="Arial, Helvetica, sans-serif">24</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,316</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,316</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,220</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">0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,220</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"><b><font size="2" face="Arial, Helvetica, sans-serif">Total</font></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">15,936</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">2,481</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">2,184</font></b></td>
    <td width="2%" align="left"><b></b></td>
    <td width="8%" align="right"><b><font size="2" face="Arial, Helvetica, sans-serif">20,601</font></b></td>
    <td width="2%" align="left"><b></b></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>
<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_6"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="67%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 YPF S.A.</font></td>
    <td width="22%" align="right">&nbsp;</td>
    <td width="11%" align="left" valign="top"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Hydrocarbon liquid volumes
    represent crude oil, condensate, gasoline and NGL estimated to be recovered
    during field separation and plant processing and are reported in thousands
    of stock tank cubic meters. Natural gas volumes represent expected gas sales,
    and are reported in millions of cubic meters (at standard conditions of 15
    degrees Celsius and 1 atmosphere). The volumes have not been reduced for fuel
    usage in the field. Based on the interpretation that Argentine royalties are
    a financial obligation or substantially equivalent to a production or similar
    tax, royalties payable to the provinces have not been deducted from the reported
    volumes. The following table presents consumption gas, as a percentage of
    produced gas for each area.</font></p>
</div>
<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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Consumed
        gas</b></font></div>
    </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>Area</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>%</b></font></div>
    </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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.75</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.92</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.67</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">El Tordillo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">100.00</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">La Yesera</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.73</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">Lindero
      Atravesado</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7.50</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">Magallanes</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.85</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">Palmar
      Largo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">100.00</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.52</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">R&#237;o
      Negro Norte</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31.00</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">San Roque</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.72</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">Tierra
      del Fuego</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7.98</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Gas reserves sales volumes
    are based on firm and existing gas contracts, or on the reasonable expectation
    that any such existing gas sales contracts will be renewed on similar terms
    in the future.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Appendix I contains the
    statement of reserves for each unit area.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">It is our understanding
    that the proved reserves estimated in this report constitute approximately
    21.4% percent of YPF&#146;s Proved Reserves; it is also our understanding
    that the Proved Undeveloped Reserves estimated in this report constitute approximately
    10.9% percent of all YPF&#146;s Proved Undeveloped Reserves as of September
    30, 2011. These proportions are on a barrel oil equivalent (BOE) basis. GCA
    is not in a position to verify this statement as it was not requested to review
    YPF&#146;s other oil and and gas assets. Our study was completed on February
    10, 2012.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">A description of the individual
    assets reserve estimation methodology and the main differences between GCA
    and YPF interpretations are presented in Appendix II.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">This audit examination
    was based on reserve estimates and other information provided by YPF to GCA
    through February 10, 2012 and included such tests, procedures and adjustments
    as were considered necessary under the circumstances to prepare the report.
    All questions that arose during the course of the audit process were resolved
    to our satisfaction. GCA believes that the assumptions, data, methods and
    procedures used in connection with the preparation of this report are appropriate
    for the purpose served by the report.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The economic tests for
    the September 30, 2011 Reserve volumes were based on realized crude oil, condensate,
    NGL and average gas sales prices as shown in the following table, as advised
    by YPF. A prior twelve-month first-day-of-the-month average price for West
    Texas Intermediate (WTI) crude of US$94.31/Bbl serves as the foundation for
    the oil, condensate and gasoline price. YPF is subject to extensive regulations
    relating to the oil and</font></p>
</div>
<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_7"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="67%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 YPF S.A.</font></td>
    <td width="22%" align="right">&nbsp;</td>
    <td width="11%" align="left" valign="top"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">gas industry in Argentina
  which include specific natural gas market regulations as well as hydrocarbon
  export taxes that apply until 2017 according to Law 26,217, all of which affect
  the realized prices of oil and other products in the domestic market. As a result,
  crude oil prices used to determine reserves are set at the beginning of every
  month until 2011, for crude oils of different quality produced by YPF, considering
  the realized prices for crude oils of such quality in the domestic market, taking
  into account the effects of Law 26,217. Additionally, a significant portion
  of the Argentine gas market is regulated. Natural gas prices for the residential
  and power generation segments, as well as natural gas for vehicles, are regulated
  by the government. Natural gas prices for industrial consumers are negotiated
  by market participants on a private basis. As a result, there are no benchmark
  market natural gas prices available in Argentina. GCA audited and accepted the
  methodology and prices used by YPF in estimating the reserves in Argentina.
  In addition, YPF increments the crude oil, condensate and gasoline price in
  2017 due to the scheduled expiration of the export retention tax mentioned above.
  Caution is advised in this regard as the export tax has been scheduled to expire
  several times in the recent past but extended as the deadline approached. Maintaining
  the current price would no doubt have an impact on the reserves estimates.</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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Prices</b></font></div>
    </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>Area</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
        Oil Condensate Gasoline<br>
        2011-2016</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
        Oil Condensate Gasoline<br>
        2017+</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Propane</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Butane
        NGL</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Natural<br>
        Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>US$/Bbl</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>US$/Bbl</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>US$/Bbl</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>US$/Bbl</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>US$/Mm<sup>3</sup></b></font></div>
    </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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87.21</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">76.16</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60.93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">92.89</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">13.67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">78.77</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87.21</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">13.67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">72.69</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">CNQ 7A</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">59.80</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">91.76</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">CNQ 7</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61.35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93.31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">El Tordillo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87.21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">La Tapera
      &#150; P.Quiroga</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87.21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">La Yesera</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61.35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93.31</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">99.25</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">Lindero
      Atravesado</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60.93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">92.89</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">86.60</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">58.77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">90.73</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35.70</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">Palmar
      Largo</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87.21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Puesto
      Hern&#225;ndez</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61.35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93.31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Puesto
      Hern&#225;ndez Extensi&#243;n</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61.35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93.31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Ramos</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56.42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87.21</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">13.67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">72.69</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">R&#237;o
      Negro Norte</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61.35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93.31</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">99.25</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60.93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">92.89</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">13.67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80.83</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</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">58.77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">90.73</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31.99</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13.67</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33.76</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Future capital costs were
    derived from development program forecasts prepared by YPF for the fields.
    Recent historical operating expense data were utilized as the basis for operating
    cost projections. GCA has found that YPF has projected sufficient capital
    investments and operating expenses to produce economically the projected volumes</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">It is GCA&#146;s opinion
    that the estimates of total remaining recoverable hydrocarbon liquid and gas
    volumes at September 30, 2011, are, in the aggregate, reasonable and the reserves
    categorization is appropriate and consistent with the definitions for reserves
    set out in 17-CFR Part 210 Rule 4-10(a) of Regulation S-X of the United States
    Securities and Exchange Commission (as set out in Appendix IV). GCA concludes
    that the methodologies employed by YPF in the derivation of the volume estimates
    are appropriate and that the quality of the data relied upon, the depth and
    thoroughness of the estimation process is adequate.</font></p>
</div>
<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_8"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="67%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 YPF S.A.</font></td>
    <td width="22%" align="right">&nbsp;</td>
    <td width="11%" align="left" valign="top"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">GCA is not aware of any
    potential changes in regulations applicable to these fields that could affect
    the ability of YPF to produce the estimated reserves.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">This assessment has been
    conducted within the context of GCA's understanding of YPF's petroleum property
    rights as represented by YPF's management. GCA is not in a position to attest
    to property title, financial interest relationships or encumbrances thereon
    for any part of the appraised properties or interests.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">There are numerous uncertainties
    inherent in estimating reserves and resources, and in projecting future production,
    development expenditures, operating expenses and cash flows. Oil and gas reserve
    engineering and resource assessment must be recognized as a subjective process
    of estimating subsurface accumulations of oil and gas that cannot be measured
    in an exact way. Estimates of oil and gas reserves or resources prepared by
    other parties may differ, perhaps materially, from those contained within
    this report. The accuracy of any reserve or resource estimate is a function
    of the quality of the available data and of engineering and geological interpretation.
    Results of drilling, testing and production that post-date the preparation
    of the estimates may justify revisions, some or all of which may be material.
    Accordingly, reserve and resource estimates are often different from the quantities
    of oil and gas that are ultimately recovered, and the timing and cost of those
    volumes that are recovered may vary from that assumed.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">For this assignment, GCA
    served as independent reserve auditors. The firm's officers and employees
    have no direct or indirect interest holdings in the property units evaluated.
    GCA's remuneration was not in any way contingent on reported reserve estimates.
    The qualifications of the technical person primarily responsible for overseeing
    this audit are included in Appendix III.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">This report has been prepared
    at the request of YPF regarding assets it holds in Argentina and is for inclusion
    in YPF&#146;s filings with the United States Securities and Exchange Commission.</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Yours sincerely<br>
  <b>Gaffney, Cline &amp; Associates</b></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">/s/ Cesar
  E. Guzzetti</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cesar
  E. Guzzetti<br>
  </b>General Manager &#150; Latin America Southern Cone</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Enclosures:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="11%"><font size="2" face="Arial, Helvetica, sans-serif">Appendix
      I:</font></td>
    <td width="87%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Statement
        of Reserves</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="11%"><font size="2" face="Arial, Helvetica, sans-serif">Appendix
      II:</font></td>
    <td width="87%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Audit
        Process Description</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="11%"><font size="2" face="Arial, Helvetica, sans-serif">Appendix
      III:</font></td>
    <td width="87%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Statement
        of Qualifications</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="11%"><font size="2" face="Arial, Helvetica, sans-serif">Appendix
      IV:</font></td>
    <td width="87%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">SEC
        Reserve Definitions</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">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_9"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="63%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 YPF S.A.</font></td>
    <td width="18%" align="right">&nbsp;</td>
    <td width="19%" align="left" valign="top"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC" size="7">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="7"></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">APPENDIX
  I<br>
  <br>
  STATEMENTS OF RESERVES</font></b></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_10"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="67%" valign="top"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 YPF S.A.</font></td>
    <td width="22%" align="right">&nbsp;</td>
    <td width="11%" align="left" valign="top"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">TABLE
  OF CONTENTS</font></b></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>Page
      No.</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">TOTAL</font></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 align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE Acambuco</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE Aguada
      Pichana</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE Aguarag&#252;e</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE CNQ7A</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</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">UTE CNQ7</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE El
      Tordillo</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE La
      Tapera/Puesto Quiroga</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</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">UTE La
      Yesera</font></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">UTE Lindero
      Atravesado</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE Magallanes</font></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"><font size="2" face="Arial, Helvetica, sans-serif">UTE Palmar
      Largo</font></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">UTE Puesto
      Hern&#225;ndez</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE Puesto
      Hern&#225;ndez Extensi&#243;n</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</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">UTE Ramos</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE R&#237;o
      Negro Norte</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE San
      Roque</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">UTE Tierra
      del Fuego</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>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<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_11"></a></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF S.A.
  Non Operated Areas</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A.</b></font></p>
<p align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b><br>
  A. Cumulative Production to September 30, 2011</b></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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">98,591</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">55,442</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">154,033</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,700</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,497</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32,759</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13,817</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">373,896</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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,336</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,582</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,918</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,567</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">993</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,124</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,161</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49,046</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;Developed
      Non-Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">883</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">883</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">71</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">568</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">5,400</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;Undeveloped</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">928</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">160</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">9,563</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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,446</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,033</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22,478</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,512</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,069</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,853</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,444</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">64,009</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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,360</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">812</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>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,369</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,645</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,936</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;Developed
      Non-Prod.</font></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">&nbsp;</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">5</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">155</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>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,981</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Undeveloped</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">1,656</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,857</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">217</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">47</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">2,184</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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,216</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,016</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,232</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,033</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">333</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>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,683</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,601</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>
    <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 ><font size="2" face="Arial, Helvetica, sans-serif"><b>D. Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">RW</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="10%" align="right">
      <div align="left"></div>
    </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="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">DKM</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="10%" align="right">
      <div align="left"></div>
    </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="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</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="10%" align="right">
      <div align="left"></div>
    </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>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="50">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
        1</font></div>
    </td>
    <td width="26%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
        Cline &amp; Associates</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
</div>
<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_12"></a></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Acambuco</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Noroeste</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">22.50%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salta</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">22.50%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">1.75%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pan
        American Energy</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">98.25%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">211</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">211</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,528</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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21,943</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>
    <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></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">&nbsp;</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">799</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 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">8,690</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">821</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 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">8,440</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">Sub-total
      Proved</font></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">&nbsp;</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">1,621</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 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">17,131</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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</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">&nbsp;</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">180</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 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">1,955</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">185</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 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">1,899</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">Sub-total
      Proved</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">&nbsp;</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">365</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 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">3,854</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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </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>
<div style="text-indent:3%">
  <p>&nbsp;</p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          2</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
</div>
<div style="text-indent:3%"></div>
<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_13"></a></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Aguada
  Pichana</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">27.27%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuqu&#233;n</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">27.27%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">2.92%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">97.08%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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"><font size="2" face="Arial, Helvetica, sans-serif">731</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,614</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,107</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">44,541</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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod. </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">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48</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">1,648</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">6,310</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;Developed
      Non-Prod. </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">&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">71</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">568</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">2,175</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;Undeveloped
      </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">&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">5</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">153</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">&nbsp;&nbsp;Sub-total
      Proved </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">&nbsp;</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">282</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,255</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">8,639</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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</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">&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">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">449</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">1,721</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;Developed
      Non-Prod. </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">&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">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">155</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">593</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;Undeveloped
      </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">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</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">11</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">42</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">&nbsp;&nbsp;Sub-total
      Proved </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">&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">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">615</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">2,356</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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          3</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
  <font face="Arial, Helvetica, sans-serif"><br>
  </font></div>
<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_14"></a></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Aguarag&#252;e</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Noroeste</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salta</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">4.67%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">95.33%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">1,437</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">1,437</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18,645</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">6,950</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">78,389</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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">42</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">42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">303</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">296</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">2,874</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">&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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">689</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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">42</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">42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">408</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">416</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">3,562</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>
    <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>C.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Proved</font></td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=15>
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Prod.</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">&nbsp;</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">91</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">89</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">862</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">&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">&nbsp;</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>
    <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">207</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">Sub-total
      Proved</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">&nbsp;</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">122</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">125</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">1,069</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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </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>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          4</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
  <font face="Arial, Helvetica, sans-serif"><br>
  <br>
  </font></div>
<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 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE CNQ
  7A</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">50.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mendoza/La
        Pampa</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">50.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">909</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,852</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,761</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=10>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></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">2,603</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,677</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=10>&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">983</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,455</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,438</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">455</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,926</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,381</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=10>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">1,302</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,338</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=10>&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">491</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,719</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          5</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
  <font face="Arial, Helvetica, sans-serif"><br>
  <br>
  </font></div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE CNQ
  7</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mendoza</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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="17">&nbsp;</td>
    <td colspan=5  width="8%" align="center" height="17">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left" height="17">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="17">
      <div align="center"></div>
    </td>
    <td width="2%" align="left" height="17">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="17">
      <div align="center"></div>
    </td>
    <td width="2%" align="left" height="17">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="17">
      <div align="center"></div>
    </td>
    <td width="2%" align="left" height="17">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center" height="17">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left" height="17">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">219</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">241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&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>
    <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</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">129</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>
    <td colspan=10>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></div>
    </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>
    <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=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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</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>
    <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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">63</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=10>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></div>
    </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>
    <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=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">Sub-total
      Proved</font></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">39</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>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          6</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
  <font face="Arial, Helvetica, sans-serif"><br>
  <br>
  </font></div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE El
  Tordillo</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">San
        Jorge</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.20%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Chubut</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.20%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator
        </font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">100.00%</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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="18">&nbsp;</td>
    <td colspan=5  width="8%" align="center" height="18">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left" height="18">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="18">
      <div align="center"></div>
    </td>
    <td width="2%" align="left" height="18">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="18">
      <div align="center"></div>
    </td>
    <td width="2%" align="left" height="18">
      <div align="center"></div>
    </td>
    <td width="8%" align="right" height="18">
      <div align="center"></div>
    </td>
    <td width="2%" align="left" height="18">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center" height="18">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left" height="18">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">37,588</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,293</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46,881</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 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">5,470</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,470</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>
    <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,050</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,351</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 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">502</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">502</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">958</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">1,361</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 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">265</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">265</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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,008</font></td>
    <td width="2%" align="left">&nbsp;</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">5,712</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 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">767</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">767</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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></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">281</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">531</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 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">61</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">117</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">166</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 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">32</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>
  </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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">367</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">330</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">697</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 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">94</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">&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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          7</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
  <font face="Arial, Helvetica, sans-serif"><br>
  </font></div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE La
  Tapera &#150; P.Quiroga</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">San
        Jorge</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.20%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Chubut</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.20%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">268</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">268</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 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">0</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</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>
    <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></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">&nbsp;</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 colspan=10>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">63</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">63</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=10>&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">182</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">182</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</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">&nbsp;</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 colspan=10>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></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">&nbsp;</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 colspan=10>&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">Sub-total
      Proved</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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=8>&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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          8</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
  <font face="Arial, Helvetica, sans-serif"><br>
  <br>
  </font></div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE La
  Yesera</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">35.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">R&#237;o
        Negro</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">35.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">10.73%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">89.27%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">613</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">613</font></td>
    <td width="2%" align="left">&nbsp;</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>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">182</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">182</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"><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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">228</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">228</font></td>
    <td width="2%" align="left">&nbsp;</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>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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>
    <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">&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">228</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">228</font></td>
    <td width="2%" align="left">&nbsp;</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>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</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"><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>C.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</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">80</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"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</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">80</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"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</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"><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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%">&nbsp;</td>
      <td width="50">
        <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page
          9</font></div>
      </td>
      <td width="26%">
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
          Cline &amp; Associates</font></div>
      </td>
    </tr>
  </table>
  <font face="Arial, Helvetica, sans-serif"><br>
  <br>
  </font></div>
<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_1"></a></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Lindero
  Atravesado</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">37.50%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuqu&#233;n</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">37.50%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">7.50%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pan
        American Energy</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">92.50%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" 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>
<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>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">80</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">80</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,414</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(0</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">53</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34,194</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>
    <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">197</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">197</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">&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">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,176</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">197</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">197</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">&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">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,176</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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></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">&nbsp;</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">25</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 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">441</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">Sub-total
      Proved</font></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">&nbsp;</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">25</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 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">441</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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 10<br>
    </font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
</div>
<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="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Magallanes</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A.</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Austral</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">50%
        / 100%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Santa
        Cruz</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">50%
        / 100%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">4.85%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sipetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">95.15%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">7,503</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">7,503</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 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">8,772</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>
    <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">338</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">338</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 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">1,597</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;Developed
      Non-Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">869</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">869</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 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">3,223</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;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,207</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">1,207</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 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">4,820</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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">184</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">184</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 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">910</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;Developed
      Non-Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">489</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">489</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 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">1,887</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;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">672</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">672</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 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">2,797</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>
    <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>D.</b></font></td>
    <td valign=top width="6%"><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:&nbsp;</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Working Interes
      is 50% up to concession end and 100% afterwards <br>
      See individual sub-units</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="17"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left" height="17">
      <div align="left"></div>
    </td>
    <td colspan=3 height="17">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 11<br>
    </font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
</div>
<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="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Palmar
  Largo</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A </b></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Noroeste</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Formosa</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">100.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=4>
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">7,285</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">7,285</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">991</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">991</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"><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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">72</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">72</font></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">374</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">374</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"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">87</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">87</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"><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>C.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</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">93</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"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">112</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">112</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"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</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"><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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 12<br>
    </font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
</div>
<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="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Puesto
  Hern&#225;ndez</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A </b></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">61.55%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mendoza/Neuqu&#233;n</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">61.55%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Petrobras</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" 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>
<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>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">25,695</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">41,875</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">67,569</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>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,016</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,211</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"><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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod. </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">2,753</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,753</font></div>
    </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>
    <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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped
      </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">363</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">363</font></div>
    </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>
    <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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved </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">3,116</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,116</font></div>
    </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>
    <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 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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod. </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">1,694</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,694</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </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;Developed
      Non-Prod.</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Undeveloped
      </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">223</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">223</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved </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">1,918</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,918</font></div>
    </td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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"><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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 13<br>
    </font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font></p>
</div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Puesto
  Hern&#225;ndez Extensi&#243;n</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A</b>.<b> </b></font></p>
<div style="text-indent:3%">
  <p>&nbsp;</p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">100.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mendoza/Neuqu&#233;n</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">100.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Petrobras</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>
      <div align="left"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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>
    <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod. </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">2,366</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,366</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped
      </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">82</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">82</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved </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">2,448</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,448</font></div>
    </td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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"><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>C.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod. </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">2,366</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,366</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped
      </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">82</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">82</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved </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">2,448</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,448</font></div>
    </td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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"><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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </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>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 14<br>
    </font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font><font face="Arial, Helvetica, sans-serif"><br>
    </font></p>
</div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Ramos</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011 <br>
  for YPF S.A. </b></font></p>
<div style="text-indent:3%"></div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Noroeste</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">50.70%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salta</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">50.70%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">3.52%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">96.48%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,066</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,743</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">60,305</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"><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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod. </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">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">300</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">533</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,676</font></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved </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">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">300</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">533</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,676</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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod. </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">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">152</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">270</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,371</font></div>
    </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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</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>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved </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">&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">152</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">270</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,371</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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </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>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 15<br>
    </font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font></p>
</div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE R&#237;o
  Negro Norte</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A. </b></font></p>
<div style="text-indent:3%"></div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">35.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">R&#237;o
        Negro</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">35.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">31.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">69.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">2,520</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">2,520</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">309</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">463</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"><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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</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">&nbsp;</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">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="right"></div>
    </td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">66</font></div>
    </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;Developed
      Non-Prod.</font></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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</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">101</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">
      <div align="right"></div>
    </td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">69</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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=3 align="right">
      </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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></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="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">31</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">
      <div align="right"></div>
    </td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></div>
    </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;Developed
      Non-Prod.</font></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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Undeveloped</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>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></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=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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </font></td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td width="8%" align="right">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved</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">&nbsp;</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>
    <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">
      <div align="right"></div>
    </td>
    <td width="2%" align="left">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">24</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"><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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 16</font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font></p>
</div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE San
  Roque</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A. </b></font></p>
<div style="text-indent:3%">
  <p>&nbsp;</p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">34.11%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuqu&#233;n</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">34.11%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">1.72%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">98.28%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">
      <div align="left"></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">2,153</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">2,153</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,851</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,884</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,308</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">171</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60,610</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">
      <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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">313</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">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">863</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>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,054</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,355</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,586</font></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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">313</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">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">863</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>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,054</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,355</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,586</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">
      <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></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">&nbsp;</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">294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">167</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,383</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,485</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,316</font></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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15>&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">
      <div align="right"></div>
      <font size="2">
      <hr noshade size=1 align="right">
      </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">Sub-total
      Proved</font></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">&nbsp;</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">294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">167</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,383</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,485</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,316</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">
      <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 17</font></p>
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif"> Gaffney,
    Cline &amp; Associates </font></p>
</div>
<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>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>UTE Tierra
  del Fuego</b></font></p>
<hr noshade align="center" width="30%" size=1>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Field /
  Area Name)</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Crude
  Oil and Natural Gas Reserve Statement<br>
  Reserves Certification @ September 30, 2011<br>
  for YPF S.A. </b></font></p>
<div style="text-indent:3%"></div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Basin:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Neuquina</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Oil Interest:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Province:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tierra
        del Fuego</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A. Gas Interest:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Country:</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Field
        Gas Usage:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">7.98%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%"><font size="2" face="Arial, Helvetica, sans-serif">Operator</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales
        Gas:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">92.02%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalty:</font></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">12.00%</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">
      <div align="left"></div>
    </td>
    <td width="20%" align="right">
      <div align="left"></div>
      <font size="2">
      <hr noshade size=1 align="left">
      </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>A.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Cumulative Production
      to September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">13,018</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,253</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17,270</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,460</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">999</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,650</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">505</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50,824</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=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>B.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross Field Reserves
      @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Proved</font></td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=15>
      <div align="center"></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">654</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">181</font></td>
    <td width="2%" align="left">&nbsp;</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">186</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">594</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">7,400</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48</font></td>
    <td width="2%" align="left">&nbsp;</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>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</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=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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">702</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">181</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">883</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">297</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>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">96</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,401</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>
    <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>YPF S.A. Working
      Interest Reserves @ September 30, 2011</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=5  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Oil</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td colspan=3  width="8%" align="center">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gas</b></font></div>
    </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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Primary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Secondary</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cond.</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gasoline</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>LPG</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Solution</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Mm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>MMm<sup>3</sup></b></font></div>
    </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">Proved</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">&nbsp;&nbsp;Developed
      Prod.</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">196</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">251</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>
    <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">178</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">2,220</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;Developed
      Non-Prod.</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">&nbsp;&nbsp;Undeveloped</font></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">&nbsp;</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</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=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">Sub-total
      Proved</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">211</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">265</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>
    <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">178</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">2,220</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>
    <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>D.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Notes:</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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="10%" align="left">
      <div align="left"></div>
    </td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">GCA
        Engineer:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">RW</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Approved:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">DKM</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Date:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31-Jan-12</font></div>
    </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="10%" align="right">
      <div align="left"></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"></div>
      <font size="2">
      <hr noshade size=1 align="center">
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Page 18</font></p>
</div>
<div style="text-indent:3%">
  <p align="right"><font size="2" face="Arial, Helvetica, sans-serif">Gaffney,
    Cline &amp; Associates</font></p>
</div>
<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_10"></a></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="88%">&nbsp;</td>
    <td nowrap width="12%">
      <div align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC" size="6">Gaffney,<br>
        Cline &amp;<br>
        Associates</font></b></font><font face="Arial, Helvetica, sans-serif" size="2"><br>
        </font></div>
    </td>
  </tr>
</table>
<p align="right">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">APPENDIX
  II<br>
  <br>
  AUDIT PROCESS DESCRIPTION </font></b></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_11"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="13%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">DESCRIPTION
  OF THE AUDIT REVIEW</font></b></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">All of the YPF reserve
    statements were audited analyzing the basic information supplied, in the form
    of production databases on which decline curve analysis (DCA) could be applied
    to extrapolate the production of existing wells or elaborate type curves to
    estimate future production from proposed locations. The decline analysis includes
    a forecast of the water-oil ratio or oil cut projection to aid in controlling
    limits of the production forecasts.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Gas fields are better
    analyzed by extrapolation of the pressure behavior, so when data allowed,
    the reserves were estimated by material balance using updated static pressure
    data. Geological information in the form of structural and isopach maps, well
    logs, production tests, fluid laboratory tests and other pertinent information
    was used to assess both the reserve estimates and the classification/categorization
    of the proposed development program. What follows is a brief description of
    the methods used for reserve allocation in each of the audited areas.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Significant differences
    with YPF estimates were found in two areas: La Tapera-Puesto Quiroga and R&#237;o
    Negro Norte. These differences are included in the explanations.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Acambuco</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The Acambuco area is comprised
    of two major gas fields, Macueta and San Pedrito in the Noroeste basin. They
    are operated by Pan American under the UTE Acambuco concession through 2/16/2040
    and 10/26/2036 respectively. YPF owns a 22.5% working interest.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">San Pedrito, with four
    wells produces some 2.5 MMm<sup>3</sup>/d gas. The main producing reservoirs
    are the Huamampampa, Icla and Santa Rosa formations of Devonian age. Proved
    Developed Producing reserves were estimated by decline analysis. Proved Undeveloped
    reserves were estimated for a late compression stage that would reduce the
    abandonment pressure. This estimation was performed through a nodal analysis
    that couples material balance with vertical and surface flow analysis.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">In Macueta three wells
    produce from Icla and Huamampampa. The field is a continuation to the South
    of the San Alberto gas field in Bolivia. Here also Proved Developed Producing
    reserves were estimated by DCA. The development program includes drilling
    one additional well (#1004) and installing compression. The estimation of
    Proved Undeveloped reserves was done by nodal analysis and material balance,
    considering also the surface flow to the processing plant. The presence of
    water in the producers influences the expectations of recovery and the result
    of the pressure analysis was used to categorize the reserves.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Minor oil reserves exist
    in the area in Carboniferous formations. The San Pedro and Macueta Somero
    fields produce from one well each and have no further development plans. They
    volumes were estimated by DCA.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">GCA found no material
    differences with the estimates presented by YPF in this area.</font></p>
</div>
<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_12"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="13%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Aguada
      Pichana</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Aguada Pichana is a major
    gas and condensate field located in the Neuquina basin producing from the
    Mulichinco formation. YPF holds a 27.27% working interest. The gas comes with
    varying proportions of CO2 and a processing plant extracts gasoline and NGL.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The Proved Developed Producing
    reserve was estimated by DCA. The field is divided in a main area called Aguada
    Pichana which is being developed toward the west (AP West, Ca&#241;ad&#243;n
    de la Zorra and Las C&#225;rceles) and a second area called Aguada Pichana
    North (APN) with extensions to the west (APN Phase 1 and Phase 2). Some of
    the recent development areas (AP West, CDZ and Las C&#225;rceles) have been
    approved by the government as Gas Plus areas, allowing for a deregulated gas
    sales price for the wells in those areas.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Several wells were drilled
    and tested and are awaiting hook up. Their expected recovery has been categorized
    as Proved Developed Non Producing reserves. Future drilling locations were
    evaluated according to the behavior of existing production. One location in
    APN categorized as Proved Undeveloped was considered too far from production
    and eliminated from the reserve class entirely.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Although GCA found some
    differences in the classification and/or categorization of locations in the
    development program, the final difference in the aggregated reserve estimates
    was not significant.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Aguarag&#252;e</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Aguarag&#252;e is an area
    on the Noroeste basin producing gas, oil and condensate, operated by Tecpetrol
    through 11/14/2017. YPF holds a 30% working interest. There are three main
    gas fields, Aguarag&#252;e (Santa Rosa-Icla formations), Chango Norte-La Porcelana
    (Huamampampa formation) and Campo Dur&#225;n (Tupambi, San Telmo and Las Pe&#241;as
    formations), and five minor fields containing varying quantities of oil and
    gas.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The main gas fields identified
    above have Proved Developed Producing reserves estimated by DCA. Proved Undeveloped
    reserves were assigned to three drilling locations in Campo Dur&#225;n Tupambi.
    The volumes were estimated through material balance that considered the past
    gas re-injection in the formation.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Of the minor fileds, Madrejones
    produces gas from Tupambi formation. R&#237;o Pescado, Lomitas Bloque Bajo,
    Tranquitas Somero and Altos de Yariguarenda are oil fields. Each only has
    Proved Developed Producing reserves, estimated by DCA and no additional development
    program.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">GCA did not find significant
    differences with YPF estimates.</font></p>
</div>
<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_13"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="13%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>CNQ7A-
      CNQ7</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">CNQ7 and CNQ7A blocks
    extend across Mendoza and La Pampa provinces in the Neuquina basin and are
    composed of five fields: CNQ7, El Corcobo Norte, Jag&#252;el Casa de Piedra,
    Cerro Huanul Sur all in Mendoza and Puesto Pinto in La Pampa. They are operated
    by Pluspetrol through 8/10/2029 in the case of CNQ7 (Mendoza) and 7/16/2033
    (Mendoza) and 9/11/2033 (La Pampa) respectively, in the case of CNQ7A. YPF
    participates with 30.01% working interest in CNQ7 and 50.0 % in CNQ7A.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The fields produce from
    the Centenario formation. CNQ7A block produces about 3.900 m3/d of oil from
    429 wells and injects 14,500 m3/d of water into 209 injectors. Most of the
    four fields are subjected to water injection. Proved Developed Producing reserves
    were extrapolated by DCA in both areas by using exponential decline trends
    by well.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">As most of each field
    is subjected to water flooding, it is expected that as the oil production
    rate reduces with time, the future oil decline rate will also reduce, resulting
    in a higher recovery than evidenced in the previous PDP estimate. YPF conducted
    a secondary recovery estimation using the Sahara software, which enables estimating
    residual oil saturation per pattern and per layer. The resulting estimate
    of incremental volume is referred to as Pending Performance and categorized
    as Proved Undeveloped.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Undeveloped reserves
    were also assigned to a drilling development program to complete marginal
    injection patterns. Estimates of reserves for these locations were performed
    through type wells with areas differentiated by net pay thickness and qualifying
    locations according to neighbor producer&#146;s behavior. </font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">.GCA did not find significant
    differences with YPF proved estimates in the CNQ7 nor in the CNQ7A block.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>El Tordillo
      &#150; La Tapera &#150;</b> <b>Puesto Quiroga</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">El Tordillo and La Tapera
    &#150; Puesto Quiroga (LT-PQ) are neighboring blocks that produce oil and
    gas from the Bajo Barreal, Castillo and D129 formations of the San Jorge basin.
    They are operated by Tecpetrol under two different concessions through 11/14/2017
    and 7/29/2017 respectively. YPF participates with a 12.196% working interest.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Producing
    reserves were estimated by DCA by groups of wells. In El Tordillo, primary
    wells were grouped by vintage and secondary wells grouped by area. In LT-PQ
    all wells produce by primary depletion.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Non Producing
    reserves were assigned to a workover program to recover behind pipe oil scheduled
    in the period 2012-2015. Reserves were estimated through workover type wells
    differentiating primary (deep and shallow) and secondary wells.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">In El Tordillo, GCA agreed
    with the categorization of 42 locations as Proved Undeveloped presented by
    YPF with deep objectives (Blocks C and G) and one location to shallow formations.
    Also GCA accepted the reserve estimates based on type wells and the behavior
    of neighboring producers. Most of the locations are infill or first step outs
    from producers. The development program spans the period 2012-2016.</font></p>
</div>
<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_14"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="13%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">. </font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">In LT-PQ YPF presented
    five Proved Undeveloped locations, GCA found that the Proved Undeveloped locations
    in Puesto Quiroga could not be located in the maps and therefore removed them
    from the total Proved Undeveloped. The reserves reduction caused by removing
    these locations resulted in a significant percentage difference between GCA
    and YPF in the LT-PQ block reserves. Although the difference in percentage
    is large, the amount of the reduction is small compared with other areas,
    such as El Tordillo.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>La Yesera</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The La Yesera field produces
    volatile oil and solution gas from the Precuyano formation of the Neuquina
    Basin with three producing wells. Chevron operates the field since its discovery
    in 2001 though a concession contract that ends on 1/1/2030. YPF participates
    with 35% working interest.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Developed Producing reserves
    were estimated by DCA. As the fluid is highly under saturated, the Proved
    reserves were limited to the time at which the estimated field bubble point
    field pressure would be reached.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">GCA agreed with the estimates
    and presents no significant difference with YPF.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Lindero
      Atravesado</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Lindero Atravesado is
    a primarily gas and condensate field discovered by Esso in 1961 and now operated
    by Pan American until 11/8/2026. YPF participates with 37.5 % working interest.
    The field produces gas and condensate from the Sierras Blancas formation and
    oil from the Lotena formation.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The area is divided in
    two main sub-areas, LA Oriental and LA Occidental. Proved Developed Producing
    reserves were estimated by DCA in each of the sub-areas.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">GCA agreed with the YPF
    estimates.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Magallanes</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The Magallanes area produces
    gas and oil from the Springhill formation of the Austral Basin, offshore Argentina.
    It is operated by Sipetrol through 11/14/2017. YPF holds a 50.0 % working
    interest. The area has five platforms and was producing 850,000 m3/d gas and
    300 m3/d oil from 17 wells.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Gas reserves were estimated
    through material balance performed for each platform with a pressure and production
    data base measured from 1993 through 2008. The initial pressure of 167 Kg/cm2
    had declined to some 115 Kg/cm2 in 2008. At present rates, YPF&#146;s estimated
    abandonment pressure of 40 Kg/cm2 will not be reached by the time the concession
    expires. The estimated future production should be easily obtained from a
    pressure decline perspective. However from a productivity perspective, GCA
    noticed that production reduced significantly after 2008, when a fire in the
    main platform reduced the gas handling capacity of 2.4 million m3/d.</font></p>
</div>
<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_15"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="13%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">YPF explained that recently
    the platform was repaired, and the production rate is increasing with expectation
    for full recovery of the capacity and hence of the production plateau.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">At the effective date
    of the reserve estimates, September 30, 2011, the Proved Developed Producing
    reserves should be reduced, and the volumes related to the production capacity
    recovery should be categorized as Proved Developed Non Producing. While GCA
    estimated the split of the reserves between these categories, the total Proved
    Developed reserve coincides with the YPF estimate.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">There is no other development
    activity planned in the area.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Palmar
      Largo</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The Palmar Largo area
    encompasses ten oil fields of the Noroeste Basin with eight of them in the
    Formosa province and two, Balbuena Este and Tartagal Oeste, in the Salta province,
    all producing from the Yacoraite Cretaceous formation. Presently producing
    fields are the main Palmar Largo Estructura1 field, Ram&#243;n Lista, Balbuena
    Este, Ca&#241;ada Rica, and El Potrillo fields. Puesto La Entrada, El Chorro,
    Tartagal Oeste, La Tigra Norte and El Molino are shut in and have no reserves.
    The area is operated by Pluspetrol through 11/15/2017 and YPF participates
    with a 30.0% working interest.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Producing
    reserves were estimated by DCA. Proved Undeveloped reserves were assigned
    to the infill drilling of a side track of well PL-10 in the main Estructura1
    field. The reserve volume was estimated by analogy with neighboring wells.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">GCA agreed with the YPF
    estimated reserves.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Puesto
      Hernandez</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Puesto Hern&#225;ndez
    is a mature oil field discovered by YPF in November 1961, now operated by
    Petrobras. It extends across Neuqu&#233;n and Mendoza provinces having different
    concessions through 11/14/2027 (Neuqu&#233;n) and 11/14/2017 (Mendoza). YPF
    holds a 61.55% working interest through 2016 when the joint venture finalizes.
    After that date YPF will hold 100% participation up to the concession expiry.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The field produces 2,100m3/d
    oil through 742 production and 449 injection wells. It is under a major water
    injection program. The produced gas has high CO2 content and is injected in
    a neighboring field. The gas is not a reserve. Producing formations are Avil&#233;,
    Agrio, Rayoso and La Tosca.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Producing
    reserves were estimated by DCA applied to group of wells distinguishing primary
    from secondary. Primary wells were grouped by vintage and wells with recent
    repairs have been grouped separately. Most of the extrapolations were performed
    with exponential trends, with exceptions in the Agrio and Rayoso formations
    where water injection is more intensive. In these cases plots of water-oil
    ratio versus cumulative oil production were used. The extrapolation was applied
    declining the total fluid production</font></p>
</div>
<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_16"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="13%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Undeveloped reserve
    was assigned to a workover campaign that is being performed systematically
    as maintenance of the injection program. The estimate was based on workover
    type well and applied to a program of 75 interventions over the next two years.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">GCA agreed with the estimates
    both for the joint venture period and for the balance of the exploitation
    concession.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Ramos</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The Ramos area produces
    gas and condensate from the Devonian Huamampampa, Icla and Santa Rosa formations.
    The field is operated by Pluspetrol and YPF participates with a direct 27.75%
    working interest and also with an indirect 22.95 % working interest through
    its share in Pluspetrol Energy. The concession contract expires on 1/22/2026.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The Ramos reservoirs extend
    to the South into the neighboring Aguarag&#252;e area in the Chango Norte-La
    Porcelana field. Taking this into account, YPF analyzed a material balance
    by reservoir unifying all three fields. GCA observed that it is very likely
    that there was some misallocation of production from some commingled producing
    wells. Some Icla production seems to be wrongly attributed to Huamampampa.
    Also the split between concessions appears to be unbalanced due to reducing
    the Ramos contribution excessively. Therefore the results of the material
    balance analysis were taken only as indicative.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Producing
    reserves were estimated by DCA by well for each of the formations. GCA agreed
    with these estimates. There is no other source of reserves in Ramos.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>R&#237;o
      Negro Norte</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The R&#237;o Negro Norte
    area produces from Precuyano, Lajas and Punta Rosada formations of the Neuquina
    Basin. Presently it has 29 producers and 15 water injection wells, producing
    144 m3/d of oil with 95% water cut. It is operated by Chevron through a concession
    contract that expires on 2/26/2024, and YPF participates with a 35.0% working
    interest. In the area there are ten different fields: Anticlinal de Mar&#237;a,
    Anticlinal de Mar&#237;a Occidental, Anticlinal Viejo, Cerro Solo, El L&#225;tigo,
    El L&#225;tigo Occidental, El Solitario Sur, Loma de Mar&#237;a, Loma Negra
    and Loma Negra Precuyano.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Producing
    reserves were estimated by DCA by well, with exponential extrapolations. Proved
    Developed Non-Producing reserves were estimated for six shut in wells that
    are expected to be connected in 2011. The reserves of these wells were estimated
    as an extrapolation of their individual previous production history.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The economic limit test
    in R&#237;o Negro Norte for the Proved Developed case gave a limit in 2015.
    YPF stated its estimates prior to testing the economic limit, hence the difference
    between GCA and YPF is very noticeable. Therefore overall differences are
    the result of economic limit testing.</font></p>
</div>
<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_17"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="20%" align="right">&nbsp;</td>
    <td width="13%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>San
      Roque</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The San Roque block includes
    three fields: Aguada San Roque that produces gas and condensate, Loma las
    Yeguas producing oil, gas and condensate and Rinc&#243;n Chico producing free
    gas. They are operated by Total through 11/14/2027 and YPF participates with
    a 34.11% working interest. The fields produce from volcanic intrusive into
    the source rock Quintuco-Vaca Muerta and also from clastic layers of the Mulichinco
    formation. Also some Centenario formation layers were found to be productive
    (Nivel A and Nivel C or Avil&#233;).</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Producing
    reserves were obtained by DCA by well for oil and gas products. Yields of
    plant products were estimated from recent historic values. GCA found that
    YPF did not include in its statement the oil Proved Developed Producing reserve
    of Loma las Yeguas. This omission accounts for the main difference, but when
    included in total equivalent barrels, it is a small portion of the San Roque
    Proved reserve.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">There is no further source
    of reserve. The difference between GCA and YPF is small and positive.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Tierra
      del Fuego</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The Tierra del Fuego area
    is located in the Austral basin, Tierra del Fuego province and is operated
    by Petrolera Lago Fuego (subsidiary of Apache). YPF participates with a 30%
    working interest through a concession contract that expires on 11/14/2017.
    The fields in the area produce from the Springhill Upper Cretaceous formation.
    San Sebasti&#225;n is a major gas field, and the other fields are Ca&#241;ad&#243;n
    Piedras, Cabo Nombre, Bajo Grande, Secci&#243;n Ba&#241;os, and La Sara. Los
    Chorrillos is a separate unit that expires on 4/10/2016.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved Developed Producing
    reserves were estimated by DCA applied to group of wells or fields in the
    area. GCA agreed with the extrapolations.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">There are several drilling
    and workover proposals that constitute an ongoing development plan. Proved
    Undeveloped reserves were assigned to two locations in Bajo Guadaloso field
    inside Chorrillos. Estimated volumes were obtained by type well obtained from
    the same field production history.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">This program was reviewed
    and GCA obtained values very similar to YPF.</font></p>
</div>
<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_18"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="64%">&nbsp;</td>
    <td width="11%" align="right">&nbsp;</td>
    <td width="25%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC" size="7">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p align="right">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">APPENDIX
  III<br>
  <br>
  STATEMENT OF QUALIFICATIONS</font></b></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_19"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="67%"><font size="2" face="Arial, Helvetica, sans-serif">C1900.01/RW/CG/
      LT2071 <br>
      YPF S.A.</font></td>
    <td width="22%" align="right">&nbsp;</td>
    <td width="11%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top nowrap >
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><font size="4">Statement
        of Qualifications <br>
        D. K. Morgan</font></b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">D.K. Morgan is one of
    GCA&#146;s Senior Technical Managers and was responsible for overseeing the
    preparation of the audit. Mr. Morgan has over 43 years of diversified international
    industry experience mainly in reservoir-engineering, geology, reserves estimates,
    project development, economics and training in the assessment, classification
    and reporting of reserves and resources. Over the past 6 years he has been
    responsible for project review and oversight for GCA&#146;s Houston office
    as it including the reserves audits conducted on behalf of Repsol YPF S.A.
    and YPF S.A. He is a member of the Society of Petroleum Engineers (SPE) and
    holds a petroleum engineering degree from Marietta College.</font></p>
</div>
<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_20"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="64%">&nbsp;</td>
    <td width="11%" align="right">&nbsp;</td>
    <td width="25%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC" size="7">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p align="right">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">APPENDIX
  IV<br>
  <br>
  SEC DEFINITIONS FOR OIL AND GAS RESERVES</font></b></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_21"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="top">
    <td align="left" width="64%">&nbsp;</td>
    <td width="25%" align="right">&nbsp;</td>
    <td width="11%" align="left"><font face="Arial, Helvetica, sans-serif" size="5"><b><font color="#0066CC">Gaffney,<br>
      Cline &amp;<br>
      Associates</font></b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">UNITED
  STATES SECURITIES AND EXCHANGE COMMISSION (SEC)<br>
  <br>
  DEFINITIONS FOR OIL AND GAS RESERVES</font></b></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Proved
      Oil and Gas Reserves</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved oil and gas reserves
    are the estimated quantities of crude oil, natural gas and natural gas liquids
    which geological and engineering data demonstrate with reasonable certainty
    to be recoverable in future years from known reservoirs under existing economic
    and operating conditions, i.e., prices and costs as of the date the estimate
    is made. Prices include consideration of changes in existing prices provided
    only by contractual arrangements, but not on escalations based upon future
    conditions.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <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">Reservoirs are considered
      proved if economic producibility is supported by either actual production
      or conclusive formation tests. The area of a reservoir considered proved
      includes (A) that portion delineated by drilling and defined by gas-oil
      and/or oil-water contacts, if any; and (B) the immediately adjoining portions
      not yet drilled, but which can be reasonably judged as economically productive
      on the basis of available geological and engineering data. In the absence
      of information on fluid contacts, the lowest known structural occurrence
      of hydrocarbons controls the lower proved limit of the reservoir.</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">(ii)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Reserves which can
      be produced economically through application of improved recovery techniques
      (such as fluid injection) are included in the "proved" classification when
      successful testing by a pilot project, or the operation of an installed
      program in the reservoir, provides support for the engineering analysis
      on which the project or program was based.</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">(iii)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Estimates of proved
      reserves do not include the following: (A) oil that may become available
      from know reservoirs, but is classified separately as "indicated additional
      reserves"; (B) crude oil, natural gas and natural gas liquids, the recovery
      of which is subject to reasonable doubt because of uncertainty as to geology,
      reservoir characteristics, or economic factors: (C) crude oil, natural gas,
      and natural gas liquids that may occur in undrilled prospects; and (D) crude
      oil, natural gas and natural gas liquids that may be recovered from oil
      shales, coal, gilsonite and other such sources.</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>Proved
      Developed Oil and Gas Reserves</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved developed oil and
    gas reserves that can be expected to be recovered through existing wells with
    existing equipment and operating methods. Additional oil and gas expected
    to be obtained through the application of fluid injection or other improved
    recovery techniques for supplementing the natural forces and mechanisms of
    primary recovery should be included as "proved developed reserves" only after
    testing by a pilot project or after the operation of an installed program
    has confirmed through production response that increased recovery will be
    achieved.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Proved
      Undeveloped Reserves</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved undeveloped oil
    and gas reserves are reserves that are expected to be recovered from new wells
    on undrilled acreage, or from existing wells where a relatively major expenditure
    is required for recompletion. Reserves or undrilled acreage shall be limited
    to those drilling units offsetting productive units that are reasonably certain
    of production when drilled. Proved reserves for other undrilled units can
    be claimed only where it can be demonstrated with certainty that there is
    continuity of production from the existing productive formation. Under no
    circumstances should estimates for proved undeveloped reserves be attributable
    to any acreage for which an application of fluid injection or other improved
    recovery technique is contemplated, unless such techniques have been proved
    effective by actual tests in the area and in the same reservoir.</font></p>
</div>
<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>
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2 BYLAWS
<SEQUENCE>9
<FILENAME>ex99-2.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<html>
<head>
<title>Prepared by Imprima</title>
</head>
<body bgcolor="#FFFFFF">
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_99"></a><b>Exhibit
  99.2 </b></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><font size="4">D</font><font size="3">E</font><font size="4">G</font><font size="3">OLYER
  AND </font><font size="4">M</font><font size="3">AC</font><font size="4">N</font><font size="3">AUGHTON</font></b><br>
  <font size="3">5001 S<font size="2">PRING</font> V<font size="2">ALLEY</font>
  R<font size="2">OAD</font><br>
  S<font size="2">UITE</font> 800 E<font size="2">AST</font><br>
  D<font size="2">ALLAS</font>, T<font size="2">EXAS</font> 75244</font></font></p>
<div style="text-indent:3%"><p><font size="2">This is a digital representation of a DeGolyer and MacNaughton report.</font></p></div>
<div style="text-indent:3%">
  <p><font size="2">Each file contained herein is intended to be a manifestation
    of certain data in the subject report and as such is subject to the definitions,
    qualifications, explanations, conclusions, and other conditions thereof. The
    information and data contained in each file may be subject to misinterpretation;
    therefore, the signed and bound copy of this report should be considered the
    only authoritative source of such information.</font></p>
  <p>&nbsp;</p>
  <p align="center"><img src="ex99-2cov.jpg" width="231" height="153"></p>
</div>
<div style="text-indent:3%"></div>
<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"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_100"></a></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b><font size="4">D</font><font size="3">E</font><font size="4">G</font><font size="3">OLYER
  AND </font><font size="4">M</font><font size="3">AC</font><font size="4">N</font><font size="3">AUGHTON</font></b><br>
  <font size="3">5001 S<font size="2">PRING</font> V<font size="2">ALLEY</font>
  R<font size="2">OAD</font><br>
  S<font size="2">UITE</font> 800 E<font size="2">AST</font><br>
  D<font size="2">ALLAS</font>, T<font size="2">EXAS</font> 75244</font></font><font size="2"><br>
  <br>
  <font size="3">February 17,2012</font></font></p>
<p><font size="2">YPF S. A.<br>
  Macacha G&uuml;emes 515<br>
  Ciudad Auton&oacute;ma de Buenos Aires<br>
  Argentina</font></p>
<p><font size="2">Gentlemen:</font></p>
  <font face="Times New Roman, Times, serif" size="2"></font>
<div style="text-indent:3%"><p><font size="2">Pursuant to your request, we have conducted a reserves audit of the net proved crude oil, condensate, natural gas liquids (NGL), gasoline, and natural gas reserves, as of September 30, 2011, of certain properties owned by YPF S. A. (YPF) located in Argentina. This evaluation was completed on February 17, 2012. Reserves for these properties are termed Package 4. YPF has represented that these properties account for 20.4 percent on a net equivalent barrel basis of YPF&#146;s net proved reserves as of September 30, 2011, that the proved undeveloped reserves estimated in this report constitute approximately 10.7 percent of all YPF&#146;s proved undeveloped reserves, and that the net proved reserves estimates have been prepared in accordance with the reserves definitions of Rules 4-10(a) (1)-(32) of Regulation S-X of the Securities and Exchange Commission (SEC) of the United States. We have reviewed information provided to us by YPF that it represents to be YPF&#146;s estimates of the net reserves, as of September 30, 2011, for the same properties as those which we evaluated. This report was prepared in accordance with guidelines specified in Item 1202 (a)(8) of Regulation S-K and is to be used for inclusion in certain SEC filings by YPF.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Reserves included herein are expressed as net reserves as represented by YPF. Gross reserves are defined as the total estimated petroleum to be produced from these properties after September 30, 2011. Net reserves are defined as that portion of the gross reserves attributable to the interests owned by YPF after deducting all interests owned by others.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Estimates of oil, condensate, NGL, gasoline, and natural gas should be regarded only as estimates that may change as further production history and</font></p></div>
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<p><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></p>
<p><font size="2">additional information become available. Not only are such reserves estimates based on that information which is currently available, but such estimates are also subject to the uncertainties inherent in the application of judgmental factors in interpreting such information.</font></p>
<div style="text-indent:3%"><p><font size="2">Data used in this audit were obtained from reviews with YPF personnel, YPF files, from records on file with the appropriate regulatory agencies, and from public sources. In the preparation of this report we have relied, without independent verification, upon such information furnished by YPF with respect to property interests, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future operations and sale of production, and various other information and data that were accepted as represented. A field examination of the properties was not considered necessary for the purposes of this report.</font></p></div>
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	<tr>

    <td valign=top ><font size="2"><b><u>Methodology and Procedures</u></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering, and evaluation principles and techniques that are in accordance with practices recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled &#147;Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (Revision as of February 19, 2007).&#148; The method or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history, and were methods that we considered to be appropriate and necessary to establish reserves quantities and reserves categorization that conform to SEC definitions and guidelines.</font></p></div>
<div style="text-indent:3%"><p><font size="2">When applicable, the volumetric method was used to estimate the original oil in place (OOIP) and the original gas in place (OGIP). Structure and isopach maps were constructed to estimate reservoir volume. Electrical logs, radioactivity logs, core analyses, and other available data were used to prepare these maps as well as to estimate representative values for porosity and water saturation. When adequate data were available and when circumstances justified, material balance and other engineering methods were used to estimate OOIP or OGIP.</font></p></div>
<p align="center"><br>
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<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">3</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
<div style="text-indent:3%"><p><font size="2">Estimates of ultimate recovery were obtained after applying recovery factors to OOIP or OGIP. These recovery factors were based on consideration of the type of energy inherent in the reservoirs, analyses of the petroleum, the structural positions of the properties, and the production histories. When applicable, material balance and other engineering methods were used to estimate recovery factors. An analysis of reservoir performance, including production rate, reservoir pressure, and gas-oil ratio behavior, was used in the estimation of reserves.</font></p></div>
<div style="text-indent:3%"><p><font size="2">For depletion-type reservoirs or those whose performance disclosed a reliable decline in producing-rate trends or other diagnostic characteristics, reserves were estimated by the application of appropriate decline curves or other performance relationships. In the analyses of production-decline curves, reserves were estimated only to the limits of economic production or to the limit of the production licenses as appropriate.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Proved developed reserves estimated herein were estimated using decline-curve analysis. Proved undeveloped reserves were estimated for direct offset well locations that YPF has represented will be drilled within five years.</font></p></div>
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	<tr>

    <td valign=top ><font size="2"><b><u>Definition of Reserves</u></b></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Petroleum reserves estimated by YPF and by us included in this report are classified as proved. Only proved reserves have been evaluated for this report. Reserves classifications used by YPF and by us in this report are in accordance with the reserves definitions of Rules 4-lO(a) (1)-(32) of Regulation S-X of the SEC. Reserves are judged to be economically producible in future years from known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using conventional production methods and equipment. In the analyses of production-decline curves, reserves were estimated only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by contractual arrangements but not including escalations based upon future conditions. The petroleum reserves are classified as follows:</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2"><i>Proved oil and gas reserves</i> &#150; Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be</font></td>
	</tr>
</table>
<br>
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<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">4</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></td>

    <td valign=top ><font size="2">economically producible&#150;from a given date
      forward, from known reservoirs, and under existing economic conditions,
      operating methods, and government regulations&#150;prior to the time at
      which contracts providing the right to operate expire, unless evidence indicates
      that renewal is reasonably certain, regardless of whether deterministic
      or probabilistic methods are used for the estimation. The project to extract
      the hydrocarbons must have commenced or the operator must be reasonably
      certain that it will commence the project within a reasonable time.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(i) The area of the reservoir considered as proved includes:</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(A) The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>

    <td valign=top ><font size="2">(A) Successful testing by a pilot project in
      an area of the reservoir with properties no more favorable than in the reservoir
      as a whole, the operation of an installed program in the reservoir or an
      analogous reservoir, or other evidence using</font></td>
	</tr>
</table>
<br>
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<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">5</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>

    <td valign=top ><font size="2">(v) Existing economic conditions include prices
      and costs at which economic producibility from a reservoir is to be determined.
      The price shall be the average price during the 12-month period prior to
      the ending date of the period covered by the report, determined as an unweighted
      arithmetic average of the first-day-of-the-month price for each month within
      such period, unless prices are defined by contractual arrangements, excluding
      escalations based upon future conditions.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2"><i>Developed oil and gas reserves</i> &#150; Developed oil and gas reserves are reserves of any category that can be expected to be recovered:</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2"><i>Undeveloped oil and gas reserves</i> &#150; Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.</font></td>
	</tr>
</table>
<br>
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<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_105"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">6</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
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	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances justify a longer time.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in [section 210.4-10 (a) Definitions], or by other evidence using reliable technology establishing reasonable certainty.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><u>Economic Basis for Reserves Estimates</u></font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%"><p><font size="2">Future prices and costs were estimated using initial prices and costs provided byYPF S.A. as of September 30,2011.</font></p></div>
<div style="text-indent:3%"><p><font size="2">Future prices were estimated using guidelines established by the SEC and the Financial Accounting Standards Board. Proved reserves were based on projections of estimated future production and revenue prepared for these properties.</font></p></div>
<div style="text-indent:3%"><p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The assumption used for estimating future prices and costs are as follows:</font></p></div>
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	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Liquids Prices</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">Based on information provided by YPF S.A., the government-regulated price of oil, condensate, and gasoline was U.S.$61.40 per barrel for the Neuquina Basin, $56.40 for the Cuyana Basin, and U.S.$57.30 per barrel for the San Jorge Basin. According to information provided by YPF S.A., the government-regulated oil prices will expire at year-end 2016. YPF S.A. has represented that, after such time, the oil, condensate, and gasoline prices provided by YPF S.A. will be based on a 12-month average West Texas Intermediate price, calculated as the unweighted arithmetic average of the</font></td>
	</tr>
</table>
<br>
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<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">7</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. YPF S.A. supplied differentials by field to a West Texas Intermediate reference price of U.S.$94.31 per barrel and the prices were held constant thereafter. The volume-weighted average price attributable to estimated proved reserves was $71.51 per barrel.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">YPF S.A. has represented that initial NGL prices were U.S.$26.47 per barrel for the Neuquina Basin and U.S.$27.12 per barrel for the Cuyana Basin and were to be held constant for the life of the properties. YPF S.A. has represented that these prices were calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. The volume-weighted average price attributable to estimated proved reserves was $26.51 per barrel.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Natural Gas Prices</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">YPF S.A. has represented that the natural gas prices were U.S.$1.99 per million British thermal units (MMBtu) for San Jorge Basin and U.S.$2.21 per MMBtu for Neuquina and Cuyana Basins and were held constant thereafter. YPF S.A. has represented that these prices were calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. The volume-weighted average price attributable to estimated proved reserves was $2.19 per MMBtu.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><i>&nbsp;</i></font></td>
		<td valign=top><font size="2"><i>Operating Expenses and Capital Costs</i></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">Operating expenses and capital costs, based on information provided by YPF S.A., were used in estimating future costs required to operate the properties. In certain cases, future costs, either higher or lower than existing costs, may have been used because of anticipated changes in operating conditions. These costs were not escalated for inflation.</font></td>
	</tr>
</table>
<br>
<p align="center"><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"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_107"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">8</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
<div style="text-indent:3%"><p><font size="2">While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participant&#146;s ability to recover its oil and gas reserves, we are not aware of any such governmental actions which would restrict the recovery of the September 30, 2011, estimated oil and gas volumes. The reserves estimated in this report can be produced under current regulatory guidelines.</font></p></div>
<div style="text-indent:3%"><p><font size="2">YPF has represented that estimated net proved reserves attributable to the reviewed properties are based on the definitions of proved reserves of the SEC. YPF represents that its estimates of the net proved reserves attributable to these properties which represent 20.4 percent of YPF&#146;s reserves on a net equivalent basis are as follows, expressed in thousands of barrels (Mbbl), millions of cubic feet (MMcf), and thousands of barrels of oil equivalent (Mboe):</font></p></div>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"><b></b></font></td>
		<td colspan=9  width="8%" align="center"><font size="2"><b>Estimated by YPF<br>Net Proved Reserves<br>as of September 30, 2011</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td colspan=9  width="8%" align="center"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil and Condensate <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>NGL <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Gasoline<br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Marketable Gas <br>(MMcf)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil Equivalent (Mboe</b></font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Proved Developed</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Sur Area</font></td>
		<td width="8%" align="right"><font size="2">2,647</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,364</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">663</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">38,627</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">12,111</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Area</font></td>
		<td width="8%" align="right"><font size="2">13,017</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,332</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,245</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">76,898</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">32,411</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">833</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">915</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">140</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">13,178</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,084</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">3,023</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,922</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">963</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">86,969</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">24,403</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Ca&#241;ad&#243;n Yatel Area</font></td>
		<td width="8%" align="right"><font size="2">3,702</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">10,027</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,373</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Las Heras Area</font></td>
		<td width="8%" align="right"><font size="2">3,530</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,990</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,028</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Guanaco Blanco Area</font></td>
		<td width="8%" align="right"><font size="2">71</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">71</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana &#147;Grupo A&#148; Area</font></td>
		<td width="8%" align="right"><font size="2">448</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">80</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">462</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Central Area</font></td>
		<td width="8%" align="right"><font size="2">18,227</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">705</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,717</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">19,385</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Area</font></td>
		<td width="8%" align="right"><font size="2">1,843</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">326</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,897</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">3,748</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">249</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,790</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Area</font></td>
		<td width="8%" align="right"><font size="2">21,409</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">414</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,082</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">22,337</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">10,824</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">846</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">10,965</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">3,023</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">192</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,055</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido Sierra Negra Area</font></td>
		<td width="8%" align="right"><font size="2">29,918</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">7,631</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">31,189</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">201</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">25</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">205</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (RN) Area</font></td>
		<td width="8%" align="right"><font size="2">8,191</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,256</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">8,401</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td 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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total Proved Developed</b></font></td>
		<td width="8%" align="right"><font size="2"><b>124,655</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>15,653</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>3,011</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>245,093</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>184,167</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Proved Undeveloped</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Sur Area</font></td>
		<td width="8%" align="right"><font size="2">11</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">381</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">50</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,913</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,095</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Area</font></td>
		<td width="8%" align="right"><font size="2">453</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">649</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">92</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">7,163</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,388</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">148</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">119</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">31</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,390</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">697</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">519</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">738</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">177</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">13,912</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,753</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Ca&#241;ad&#243;n Yatel Area</font></td>
		<td width="8%" align="right"><font size="2">1,573</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">17,043</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,414</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Las Heras Area</font></td>
		<td width="8%" align="right"><font size="2">1,628</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,585</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,892</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Guanaco Blanco Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana &#147;Grupo A&#148; Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
</table>
<br>
<p align="center"><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"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_108"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">9</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b>Estimated by YPF &#150; </b><i>(Continued)</i></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"><b></b></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil and Condensate <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>NGL <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Gasoline<br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Marketable Gas <br>(MMcf)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil Equivalent (Mboe</b></font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Proved Developed</b> &#150; <i>(Continued)</i></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Central Area</font></td>
		<td width="8%" align="right"><font size="2">831</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">27</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">122</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">878</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Area</font></td>
		<td width="8%" align="right"><font size="2">1,282</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">185</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,313</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">3,397</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">428</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,468</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">1,482</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">102</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,499</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido Sierra Negra Area</font></td>
		<td width="8%" align="right"><font size="2">179</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,609</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">447</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (RN) Area</font></td>
		<td width="8%" align="right"><font size="2">1,517</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">234</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,556</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td 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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total Proved Undeveloped</b></font></td>
		<td width="8%" align="right"><font size="2"><b>13,020</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>1,915</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>350</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>48,686</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>23,400</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Total Proved</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Sur Area</font></td>
		<td width="8%" align="right"><font size="2">2,658</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,745</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">713</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">42,540</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">13,206</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Area</font></td>
		<td width="8%" align="right"><font size="2">13,470</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,982</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,337</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">84,061</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">34,799</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">981</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,034</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">171</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">15,568</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,781</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">3,542</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">6,660</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,141</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">100,881</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">28,156</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Ca&#241;ad&#243;n Yatel Area</font></td>
		<td width="8%" align="right"><font size="2">5,275</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">27,070</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">9,787</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Las Heras Area</font></td>
		<td width="8%" align="right"><font size="2">5,158</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,575</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,920</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Guanaco Blanco Area</font></td>
		<td width="8%" align="right"><font size="2">71</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">71</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana &#147;Grupo A&#148; Area</font></td>
		<td width="8%" align="right"><font size="2">448</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">80</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">462</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Central Area</font></td>
		<td width="8%" align="right"><font size="2">19,058</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">733</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,840</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">20,263</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Area</font></td>
		<td width="8%" align="right"><font size="2">1,843</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">326</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,897</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">3,748</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">249</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,790</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Area</font></td>
		<td width="8%" align="right"><font size="2">22,691</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">414</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,267</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">23,650</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">14,221</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,274</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">14,433</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">4,505</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">294</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,554</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido Sierra Negra Area</font></td>
		<td width="8%" align="right"><font size="2">30,097</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">9,240</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">31,636</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">201</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">25</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">205</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (RN) Area</font></td>
		<td width="8%" align="right"><font size="2">9,708</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,491</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">9,957</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td 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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total Proved</b></font></td>
		<td width="8%" align="right"><font size="2"><b>137,675</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>17,568</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>3,361</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>293,779</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>207,567</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">Note: Gas is converted to oil equivalent using a factor of6,000 cubic feet of gas per 1 barrel of oil equivalent.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">Our estimates of YPF&#146;s net proved reserves attributable to the reviewed
    properties are based on the definitions of proved reserves of the SEC and
    are as follows, expressed in thousands of barrels (Mbbl), millions of cubic
    feet (MMcf), and thousands of barrels of oil equivalent (Mboe):</font></p>
</div>
<p align="center"><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"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_109"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">10</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"><b></b></font></td>
		<td colspan=9  width="8%" align="center"><font size="2"><b>Estimated by DeGolyer and MacNaughton<br>Net Proved Reserves<br>as of September 30, 2011</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td colspan=9  width="8%" align="center"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil and Condensate <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>NGL <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Gasoline<br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Marketable Gas <br>(MMcf)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil Equivalent (Mboe</b></font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">Proved Developed</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Sur Area</font></td>
		<td width="8%" align="right"><font size="2">2,589</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,362</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">664</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">38,615</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">12,051</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Area</font></td>
		<td width="8%" align="right"><font size="2">13,020</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,329</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,245</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">76,895</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">32,410</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">834</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">913</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">142</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">13,173</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,085</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">3,021</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,924</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">964</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">86,974</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">24,405</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Ca&#241;ad&#243;n Yatel Area</font></td>
		<td width="8%" align="right"><font size="2">3,701</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">10,029</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,373</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Las Heras Area</font></td>
		<td width="8%" align="right"><font size="2">3,530</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,992</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,029</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Guanaco Blanco Area</font></td>
		<td width="8%" align="right"><font size="2">72</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">72</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana &#147;Grupo A&#148; Area</font></td>
		<td width="8%" align="right"><font size="2">449</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">86</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">463</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Central Area</font></td>
		<td width="8%" align="right"><font size="2">18,226</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">705</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,716</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">19,384</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Area</font></td>
		<td width="8%" align="right"><font size="2">1,842</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">325</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,896</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">3,750</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">249</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,792</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Area</font></td>
		<td width="8%" align="right"><font size="2">21,412</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">414</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,086</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">22,340</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">10,739</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">841</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">10,879</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">3,022</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">190</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,054</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido Sierra Negra Area</font></td>
		<td width="8%" align="right"><font size="2">29,801</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">7,499</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">31,051</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">112</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">24</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">116</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (RN) Area</font></td>
		<td width="8%" align="right"><font size="2">8,193</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,253</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">8,402</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td 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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total Proved Developed</b></font></td>
		<td width="8%" align="right"><font size="2"><b>124,313</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>15,647</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>3,015</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>244,947</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>183,802</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Proved Undeveloped</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Sur Area</font></td>
		<td width="8%" align="right"><font size="2">13</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">383</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">48</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,911</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,096</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Area</font></td>
		<td width="8%" align="right"><font size="2">449</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">652</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">90</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">7,165</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,385</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">147</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">121</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">30</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,397</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">698</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">520</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">738</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">176</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">13,907</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,752</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Ca&#241;ad&#243;n Yatel Area</font></td>
		<td width="8%" align="right"><font size="2">1,576</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">17,036</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,415</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Las Heras Area</font></td>
		<td width="8%" align="right"><font size="2">1,629</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,588</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,894</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Guanaco Blanco Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana &#147;Grupo A&#148; Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Central Area</font></td>
		<td width="8%" align="right"><font size="2">831</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">27</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">124</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">879</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Area</font></td>
		<td width="8%" align="right"><font size="2">1,281</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">187</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,312</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">3,335</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">423</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,406</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">1,482</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">101</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,499</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido Sierra Negra Area</font></td>
		<td width="8%" align="right"><font size="2">1,639</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,831</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,944</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (RN) Area</font></td>
		<td width="8%" align="right"><font size="2">1,362</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">215</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,398</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td 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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total Proved Undeveloped</b></font></td>
		<td width="8%" align="right"><font size="2"><b>14,264</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>1,921</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>344</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>48,885</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>24,678</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Total Proved</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Sur Area</font></td>
		<td width="8%" align="right"><font size="2">2,602</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,745</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">712</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">42,526</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">13,147</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido La Salina Area</font></td>
		<td width="8%" align="right"><font size="2">13,469</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,981</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,335</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">84,060</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">34,795</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">981</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,034</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">172</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">15,570</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,783</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;El Port&#243;n (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">3,541</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">6,662</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,140</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">100,881</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">28,157</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Ca&#241;ad&#243;n Yatel Area</font></td>
		<td width="8%" align="right"><font size="2">5,277</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">27,065</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">9,788</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Las Heras Area</font></td>
		<td width="8%" align="right"><font size="2">5,159</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,580</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">5,923</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Guanaco Blanco Area</font></td>
		<td width="8%" align="right"><font size="2">72</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">72</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana &#147;Grupo A&#148; Area</font></td>
		<td width="8%" align="right"><font size="2">449</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">86</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">463</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
</table>
<br>
<p align="center"><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"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_110"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">11</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b>Estimated by DeGolyer and MacNaughton &#150;
      </b><i>(Continued)</i></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"><b></b></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil and Condensate <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>NGL <br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Gasoline<br>(Mbbl)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Marketable Gas <br>(MMcf)</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>Oil Equivalent (Mboe</b></font></td>
		<td width="2%" align="left"><font size="2">)</font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b><hr noshade size=1></b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total</b> &#150; <i>(Continued)</i></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=9><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Central Area</font></td>
		<td width="8%" align="right"><font size="2">19,057</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">732</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">2,840</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">20,263</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Area</font></td>
		<td width="8%" align="right"><font size="2">1,842</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">325</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,896</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;La Ventana Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Ca&#241;ada Dura Area</font></td>
		<td width="8%" align="right"><font size="2">3,750</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">249</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,792</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Vizcacheras Area</font></td>
		<td width="8%" align="right"><font size="2">22,693</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">414</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">3,273</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">23,652</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Mz) Area</font></td>
		<td width="8%" align="right"><font size="2">14,074</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,264</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">14,285</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Desfiladero Bayo (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">4,504</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">291</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">4,553</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Chihuido Sierra Negra Area</font></td>
		<td width="8%" align="right"><font size="2">31,440</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">9,330</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">32,995</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (Nq) Area</font></td>
		<td width="8%" align="right"><font size="2">112</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">24</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">116</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&nbsp;&nbsp;Se&#241;al Picada (RN) Area</font></td>
		<td width="8%" align="right"><font size="2">9,555</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">0</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">1,468</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2">9,800</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td 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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><hr noshade size=1></font></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"><font size="2"></font></td>
	</tr>
	<tr bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2"><b>Total Proved</b></font></td>
		<td width="8%" align="right"><font size="2"><b>138,577</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>17,568</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>3,359</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>293,832</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td width="8%" align="right"><font size="2"><b>208,480</b></font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">Note: Gas is converted to oil equivalent using a factor of 6,000 cubic feet of gas per 1 barrel of oil equivalent.</font></td>
	</tr>
</table>
<br>
<div style="text-indent:3%">
  <p><font size="2">In our opinion, the information relating to estimated proved reserves of oil,
    condensate, natural gas liquids, and gas contained in this report has been
    prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7,
    and 932-235-50-9 of the Accounting Standards Update 932-235-50, <i>Extractive
    Industries &#150; Oil and Gas (Topic 932): Oil and Gas Reserve Estimation
    and Disclosures </i>(January 2010) of the Financial Accounting Standards Board
    and Rules 4-10(a) (1)-(32) of Regulation S-X and Rules 302(b), 1201, 1202(a)
    (1), (2), (3), (4), (8), and 1203(a) of Regulation S-K of the Securities and
    Exchange Commission; provided, however, that estimates of proved developed
    and proved undeveloped reserves are not presented at the beginning of the
    year.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2">To the extent the above-enumerated rules, regulations, and statements require determinations of an accounting or legal nature, we, as engineers, are necessarily unable to express an opinion as to whether the above-described information is in accordance therewith or sufficient therefor.</font></p></div>
<div style="text-indent:3%"><p><font size="2">In comparing the detailed net proved reserves estimates prepared by us and by YPF, we have found differences, both positive and negative, resulting in an aggregate difference of 0.4 percent when compared on the basis of net equivalent barrels. It is our opinion that the net proved reserves estimates prepared by YPF on the properties reviewed by us and referred to above, when compared on the basis of net equivalent barrels, in aggregate, do not differ materially from those prepared by us.</font></p></div>
<p align="center"><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"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_111"></a></font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">12</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
<div style="text-indent:3%"><p><font size="2">DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the world since 1936. DeGolyer and MacNaughton does not have any financial interest, including stock ownership, in YPF. Our fees were not contingent on the results of our evaluation. This letter report has been prepared at the request ofYPF. DeGolyer and MacNaughton has used all assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report.</font></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="baseline">
    <td>&nbsp;</td>
    <td width="50%">
      <p><font size="2">Submitted,</font></p>
      <p><font size="2"><u>/s/ </u></font><u><font size="2">DeGOLYER and MacNAUGHTON</font></u><font size="2"><br>
        DeGOLYER and MacNAUGHTON <br>
        Texas Registered Engineering Firm F-716</font></p>
</td>
  </tr>
  <tr valign="baseline">
    <td><br>
      <br>
      <br>
      <br>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="baseline">
    <td><img src="ex99-2x12x1.jpg" width="220" height="216"></td>
    <td><font size="2"><u>/s/ Thomas C. Pence, P.E.</u><br>
      Thomas C. Pence, P.E. <br>
      Senior Vice President <br>
      DeGolyer and MacNaughton</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<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"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_111"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><font size="2" face="Arial, Helvetica, sans-serif">D<font size="3"><font size="1">E</font><font size="2">G</font></font><font size="1">OLYER
  AND</font><font size="3"> <font size="2">M</font><font size="1">AC</font><font size="2">N</font><font size="1">AUGHTON</font></font></font></font></p>
<p align="center"><font size="4"><b><u>CERTIFICATE of QUALIFICATION</u></b></font></p>
<div style="text-indent:3%">
  <p><font size="2">I, Thomas C. Pence, Petroleum Engineer with DeGolyer and MacNaughton,
    5001 Spring Valley Road, Suite 800 East, Dallas, Texas, 75244 U.S.A., hereby
    certify:</font></p>
</div>
<div style="text-indent:3%"></div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top width="3%"><font size="2">1.</font></td>
		<td><font size="2">That I am a Senior Vice President with DeGolyer and MacNaughton, which company did prepare the letter report addressed to YPF dated February 17, 2012, and that I, as Senior Vice President, was responsible for the preparation of this report.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top width="3%"><font size="2">2.</font></td>
		<td><font size="2">That I attended Texas A&amp;M University, and that I graduated with a degree in Petroleum Engineering in the year 1982; that I am a Registered Professional Engineer in the State of Texas; that I am a member of the International Society of Petroleum Engineers; and that I have in excess of 29 years of experience in the oil and gas reservoir studies and reserves evaluations.</font></td>
	</tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="baseline">
    <td><img src="ex99-2x12x1.jpg" width="220" height="216"></td>
    <td><font size="2"><u>/s/ Thomas C. Pence, P.E.</u><br>
      Thomas C. Pence, P.E. <br>
      Senior Vice President <br>
      DeGolyer and MacNaughton</font></td>
  </tr>
</table>
<p><br>
</p>
<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>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3 VOTING TRUST
<SEQUENCE>10
<FILENAME>ex99-3.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<html>
<head>
<title>Prepared by Imprima</title>
</head>
<body>
<p><font size="2" face="Arial, Helvetica, sans-serif"></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_99"></a></font></p>
<p align="right"><font face="Arial, Helvetica, sans-serif"><b><font size="2" face="Times New Roman, Times, serif">Exhibit
  99.3</font></b></font></p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">YPF,
  S. A.</font></b></font></p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Vaca
  Muerta Oil Shale Project</font></b></font></p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Estimated</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Future
  Reserves</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Attributable
  to Certain</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Interests</font></b></font></p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">SEC
  Parameters</font></b></font></p>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">As
  of</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">December
  31, 2011</font></b></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\s\
  Joseph E. Blankenship&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
  </u>Joseph E. Blankenship, P.E.<br>
  TBPE License No. 62093<br>
  Senior Vice President</font></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>[SEAL]</b></font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>RYDER
  SCOTT COMPANY, L.P.<br>
  </b>TBPE Firm Registration No. F-1580</font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_100"></a></font></p>
<p><img src="ex99-3x1.jpg" width="1200" height="200"></p>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif">February 6,
  2012</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF, S. A.<br>
  Macacha Guemes 515<br>
  (C1035AAC)<br>
  Ciudad Aut&#243;noma de Buenos Aires<br>
  Argentina</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Gentlemen:</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">At your request, Ryder
    Scott Company (Ryder Scott) has prepared an estimate of the proved reserves
    and future production attributable to certain interests of YPF, S. A. (YPF)
    in the Vaca Muerta Oil Shale Project, as of December 31, 2011. The subject
    properties are in various concessions located in the Neuquen Basin of Argentina.
    Although Ryder Scott also prepared an estimate of the proved future income,
    at YPF&#146;s request, it was not included in this report. The reserves and
    income data were estimated based on the definitions and disclosure guidelines
    of the United States Securities and Exchange Commission (SEC) contained in
    Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting,
    Final Rule released January 14, 2009 in the Federal Register (SEC regulations).
    Our third party study, completed on January 18, 2012 and presented herein,
    was prepared for public disclosure by YPF in filings made with the SEC in
    accordance with the disclosure requirements set forth in the SEC regulations.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The properties evaluated
    by Ryder Scott account for a portion of YPF&#146;s total net proved reserves
    as of December 31, 2011. Based on information provided by YPF, the third party
    estimate conducted by Ryder Scott addresses 0.7 percent of the total proved
    developed net liquid hydrocarbon reserves, 0.3 percent of the total proved
    developed net gas reserves, 13.5 percent of the total proved undeveloped net
    liquid hydrocarbon reserves, and 8.2 percent of the total proved undeveloped
    net gas reserves of YPF.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The estimated reserves
    amounts presented in this report, as of December 31, 2011, are related to
    hydrocarbon prices. The hydrocarbon prices used in the preparation of this
    report are based on the average prices during the 12-month period prior to
    the ending date of the period covered in this report, determined as the unweighted
    arithmetic averages of the prices in effect on the first-day-of-the-month
    for each month within such period, unless prices were defined by contractual
    arrangements, as required by the SEC regulations. Actual future prices may
    vary significantly from the prices required by SEC regulations; therefore,
    volumes of reserves actually recovered and the amounts of income actually
    received may differ significantly from the estimated quantities presented
    in this report. The results of this study are summarized below.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td  align="left" colspan="7">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>SEC
        PARAMETERS<br>
        </b>Estimated Net Reserves<br>
        Certain Interests of<br>
        <b>YPF, S. A.</b></font></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">As
        of December 31, 2011</font></div>
    </td>
    <td  align="left">&nbsp;</td>
  <tr align="center" valign="bottom">
    <td  align="left" colspan="7"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td  align="left" width="2%">&nbsp;</td>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td  width="2%" align="center">&nbsp;</td>
    <td colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif">Proved</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td  width="2%" align="center">&nbsp;</td>
    <td colspan="5" align="center"><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">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Developed<br>
        Producing</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Undeveloped</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Total<br>
        Proved</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&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" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><b><i><u>Net
      Remaining Reserves</u></i></b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil/Condensate
      &#150; Barrels</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,065,690</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,806,151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22,871,841</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas
      &#150; MMCF</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">5,895</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">49,376</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">55,271</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><img src="ex99-3x2.jpg" width="1200" height="75"><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>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_101"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">YPF, S. A.<br>
  February 6, 2012<br>
  Page 2</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Liquid hydrocarbons are
    expressed in standard 42 gallon barrels. All gas volumes are reported on an
    &#147;as sold basis&#148; expressed in millions of cubic feet (MMCF) at the
    official temperature and pressure bases of the areas in which the gas reserves
    are located. </font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Reserves
      Included in This Report</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The proved reserves included
    herein conform to the definition as set forth in the Securities and Exchange
    Commission&#146;s Regulations Part 210.4-10(a). An abridged version of the
    SEC reserves definitions from 210.4-10(a) entitled &#147;Petroleum Reserves
    Definitions&#148; is included as an attachment to this report.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The various proved reserve
    status categories are defined under the attachment entitled &#147;Petroleum
    Reserves Definitions&#148; in this report.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">No attempt was made to
    quantify or otherwise account for any accumulated gas production imbalances
    that may exist. The proved<i> </i>gas volumes included herein do not attribute
    gas consumed in operations as reserves.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Reserves are &#147;estimated
    remaining quantities of oil and gas and related substances anticipated to
    be economically producible, as of a given date, by application of development
    projects to known accumulations.&#148; All reserve estimates involve an assessment
    of the uncertainty relating the likelihood that the actual remaining quantities
    recovered will be greater or less than the estimated quantities determined
    as of the date the estimate is made. The uncertainty depends chiefly on the
    amount of reliable geologic and engineering data available at the time of
    the estimate and the interpretation of these data. The relative degree of
    uncertainty may be conveyed by placing reserves into one of two principal
    classifications, either proved or unproved. Unproved reserves are less certain
    to be recovered than proved reserves, and may be further sub-classified as
    probable and possible reserves to denote progressively increasing uncertainty
    in their recoverability. At YPF&#146;s request, this report addresses only
    the proved reserves attributable to the properties evaluated herein.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved oil and gas reserves
    are &#147;those quantities of oil and gas which, by analysis of geoscience
    and engineering data, can be estimated with reasonable certainty to be economically
    producible from a given date forward&#148;. The proved reserves included herein
    were estimated using deterministic methods. If deterministic methods are used,
    the SEC has defined reasonable certainty for proved reserves as a &#147;high
    degree of confidence that the quantities will be recovered.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Proved<i> </i>reserve
    estimates will generally be revised only as additional geologic or engineering
    data become available or as economic conditions change. For proved reserves,
    the SEC states that &#147;as changes due to increased availability of geoscience
    (geological, geophysical, and geochemical), engineering, and economic data
    are made to the estimated ultimate recovery (EUR) with time, reasonably certain
    EUR is much more likely to increase or remain constant than to decrease.&#148;
    Moreover, estimates of proved reserves may be revised as a result of future
    operations, effects of regulation by governmental agencies or geopolitical
    or economic risks. Therefore, the proved reserves included in this report
    are estimates only and should not be construed as being exact quantities,
    and if recovered, the revenues therefrom, and the actual costs related thereto,
    could be more or less than the estimated amounts.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The proved reserves reported
    herein are limited to the period prior to expiration of current contracts
    providing the legal rights to produce, or a revenue interest in such production,
    unless evidence indicates that contract renewal is reasonably certain. Furthermore,
    properties in the different concessions may be subjected to significantly
    varying contractual fiscal terms that affect the net</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</font><font face="Arial, Helvetica, sans-serif"></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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_102"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">YPF, S. A.<br>
  February 6, 2012<br>
  Page 3</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">revenue to YPF for the production
  of these volumes. The prices and economic return received for these net volumes
  can vary significantly based on the terms of these contracts. Therefore, when
  applicable, Ryder Scott reviewed the fiscal terms of such contracts and discussed
  with YPF the net economic benefit attributed to such operations for the determination
  of the net hydrocarbon volumes and income thereof. Ryder Scott has not conducted
  an exhaustive audit or verification of such contractual information. Neither
  our review of such contractual information nor our acceptance of YPF&#146;s
  representations regarding such contractual information should be construed as
  a legal opinion on this matter.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">This report includes certain
    volumes of proved reserves attributable to royalties owed to the host government
    that are treated as taxes to be paid in cash. A royalty equal to 12 percent
    of revenue from sales of hydrocarbons is owed on all of the concessions included
    in this report. Beginning January 1, 2018, on only the Loma La Lata concession,
    additional royalty of 5 percent of net profits is owed-the net profit is defined
    to include profit or losses from all producing horizons, not just the Vaca
    Muerta zone, which this report addresses.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Ryder Scott did not evaluate
    the country and geopolitical risks in the countries where YPF operates or
    has interests. YPF&#146;s operations may be subject to various levels of governmental
    controls and regulations. These controls and regulations may include, but
    may not be limited to, matters relating to land tenure and leasing, the legal
    rights to produce hydrocarbons including the granting, extension or termination
    of production license contracts, the fiscal terms of various production license
    contracts, drilling and production practices, environmental protection, marketing
    and pricing policies, royalties, various taxes and levies including income
    tax, and foreign trade and investment and are subject to change from time
    to time. Such changes in governmental regulations and policies may cause volumes
    of proved reserves actually recovered and amounts of proved income actually
    received to differ significantly from the estimated quantities.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The estimates of proved
    reserves presented herein were based upon a detailed study of the properties
    in which YPF owns an interest; however, we have not made any field examination
    of the properties. No consideration was given in this report to potential
    environmental liabilities that may exist nor were any costs included for potential
    liabilities to restore and clean up damages, if any, caused by past operating
    practices.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Estimates
      of Reserves</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The estimation of reserves
    involves two distinct determinations. The first determination results in the
    estimation of the quantities of recoverable oil and gas and the second determination
    results in the estimation of the uncertainty associated with those estimated
    quantities in accordance with the definitions set forth by the Securities
    and Exchange Commission&#146;s Regulations Part 210.4-10(a). The process of
    estimating the quantities of recoverable oil and gas reserves relies on the
    use of certain generally accepted analytical procedures. These analytical
    procedures fall into three broad categories or methods: (1) performance-based
    methods; (2) volumetric-based methods; and (3) analogy. These methods may
    be used singularly or in combination by the reserve evaluator in the process
    of estimating the quantities of reserves. Reserve evaluators must select the
    method or combination of methods which in their professional judgment is most
    appropriate given the nature and amount of reliable geoscience and engineering
    data available at the time of the estimate, the established or anticipated
    performance characteristics of the reservoir being evaluated and the stage
    of development or producing maturity of the property.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">In many cases, the analysis
    of the available geoscience and engineering data and the subsequent interpretation
    of this data may indicate a range of possible outcomes in an estimate,</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</font><font face="Arial, Helvetica, sans-serif"></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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_103"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">YPF, S. A.<br>
  February 6, 2012<br>
  Page 4</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">irrespective of the method
  selected by the evaluator. When a range in the quantity of reserves is identified,
  the evaluator must determine the uncertainty associated with the incremental
  quantities of the reserves. If the reserve quantities are estimated using the
  deterministic incremental approach, the uncertainty for each discrete incremental
  quantity of the reserves is addressed by the reserve category assigned by the
  evaluator. Therefore, it is the categorization of reserve quantities as proved,
  probable and/or possible that addresses the inherent uncertainty in the estimated
  quantities reported. For proved reserves, uncertainty is defined by the SEC
  as reasonable certainty wherein the &#147;quantities actually recovered are
  much more likely than not to be achieved.&#148; The SEC states that &#147;probable
  reserves are those additional reserves that are less certain to be recovered
  than proved reserves but which, together with proved reserves, are as likely
  as not to be recovered.&#148; The SEC states that &#147;possible reserves are
  those additional reserves that are less certain to be recovered than probable
  reserves and the total quantities ultimately recovered from a project have a
  low probability of exceeding proved plus probable plus possible reserves.&#148;
  All quantities of reserves within the same reserve category must meet the SEC
  definitions as noted above.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Estimates of reserves
    quantities and their associated reserve categories may be revised in the future
    as additional geoscience or engineering data become available. Furthermore,
    estimates of reserves quantities and their associated reserve categories may
    also be revised due to other factors such as changes in economic conditions,
    results of future operations, effects of regulation by governmental agencies
    or geopolitical or economic risks as previously noted herein.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The proved reserves for
    the properties included herein were estimated by performance methods, the
    volumetric method, analogy, or a combination of methods<b>.</b> Approximately
    100 percent of the proved producing reserves attributable to producing wells
    and/or reservoirs were estimated by performance methods and analogy to offsetting
    producers<b>.</b> These performance methods include, but may not be limited
    to, decline curve analysis which utilized extrapolations of historical production
    and pressure data available through November, 2011 in those cases where such
    data were considered to be definitive. The data utilized in this analysis
    were furnished to Ryder Scott by YPF or obtained from public data sources
    and were considered sufficient for the purpose thereof.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Approximately 100 percent
    of the proved undeveloped reserves included herein were estimated by analogy
    and the volumetric method.<b> </b>The volumetric analysis utilized pertinent
    well and seismic data furnished to Ryder Scott by YPF or which we have obtained
    from public data sources that were available through November, 2011. The data
    utilized from the<b> </b>analogues as well as well and seismic data incorporated
    into our volumetric analysis were considered sufficient for the purpose thereof.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The reserves are based
    on primary recovery from the Vaca Muerta oil shale. All wells and locations
    are the vertical type; none are horizontal. The development plan includes
    multistage fracture treatments.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">To estimate economically
    recoverable proved oil and gas reserves and related future net cash flows,
    we consider many factors and assumptions including, but not limited to, the
    use of reservoir parameters derived from geological, geophysical and engineering
    data that cannot be measured directly, economic criteria based on current
    costs and SEC pricing requirements, and forecasts of future production rates.
    Under the SEC regulations 210.4-10(a)(22)(v) and (26), proved reserves must
    be anticipated to be economically producible from a given date forward based
    on existing economic conditions including the prices and costs at which economic
    producibility from a reservoir is to be determined. While it may reasonably
    be anticipated that the future prices received for the sale of production
    and the operating costs and other costs relating to such production may increase
    or decrease from those under existing economic conditions, such changes were,
    in accordance with rules adopted by the SEC, omitted from consideration in
    making this evaluation.</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</font><font face="Arial, Helvetica, sans-serif"></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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_104"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">YPF, S. A.<br>
  February 6, 2012<br>
  Page 5</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">YPF has informed us that
    they have furnished us all of the material accounts, records, geological and
    engineering data, and reports and other data required for this investigation.
    In preparing our forecast of future proved production and income, we have
    relied upon data furnished by YPF with respect to property interests owned,
    production and well tests from examined wells, normal direct costs of operating
    the wells or leases, other costs such as transportation and/or processing
    fees, <i>ad valorem</i> and production taxes, provincial sales tax, recompletion
    and development costs, abandonment costs after salvage, product prices based
    on the SEC regulations, adjustments or differentials to product prices, geological
    structural and isochore maps, well logs, core analyses, and pressure measurements.
    Ryder Scott reviewed such factual data for its reasonableness; however, we
    have not conducted an independent verification of the data furnished by YPF.
    We consider the factual data used in this report appropriate and sufficient
    for the purpose of preparing the estimates of reserves herein.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">In summary, we consider
    the assumptions, data, methods and analytical procedures used in this report
    appropriate for the purpose hereof, and we have used all such methods and
    procedures that we consider necessary and appropriate to prepare the estimates
    of reserves herein. The proved reserves included herein were determined in
    conformance with the United States Securities and Exchange Commission (SEC)
    Modernization of Oil and Gas Reporting; Final Rule, including all references
    to Regulation S-X and Regulation S-K, referred to herein collectively as the
    &#147;SEC Regulations.&#148; In our opinion, the proved reserves presented
    in this report comply with the definitions, guidelines and disclosure requirements
    as required by the SEC regulations.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Future
      Production Rates</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">For wells currently on
    production, our forecasts of future production rates are based on historical
    performance data. If no production decline trend had been established, future
    production rates were held constant, or adjusted for the effects of curtailment
    where appropriate, until a decline in ability to produce was anticipated.
    An estimated rate of decline was then applied to depletion of the reserves.
    If a decline trend had been established, this trend was used as the basis
    for estimating future production rates.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Test data and other related
    information were used to estimate the anticipated initial production rates
    for those wells or locations that are not currently producing. For reserves
    not yet on production, sales were estimated to commence at an anticipated
    date furnished by YPF. Wells or locations that are not currently producing
    may start producing earlier or later than anticipated in our estimates due
    to unforeseen factors causing a change in the timing to initiate production.
    Such factors may include delays due to weather, the availability of rigs,
    the sequence of drilling, completing and/or recompleting wells and/or constraints
    set by regulatory bodies.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The future production
    rates from wells currently on production or wells or locations that are not
    currently producing may be more or less than estimated because of changes
    including, but not limited to, reservoir performance, operating conditions
    related to surface facilities, compression and artificial lift, pipeline capacity
    and/or operating conditions, producing market demand and/or allowables or
    other constraints set by regulatory bodies.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Hydrocarbon
      Prices</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The hydrocarbon prices
    used herein are based on SEC price parameters using the average prices during
    the 12-month period prior to the ending date of the period covered in this
    report, determined as the unweighted arithmetic averages of the prices in
    effect on the first-day-of-the-month for each month within such period, unless
    prices were defined by contractual arrangements. For hydrocarbon products
    sold under contract, the contract prices, including fixed and determinable</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</font><font face="Arial, Helvetica, sans-serif"></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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_105"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">YPF, S. A.<br>
  February 6, 2012<br>
  Page 6</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">escalations, exclusive of
  inflation adjustments, were used until expiration of the contract. Upon contract
  expiration, the prices were adjusted to the 12-month unweighted arithmetic average
  as previously described.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">YPF furnished us with
    the above mentioned average prices in effect on December 31, 2011. These initial
    SEC hydrocarbon prices were determined using the 12-month average first-day-of-the-month
    benchmark prices appropriate to the geographic area where the hydrocarbons
    are sold. These benchmark prices are prior to the adjustments for differentials
    as described herein. The table below summarizes the &#147;benchmark prices&#148;
    and &#147;price reference&#148; used for the geographic area included in the
    report. In certain geographic areas, the price reference and benchmark prices
    may be defined by contractual arrangements.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The product prices that
    were actually used to determine the future gross revenue for each property
    reflect adjustments to the benchmark prices for gravity, quality, local conditions,
    distance from market, and the export tax in Argentina, referred to herein
    as &#147;differentials.&#148; The differentials used in the preparation of
    this report were furnished to us by YPF. The differentials furnished to us
    were accepted as factual data and reviewed by us for their reasonableness;
    however, we have not conducted an independent verification of the data used
    by YPF to determine these differentials.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The export tax in Argentina,
    which currently reduces the SEC price on these properties from $95.99 to $61.35
    per barrel, by law, is scheduled to end on December 31, 2016. Therefore, after
    December 31, 2016, YPF increased the SEC price from $61.35 to $95.99 per barrel.
    YPF informs us that the SEC has reviewed, commented on and allowed this interpretation
    in YPF&#146;s previous filings.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">In addition, the table
    below summarizes the net volume weighted benchmark prices adjusted for differentials
    and referred to herein as the &#147;average realized prices.&#148; The average
    realized prices shown in the table below were determined from the total future
    gross revenue before production taxes and the total net reserves for the geographic
    area and presented in accordance with SEC disclosure requirements for each
    of the geographic areas included in the report.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </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 align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Geographic
      Area</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Product</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Price<br>
        Reference</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Average<br>
        Benchmark<br>
        Prices</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Average<br>
        Realized<br>
        Prices</font></div>
    </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="2%" align="right">&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" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Oil/Condensate</font></div>
    </td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">WTI
        Cushing</font></div>
    </td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">$96.19/Bbl</font></div>
    </td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">$77.91/Bbl</font></div>
    </td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></td>
    <td width="2%" align="right">&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">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Gas</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Henry
        Hub</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">$4.12/MMBTU</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">$2.62/MCF</font></div>
    </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="2%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></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>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The effects of derivative
    instruments designated as price hedges of oil and gas quantities are not reflected
    in our individual property evaluations.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Costs</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Operating costs for the
    leases and wells in this report are based on YPF&#146;s projection of future
    operating costs for this project due to lack of historical cost data at this
    early stage of development, and include only those costs directly applicable
    to the leases or wells. The operating costs include a portion of general and
    administrative costs allocated directly to the leases and wells. The operating
    costs furnished by YPF were reviewed by us for their reasonableness; however,
    we have not conducted an independent verification of the data used by YPF
    to project these operating costs. No deduction was made for loan repayments,
    interest expenses, or exploration and development prepayments that were not
    charged directly to the leases or wells.</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</font><font face="Arial, Helvetica, sans-serif"></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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_106"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">YPF, S. A.<br>
  February 6, 2012<br>
  Page 7</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Development costs were
    furnished to us by YPF and are based on authorizations for expenditure for
    the proposed work or actual costs for similar projects. The development costs
    furnished to us were accepted as factual data and reviewed by us for their
    reasonableness; however, we have not conducted an independent verification
    of these costs. The estimated net cost of abandonment after salvage was included
    for properties. The estimates of the net abandonment costs furnished by YPF
    were accepted without independent verification.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The proved undeveloped
    reserves in this report have been incorporated herein in accordance with YPF&#146;s
    plans to develop these reserves as of December 31, 2011. The implementation
    of YPF&#146;s development plans as presented to us and incorporated herein
    is subject to the approval process adopted by YPF&#146;s management. As the
    result of our inquiries during the course of preparing this report, YPF has
    informed us that the development activities included herein have been subjected
    to and received the internal approvals required by YPF&#146;s management at
    the appropriate local, regional and/or corporate level. In addition to the
    internal approvals as noted, certain development activities may still be subject
    to specific partner AFE processes, Joint Operating Agreement (JOA) requirements
    or other administrative approvals external to YPF. Additionally, YPF has informed
    us that they are not aware of any legal, regulatory, political or economic
    obstacles that would significantly alter their plans. All of YPF&#146;s proved
    undeveloped reserves are scheduled to be developed within five years from
    the initial disclosure in an SEC report.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Current costs used by
    YPF were held constant throughout the life of the properties.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Standards
      of Independence and Professional Qualification</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Ryder Scott is an independent
    petroleum engineering consulting firm that has been providing petroleum consulting
    services throughout the world for over seventy years. Ryder Scott is employee-owned
    and maintains offices in Houston, Texas; Denver, Colorado; and Calgary, Alberta,
    Canada. We have over eighty engineers and geoscientists on our permanent staff.
    By virtue of the size of our firm and the large number of clients for which
    we provide services, no single client or job represents a material portion
    of our annual revenue. We do not serve as officers or directors of any privately-owned
    or publicly-traded oil and gas company and are separate and independent from
    the operating and investment decision-making process of our clients. This
    allows us to bring the highest level of independence and objectivity to each
    engagement for our services.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Ryder Scott actively participates
    in industry-related professional societies and organizes an annual public
    forum focused on the subject of reserves evaluations and SEC regulations.
    Many of our staff have authored or co-authored technical papers on the subject
    of reserves related topics. We encourage our staff to maintain and enhance
    their professional skills by actively participating in ongoing continuing
    education.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Prior to becoming an officer
    of the Company, Ryder Scott requires that staff engineers and geoscientists
    have received professional accreditation in the form of a registered or certified
    professional engineer&#146;s license or a registered or certified professional
    geoscientist&#146;s license, or the equivalent thereof, from an appropriate
    governmental authority or a recognized self-regulating professional organization.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">We are independent petroleum
    engineers with respect to YPF. Neither we nor any of our employees have any
    interest in the subject properties and neither the employment to do this work
    nor the compensation is contingent on our estimates of reserves for the properties
    which were reviewed.</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</font><font face="Arial, Helvetica, sans-serif"></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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_107"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">YPF, S. A.<br>
  February 6, 2012<br>
  Page 8</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The results of this study,
    presented herein, are based on technical analysis conducted by teams of geoscientists
    and engineers from Ryder Scott. The professional qualifications of the undersigned,
    the technical person primarily responsible for overseeing, reviewing and approving
    the evaluation of the reserves information discussed in this report, are included
    as an attachment to this letter.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Terms
      of Usage</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The results of our third
    party study, presented in report form herein, were prepared in accordance
    with the disclosure requirements set forth in the SEC regulations and intended
    for public disclosure as an exhibit in filings made with the SEC by YPF.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">YPF makes periodic filings
    on Form 20-F with the SEC under the 1934 Exchange Act. We have consented to
    the incorporation by reference in the registration statement as well as to
    the references to our third party report for YPF, which appears in the December
    31, 2011 annual report on Form 20-F of YPF.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">We have provided YPF with
    a digital version of the original signed copy of this report letter. In the
    event there are any differences between the digital version included in filings
    made by YPF and the original signed report letter, the original signed report
    letter shall control and supersede the digital version.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">The data and work papers
    used in the preparation of this report are available for examination by authorized
    parties in our offices. Please contact us if we can be of further service.</font></p>
</div>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Very
        truly yours,</font></div>
    </td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>RYDER
        SCOTT COMPANY, L.P.<br>
        </b>TBPE Firm Registration No. F-1580</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">\s\
        Joseph E. Blankenship</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="48%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Joseph
        E. Blankenship, P.E.<br>
        TBPE License No. 62093<br>
        Senior Vice President</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>[SEAL]</b></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">JEB/pl</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</font><font face="Arial, Helvetica, sans-serif"></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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_108"></a></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Professional
  Qualifications of Primary Technical Person</font></b></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The conclusions presented
  in this report are the result of technical analysis conducted by teams of geoscientists
  and engineers from Ryder Scott Company, L.P. Mr. Joseph E. Blankenship was the
  primary technical person responsible for overseeing the estimation and evaluation
  process with respect to the preparation of this report.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Mr. Blankenship, an employee
  of Ryder Scott Company L.P. (Ryder Scott) since 1982, is a Senior Vice President
  and also serves as chief technical advisor for unconventional reserves evaluation.
  Mr. Blankenship is responsible for coordinating and supervising staff and consulting
  engineers of the company in ongoing reservoir evaluation studies worldwide.
  Before joining Ryder Scott, Mr. Blankenship served in a number of engineering
  positions with Exxon Company USA. For more information regarding Mr. Blankenship&#146;s
  geographic and job specific experience, please refer to the Ryder Scott Company
  website at www.ryderscott.com/Experience/Employees.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Mr. Blankenship earned a
  Bachelor of Science degree in Mechanical Engineering from the University of
  Alabama in 1977. He is a member of the Honorary Engineering Society Pi Tau Sigma
  and is a licensed Professional Engineer in the State of Texas. He is also a
  member of the Society of Petroleum Engineers (SPE) and the Society of Petroleum
  Evaluation Engineers (SPEE). He has served as Chairman of the SPE Newsletter
  Committee and has been invited by the SPEE to lecture on the subject of Coal
  Seam evaluation.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In addition to gaining experience
  and competency through prior work experience, the Texas Board of Professional
  Engineers requires a minimum of fifteen hours of continuing education annually,
  including at least one hour in the area of professional ethics, which Mr. Blankenship
  fulfills. Mr. Blankenship&#146;s continuing education in 2011 included classes
  on professional resource planning, Microsoft Access utilization in the area
  of reserves evaluation, Fekete Reservoir Engineering Software optimization and
  utilization, and the utilization of correct SEC Reserves and PRMS Resource evaluation
  criteria.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2010, Mr. Blankenship
  presented 1<b> </b>hour of formalized training to the professional staff at
  Ryder Scott. Mr. Blankenship attended Ryder Scott&#146;s 2010 Reserves Conference,
  which included a presentation by Dr. John Lee, on the new SEC regulations relating
  to the definitions and disclosure guidelines contained in the United States
  Securities and Exchange Commission Title 17, Code of Federal Regulations, Modernization
  of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal
  Register; and Mr. Blankenship also attended a class on Deep Water Gulf of Mexico
  reserves evaluation.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2009, Mr. Blankenship
  attended 41 hours of formalized training covering such topics as the SPE/WPC/AAPG/SPEE
  Petroleum Resources Management System (PRMS), reservoir engineering, geoscience
  and petroleum economics evaluation methods, procedures and software and ethics
  for consultants. Mr. Blankenship was class instructor in Ryder Scott&#146;s
  2009 and 2010 in-house courses on unconventional reserves evaluation.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Based on his educational
  background, professional training and more than 34 years of practical experience
  in the estimation and evaluation of petroleum reserves, Mr. Blankenship has
  attained the professional qualifications as a Reserves Estimator and Reserves
  Auditor set forth in Article III of the &#147;Standards Pertaining to the Estimating
  and Auditing of Oil and Gas Reserves Information&#148; promulgated by the Society
  of Petroleum Engineers as of February 19, 2007.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_109"></a></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">PETROLEUM
  RESERVES DEFINITIONS</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">As
  Adapted From:<br>
  RULE 4-10(a) of REGULATION S-X PART 210<br>
  UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)</font></b></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>PREAMBLE</i></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">On January 14, 2009, the
    United States Securities and Exchange Commission (SEC) published the &#147;Modernization
    of Oil and Gas Reporting; Final Rule&#148; in the Federal Register of National
    Archives and Records Administration (NARA). The &#147;Modernization of Oil
    and Gas Reporting; Final Rule&#148; includes revisions and additions to the
    definition section in Rule 4-10 of Regulation S-X, revisions and additions
    to the oil and gas reporting requirements in Regulation S-K, and amends and
    codifies Industry Guide 2 in Regulation S-K. The &#147;Modernization of Oil
    and Gas Reporting; Final Rule&#148;, including all references to Regulation
    S-X and Regulation S-K, shall be referred to herein collectively as the &#147;SEC
    regulations&#148;. The SEC regulations take effect for all filings made with
    the United States Securities and Exchange Commission as of December 31, 2009,
    or after January 1, 2010. Reference should be made to the full text under
    Title 17, Code of Federal Regulations, Regulation S-X Part 210, Rule 4-10(a)
    for the complete definitions (direct passages excerpted in part or wholly
    from the aforementioned SEC document are denoted in italics herein).</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif"><i>Reserves are estimated
    remaining quantities of oil and gas and related substances anticipated to
    be economically producible, as of a given date, by application of development
    projects to known accumulations.</i> All reserve estimates involve an assessment
    of the uncertainty relating the likelihood that the actual remaining quantities
    recovered will be greater or less than the estimated quantities determined
    as of the date the estimate is made. The uncertainty depends chiefly on the
    amount of reliable geologic and engineering data available at the time of
    the estimate and the interpretation of these data. The relative degree of
    uncertainty may be conveyed by placing reserves into one of two principal
    classifications, either proved or unproved. Unproved reserves are less certain
    to be recovered than proved reserves and may be further sub-classified as
    probable and possible reserves to denote progressively increasing uncertainty
    in their recoverability. Under the SEC regulations as of December 31, 2009,
    or after January 1, 2010, a company may optionally disclose estimated quantities
    of probable or possible oil and gas reserves in documents publicly filed with
    the SEC. The SEC regulations continue to prohibit disclosure of estimates
    of oil and gas resources other than reserves and any estimated values of such
    resources in any document publicly filed with the SEC unless such information
    is required to be disclosed in the document by foreign or state law as noted
    in &#167;229.1202 Instruction to Item 1202.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Reserves estimates will
    generally be revised only as additional geologic or engineering data become
    available or as economic conditions change.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Reserves may be attributed
    to either natural energy or improved recovery methods. Improved recovery methods
    include all methods for supplementing natural energy or altering natural forces
    in the reservoir to increase ultimate recovery. Examples of such methods are
    pressure maintenance, natural gas cycling, waterflooding, thermal methods,
    chemical flooding, and the use of miscible and immiscible displacement fluids.
    Other improved recovery methods may be developed in the future as petroleum
    technology continues to evolve.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Reserves may be attributed
    to either conventional or unconventional petroleum accumulations. Petroleum
    accumulations are considered as either conventional or unconventional based
    on the nature of their in-place characteristics, extraction method applied,
    or degree of processing prior to sale. Examples of unconventional petroleum
    accumulations include coalbed or coalseam methane (CBM/CSM), basin-centered
    gas, shale gas, gas hydrates, natural bitumen and oil shale deposits.</font></p>
</div>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"></font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_110"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">PETROLEUM RESERVES DEFINITIONS<br>
  Page 2</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">These unconventional accumulations
  may require specialized extraction technology and/or significant processing
  prior to sale.</font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Reserves do not include
    quantities of petroleum being held in inventory.</font></p>
</div>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Because of the differences
    in uncertainty, caution should be exercised when aggregating quantities of
    petroleum from different reserves categories.</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>RESERVES
      (SEC DEFINITIONS)</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Securities and Exchange
    Commission Regulation S-X &#167;210.4-10(a)(26) defines reserves as follows:</font></p>
</div>
<p><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Reserves. </i></b><i>Reserves
  are estimated remaining quantities of oil and gas and related substances anticipated
  to be economically producible, as of a given date, by application of development
  projects to known accumulations. In addition, there must exist, or there must
  be a reasonable expectation that there will exist, the legal right to produce
  or a revenue interest in the production, installed means of delivering oil and
  gas or related substances to market, and all permits and financing required
  to implement the project.</i></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i><u>Note to paragraph
  (a)(26):</u> Reserves should not be assigned to adjacent reservoirs isolated
  by major, potentially sealing, faults until those reservoirs are penetrated
  and evaluated as economically producible. Reserves should not be assigned to
  areas that are clearly separated from a known accumulation by a non-productive
  reservoir (<u>i.e.</u>, absence of reservoir, structurally low reservoir, or
  negative test results). Such areas may contain prospective resources (<u>i.e.</u>,
  potentially recoverable resources from undiscovered accumulations).</i></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>PROVED
      RESERVES (SEC DEFINITIONS)</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Securities and Exchange
    Commission Regulation S-X &#167;210.4-10(a)(22) defines proved oil and gas
    reserves as follows:</font></p>
</div>
<p><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Proved oil and gas
  reserves. </i></b><i>Proved oil and gas reserves are those quantities of oil
  and gas, which, by analysis of geoscience and engineering data, can be estimated
  with reasonable certainty to be economically producible&#150;from a given date forward,
  from known reservoirs, and under existing economic conditions, operating methods,
  and government regulations&#150;prior to the time at which contracts providing the
  right to operate expire, unless evidence indicates that renewal is reasonably
  certain, regardless of whether deterministic or probabilistic methods are used
  for the estimation. The project to extract the hydrocarbons must have commenced
  or the operator must be reasonably certain that it will commence the project
  within a reasonable time.</i></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"><i>(i)
      The area of the reservoir considered as proved includes:</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>(A)
      The area identified by drilling and limited by fluid contacts, if any, and</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>(B)
      Adjacent undrilled portions of the reservoir that can, with reasonable certainty,
      be judged to be continuous with it and to contain economically producible
      oil or gas on the basis of available geoscience and engineering data.</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"><i>(ii)
      In the absence of data on fluid contacts, proved quantities in a reservoir
      are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration
      unless geoscience, engineering, or performance data and reliable technology
      establishes a lower contact with reasonable certainty.</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_111"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">PETROLEUM RESERVES DEFINITIONS<br>
  Page 3</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>PROVED
      RESERVES (SEC DEFINITIONS) CONTINUED</u></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"><i>(iii)
      Where direct observation from well penetrations has defined a highest known
      oil (HKO) elevation and the potential exists for an associated gas cap,
      proved oil reserves may be assigned in the structurally higher portions
      of the reservoir only if geoscience, engineering, or performance data and
      reliable technology establish the higher contact with reasonable certainty.</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"><i>(iv)
      Reserves which can be produced economically through application of improved
      recovery techniques (including, but not limited to, fluid injection) are
      included in the proved classification when:</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>(A)
      Successful testing by a pilot project in an area of the reservoir with properties
      no more favorable than in the reservoir as a whole, the operation of an
      installed program in the reservoir or an analogous reservoir, or other evidence
      using reliable technology establishes the reasonable certainty of the engineering
      analysis on which the project or program was based; and</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>(B)
      The project has been approved for development by all necessary parties and
      entities, including governmental entities.</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"><i>(v)
      Existing economic conditions include prices and costs at which economic
      producibility from a reservoir is to be determined. The price shall be the
      average price during the 12-month period prior to the ending date of the
      period covered by the report, determined as an unweighted arithmetic average
      of the first-day-of-the-month price for each month within such period, unless
      prices are defined by contractual arrangements, excluding escalations based
      upon future conditions.</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 ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>PROBABLE
      RESERVES (SEC DEFINITIONS)</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Securities and Exchange
    Commission Regulation S-X &#167;210.4-10(a)(18) defines probable oil and gas
    reserves as follows:</font></p>
</div>
<p><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Probable reserves.
  </i></b><i>Probable reserves are those additional reserves that are less certain
  to be recovered than proved reserves but which, together with proved reserves,
  are as likely as not to be recovered.</i></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"><i>(i)
      When deterministic methods are used, it is as likely as not that actual
      remaining quantities recovered will exceed the sum of estimated proved plus
      probable reserves. When probabilistic methods are used, there should be
      at least a 50% probability that the actual quantities recovered will equal
      or exceed the proved plus probable reserves estimates.</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"><i>(ii)
      Probable reserves may be assigned to areas of a reservoir adjacent to proved
      reserves where data control or interpretations of available data are less
      certain, even if the interpreted reservoir continuity of structure or productivity
      does not meet the reasonable certainty criterion. Probable reserves may
      be assigned to areas that are structurally higher than the proved area if
      these areas are in communication with the proved reservoir.</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"><i>(iii)
      Probable reserves estimates also include potential incremental quantities
      associated with a greater percentage recovery of the hydrocarbons in place
      than assumed for proved reserves.</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"><i>(iv)
      See also guidelines in paragraphs (a)(17)(iv) and (a)(17)(vi) of this section.</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_112"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">PETROLEUM RESERVES DEFINITIONS<br>
  Page 4</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>POSSIBLE
      RESERVES (SEC DEFINITIONS)</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Securities and Exchange
    Commission Regulation S-X &#167;210.4-10(a)(17) defines possible oil and gas
    reserves as follows:</font></p>
</div>
<p><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Possible reserves.
  </i></b><i>Possible reserves are those additional reserves that are less certain
  to be recovered than probable reserves.</i></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"><i>(i)
      When deterministic methods are used, the total quantities ultimately recovered
      from a project have a low probability of exceeding proved plus probable
      plus possible reserves. When probabilistic methods are used, there should
      be at least a 10% probability that the total quantities ultimately recovered
      will equal or exceed the proved plus probable plus possible reserves estimates.</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"><i>(ii)
      Possible reserves may be assigned to areas of a reservoir adjacent to probable
      reserves where data control and interpretations of available data are progressively
      less certain. Frequently, this will be in areas where geoscience and engineering
      data are unable to define clearly the area and vertical limits of commercial
      production from the reservoir by a defined project.</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"><i>(iii)
      Possible reserves also include incremental quantities associated with a
      greater percentage recovery of the hydrocarbons in place than the recovery
      quantities assumed for probable reserves.</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"><i>(iv)
      The proved plus probable and proved plus probable plus possible reserves
      estimates must be based on reasonable alternative technical and commercial
      interpretations within the reservoir or subject project that are clearly
      documented, including comparisons to results in successful similar projects.</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"><i>(v)
      Possible reserves may be assigned where geoscience and engineering data
      identify directly adjacent portions of a reservoir within the same accumulation
      that may be separated from proved areas by faults with displacement less
      than formation thickness or other geological discontinuities and that have
      not been penetrated by a wellbore, and the registrant believes that such
      adjacent portions are in communication with the known (proved) reservoir.
      Possible reserves may be assigned to areas that are structurally higher
      or lower than the proved area if these areas are in communication with the
      proved reservoir.</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"><i>(vi)
      Pursuant to paragraph (a)(22)(iii) of this section, where direct observation
      has defined a highest known oil (HKO) elevation and the potential exists
      for an associated gas cap, proved oil reserves should be assigned in the
      structurally higher portions of the reservoir above the HKO only if the
      higher contact can be established with reasonable certainty through reliable
      technology. Portions of the reservoir that do not meet this reasonable certainty
      criterion may be assigned as probable and possible oil or gas based on reservoir
      fluid properties and pressure gradient interpretations.</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_113"></a></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">RESERVES
  STATUS DEFINITIONS AND GUIDELINES</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">As
  Adapted From:<br>
  RULE 4-10(a) of REGULATION S-X PART 210<br>
  UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">and</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">PETROLEUM
  RESOURCES MANAGEMENT SYSTEM (SPE-PRMS)</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">Sponsored
  and Approved by:</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">SOCIETY
  OF PETROLEUM ENGINEERS (SPE)</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">WORLD
  PETROLEUM COUNCIL (WPC)</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">AMERICAN
  ASSOCIATION OF PETROLEUM GEOLOGISTS (AAPG)</font></b></font></p>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><font size="4">SOCIETY
  OF PETROLEUM EVALUATION ENGINEERS (SPEE)</font></b></font></p>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Reserves status categories
    define the development and producing status of wells and reservoirs. Reference
    should be made to Title 17, Code of Federal Regulations, Regulation S-X Part
    210, Rule 4-10(a) and the SPE-PRMS as the following reserves status definitions
    are based on excerpts from the original documents (direct passages excerpted
    from the aforementioned SEC and SPE-PRMS documents are denoted in italics
    herein).</font></p>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>DEVELOPED
      RESERVES (SEC DEFINITIONS)</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Securities and Exchange
    Commission Regulation S-X &#167;210.4-10(a)(6) defines developed oil and gas
    reserves as follows:</font></p>
</div>
<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"><i>Developed
      oil and gas reserves are reserves of any category that can be expected to
      be recovered:</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>(i)
      Through existing wells with existing equipment and operating methods or
      in which the cost of the required equipment is relatively minor compared
      to the cost of a new well; and</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>(ii)
      Through installed extraction equipment and infrastructure operational at
      the time of the reserves estimate if the extraction is by means not involving
      a well.</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 ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Developed
      Producing (SPE-PRMS Definitions)</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">While not a requirement
    for disclosure under the SEC regulations, developed oil and gas reserves may
    be further sub-classified according to the guidance contained in the SPE-PRMS
    as Producing or Non-Producing.</font></p>
</div>
<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>&nbsp;</i></b></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><b><i><b><i><u>Developed
      Producing Reserves</u></i></b></i></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"><i>Developed
      Producing Reserves are expected to be recovered from completion intervals
      that are open and producing at the time of the estimate.</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"><i>Improved
      recovery reserves are considered producing only after the improved recovery
      project is in operation.</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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"><page></font>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_114"></a></font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">RESERVES STATUS DEFINITIONS
  AND GUIDELINES<br>
  Page 2</font></p>
<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"><b><i><u>Developed
      Non-Producing</u></i></b><br>
      <i>Developed Non-Producing Reserves include shut-in and behind-pipe reserves.</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"><b><i><u>Shut-In</u></i></b><br>
      <i>Shut-in Reserves are expected to be recovered from:</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 width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>(1)</i></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>completion intervals
      which are open at the time of the estimate, but which have not started producing;</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 width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>(2)</i></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>wells which were
      shut-in for market conditions or pipeline connections; or</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%" height="12"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%" height="12">&nbsp;</td>
    <td valign=top width="3%" height="12"><font size="2" face="Arial, Helvetica, sans-serif"><i>(3)</i></font></td>
    <td height="12"><font size="2" face="Arial, Helvetica, sans-serif"><i>wells
      not capable of production for mechanical reasons.</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"><b><i><b><i><u>Behind-Pipe</u></i></b></i></b><br>
      <i>Behind-pipe Reserves are expected to be recovered from zones in existing
      wells, which will require additional completion work or future re-completion
      prior to start of production.</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"><i>In all
      cases, production can be initiated or restored with relatively low expenditure
      compared to the cost of drilling a new well.</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 ><font size="2" face="Arial, Helvetica, sans-serif"><b><u>UNDEVELOPED
      RESERVES (SEC DEFINITIONS)</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<div style="text-indent:3%">
  <p><font size="2" face="Arial, Helvetica, sans-serif">Securities and Exchange
    Commission Regulation S-X &#167;210.4-10(a)(31) defines undeveloped oil and
    gas reserves as follows:</font></p>
</div>
<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"><i>Undeveloped
      oil and gas reserves are reserves of any category that are expected to be
      recovered from new wells on undrilled acreage, or from existing wells where
      a relatively major expenditure is required for recompletion.</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>(i)
      Reserves on undrilled acreage shall be limited to those directly offsetting
      development spacing areas that are reasonably certain of production when
      drilled, unless evidence using reliable technology exists that establishes
      reasonable certainty of economic producibility at greater distances.</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>(ii)
      Undrilled locations can be classified as having undeveloped reserves only
      if a development plan has been adopted indicating that they are scheduled
      to be drilled within five years, unless the specific circumstances, justify
      a longer time.</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>(iii)
      Under no circumstances shall estimates for undeveloped reserves be attributable
      to any acreage for which an application of fluid injection or other improved
      recovery technique is contemplated, unless such techniques have been proved
      effective by actual projects in the same reservoir or an analogous reservoir,
      as defined in paragraph (a)(2) of this section, or by other evidence using
      reliable technology establishing reasonable certainty.</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2">RYDER SCOTT
  COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETROLEUM CONSULTANTS</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>
</body>

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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>org_structure.jpg
<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
