<SEC-DOCUMENT>0001208646-12-000078.txt : 20120316
<SEC-HEADER>0001208646-12-000078.hdr.sgml : 20120316
<ACCEPTANCE-DATETIME>20120316132737
ACCESSION NUMBER:		0001208646-12-000078
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120316
FILED AS OF DATE:		20120316
DATE AS OF CHANGE:		20120316

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		12696851

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

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>c106337.htm
<TEXT>
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<title>YPF 6-K</title>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Washington,
  D.C. 20549<br>
  <br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">the Securities Exchange Act of 1934</font></div>

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  the month of March, 2012</font></div>

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

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

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

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K</font></div>

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

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K</font></div>

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

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<p>&nbsp;</p>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">YPF Sociedad An&#243;nima</font></div>

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  <a name="contents"></a> </div>

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  <p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TABLE
    OF CONTENTS</font></p>
  <p><font size="2">Information provided under Item 2 in this Form 6-K is incorporated
    by reference into the registration statements on Form F-3 filed by YPF Sociedad
    An&oacute;nima with the<br>
    Securities and Exchange Commission (File Nos. 333-149313, 333-170848 and 333-172317)
    </font></p>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item</font></div>
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      <td valign="bottom" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" size="2">1</font></div>
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      <td valign="top" width="92%">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="2">English
          translation of Report of Independent Public Accountants issued in connection
          with the audit performed under auditing standards generally accepted
          in Argentina on the financial statements as of December 31, 2011 (not
          audited under PCAOB standards).<br>
          <br>
          </font></div>
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        <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" size="2">2</font></div>
      </td>
      <td valign="top" width="92%">English translation of Consolidated Financial
        Statements as of December 31, 2011 and Comparative Information, prepared
        in accordance with generally accepted accounting standards in Argentina.</td>
    </tr>
  </table>
  <br>
</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_1"></a></font></p>
<p align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" size="2">Item
  1</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
  </font></p>
<p><img src="ypf.jpg" width="292" height="119"></p>
<p><font size="2"><font size="3"><b><font size="4">SOCIEDAD ANONIMA</font></b></font><font size="4"><b><br>
  </b></font></font><font size="4"><b><br>
  </b>Financial Statements as of December 31, 2011 <br>
  and Comparative Information<br>
  <br>
  Report of Independent Public Accountants<br>
  <br>
  Statutory Audit Committee&#146;s Report</font></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><p><font size="2" face="Arial, 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">English translation of the report originally issued in Spanish, except for the omission of certain disclosures related to formal legal requirements for reporting in Argentina and the addition of section 4 &#150; See Note 13 to the primary financial statements</font></p>
<p><font size="4">Independent Auditors&#146; Report</font></p>
<p><font size="2">To the Board of Directors of<br><b>YPF SOCIEDAD ANONIMA<br></b>Macacha G&#252;emes 515<br>Buenos Aires City</font></p>
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		<td valign=top width="3%"><font size="2"><b>1.</b></font></td>
		<td><font size="2"><b>Identification of the financial statements subject to audit</b></font></td>
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		<td valign=top ><font size="2">We have audited:</font></td>
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		<td valign=top width="3%"><font size="2">a)</font></td>
		<td><font size="2">the financial statements of YPF SOCIEDAD ANONIMA (an Argentine corporation, hereinafter mentioned YPF SOCIEDAD ANONIMA or the &#147;Company&#148;), which comprise the balance sheet as of December 31, 2011, and the related statements of income, changes in shareholders&#146; equity and cash flows for the year then ended and the supplemental information included in their notes 1 to 13 and Exhibits A, C, E, F, G and H; and</font></td>
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		<td valign=top width="3%"><font size="2">b)</font></td>
		<td><font size="2">the consolidated financial statements of the Company and its controlled and jointly controlled companies included in Schedule I, which comprise the consolidated balance sheet as of December 31, 2011 and the related consolidated statements of income and cash flows for the year then ended and the supplemental information included in their notes 1 to 4 and Exhibits A and H.</font></td>
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		<td valign=top ><font size="2">The financial statements and the supplemental information referred to in paragraphs a) and b) mentioned above are presented for comparative purposes with the primary and consolidated financial statements and the supplemental information as of December 31, 2010 and 2009, after giving retrospective effect to the change in the accounting policy in relation to the recognition of the deferred income tax liability originated in the application of the method for restatement in constant Argentine pesos, as described in Note 1.b to the primary financial statements referred to in paragraph a) of this section.</font></td>
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		<td valign=top ><font size="2">The Company&#146;s Board of Directors and Management are responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in Argentina (Technical Resolutions issued by Argentine Federation of Professional Councils in Economic Sciences, that do not include those concerning the adoption of the International Financial Reporting Standards) and the regulations of the Argentine Securities Commission. This responsibility includes (i) designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to errors or omissions or to irregularities, (ii) selecting and applying appropriate accounting policies, and (iii) making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements based on our audit carried out pursuant to the scope of work outlined in section 2 of this report.</font></td>
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<br>
<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>

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		<td valign=top width="3%"><font size="2"><b>2.</b></font></td>
		<td><font size="2"><b>Scope of our work</b></font></td>
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		<td valign=top ><font size="2">We conducted our audit in accordance with auditing standards generally accepted in Argentina. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.</font></td>
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		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">An audit involves performing procedures, substantially on a test basis, to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor&#146;s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to errors or omissions or to irregularities. In making those risk assessments, the auditor considers internal control relevant to the Company&#146;s preparation and fair presentation of the financial statements, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#146;s internal control.</font></td>
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<br>
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		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Company&#146;s Board of Directors and Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</font></td>
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<br>
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		<td valign=top width="3%"><font size="2"><b>3.</b></font></td>
		<td><font size="2"><b>Emphasis of matter</b></font></td>
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		<td valign=top ><font size="2">As indicated in Note 11 to the accompanying financial statements, 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 International Financial Reporting Standards (&#147;IFRS&#148;) that will be finally applied, and will be considered definitive only when preparing the financial statements for the year ending on December 31, 2012, which is the year when IFRS will be applied for first time.</font></td>
	</tr>
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		<td valign=top width="3%"><font size="2"><b>4.</b></font></td>
		<td><font size="2"><b>Opinion</b></font></td>
	</tr>
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		<td valign=top ><font size="2">In our opinion,</font></td>
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		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top width="3%"><font size="2">a)</font></td>
		<td><font size="2">the financial statements referred to in paragraph a) of section 1 present fairly, in all material respects, the financial position of YPF SOCIEDAD ANONIMA as of December 31, 2011, and the results of its operations, changes in its shareholders&#146; equity and its cash flows for the year then ended, in accordance with accounting principles generally accepted in Argentina, and</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">b)</font></td>
		<td><font size="2">the consolidated financial statements referred to in paragraph b) of section 1 present fairly, in all material respects, the consolidated financial position of YPF SOCIEDAD ANONIMA and its controlled and jointly controlled companies as of December 31, 2011, and the consolidated results of its operations and its consolidated cash flows for the year then ended, in accordance with accounting principles generally accepted in Argentina.</font></td>
	</tr>
</table>
<br>
<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>

<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">Our unqualified audit reports on the financial statements for the years ended December 31, 2010 and 2009, whose figures are presented for comparative purposes and relate to those included in the financial statements corresponding to such fiscal years, in the case of the figures for the year ended December 31, 2009, after giving retrospective effect to the change in the accounting policy in relation to the recognition of the deferred income tax liability due to the application of the method for restatement in constant Argentine pesos, as described in Note 1.b to the primary financial statements referred to in paragraph a) of section 1, change with which we concur, were issued on March 2, 2011 and March 4, 2010, 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>5.</b></font></td>
		<td><font size="2"><b>English translation of statutory financial statements</b></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">This report and the financial statements referred to in section 1 have been translated into English for the convenience of English-speaking readers. As further explained in note 13 to the accompanying financial statements, the financial statements are the English translation of those originally prepared by the Company in Spanish and presented in accordance with accounting principles generally accepted in Argentina. The effects of the differences between accounting principles generally accepted in Argentina and the accounting principles generally accepted in the countries in which the financial statements are to be used have not been quantified. Accordingly, the accompanying financial statements are not intended to present the financial position, results of operations, shareholders&#146; equity or cash flows in accordance with accounting principles generally accepted in the countries of users of the financial statements, other than Argentina.</font></td>
	</tr>
</table>
<p><font size="2">Buenos Aires City, Argentina</font></p>
<p><font size="2">March 8, 2012</font></p>
<p><font size="2">Deloitte &amp; Co. S.R.L.</font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font size="2">Diego O. De Vivo<br>
  Partner<br>
  </font></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"><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>

<div align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" size="2">Item
  2<br>
  <br>
  </font> </div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b><font size="4">YPF SOCIEDAD ANONIMA</font></b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><font size="4">FINANCIAL STATEMENTS AS OF DECEMBER
      31, 2011 <br>
      AND COMPARATIVE INFORMATION</font></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b>INDEX</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"><font size="2"><b></b></font></td>
		<td width="8%" align="right"><font size="2"><b><b>Page</b></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">Cover</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
		<td colspan=1><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Consolidated Financial Statements</font></td>
		<td width="8%" align="right"><font size="2">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">&#150;&nbsp;&nbsp;Consolidated balance sheets</font></td>
		<td width="8%" align="right"><font size="2">2</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&#150;&nbsp;&nbsp;Consolidated statements of income</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 bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&#150;&nbsp;&nbsp;Consolidated statements of cash flows</font></td>
		<td width="8%" align="right"><font size="2">4</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&#150;&nbsp;&nbsp;Notes to consolidated financial statements</font></td>
		<td width="8%" align="right"><font size="2">5</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">&#150;&nbsp;&nbsp;Exhibits to consolidated financial statements</font></td>

    <td width="2%" align="left">
      <div align="right"><font size="2">19</font></div>
    </td>
		<td colspan=1><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">Primary Financial Statements</font></td>

    <td width="8%" align="right">&nbsp;</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">&#150;&nbsp;&nbsp;Balance sheets</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">&#150;&nbsp;&nbsp;Statements of income</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 bgcolor="#cccccc" align="center" valign="bottom">
		<td align="left"><font size="2">&#150;&nbsp;&nbsp;Statements of changes in shareholders&#146; equity</font></td>
		<td width="8%" align="right"><font size="2">23</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&#150;&nbsp;&nbsp;Statements of cash flows</font></td>
		<td width="8%" align="right"><font size="2">24</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">&#150;&nbsp;&nbsp;Notes to financial statements</font></td>
		<td width="8%" align="right"><font size="2">25</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><font size="2">&#150;&nbsp;&nbsp;Exhibits to financial statements</font></td>
		<td width="8%" 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">Ratification of lithographed signatures</font></td>
		<td width="8%" align="right"><font size="2">70</font></td>
		<td width="2%" align="left"><font size="2"></font></td>
	</tr>
</table>
<br>
<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>
<p><font size="2">English translation of the financial statements originally filed
  in Spanish with the Argentine Securities Commission ("CNV"), except for the
  inclusion of Note 13 to the primary financial statements in the English translation.<br>
  </font><font size="2">In case of discrepancy, the financial statements filed
  with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
	</tr>
</table>
<p><font size="2">Macacha G&#252;emes 515 Ciudad Aut&#243;noma de Buenos Aires, Argentina</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>

    <td valign=top ><font size="2"><b>FISCAL YEAR NUMBER 35<br>
      <br>
      BEGINNING ON JANUARY 1, 2011<br>
      <br>
      FINANCIAL STATEMENTS AS OF DECEMBER 31, 2011 AND COMPARATIVE INFORMATION
      </b></font></td>
	</tr>
</table>
<br>
<font size="2">Principal business of the Company: exploration, development and
production of oil and natural gas and other minerals and refining, transportation,
marketing and distribution of oil and petroleum products and petroleum derivatives,
including petrochemicals, chemicals and non-fossil fuels, biofuels and their components,
generation of electric power from hydrocarbons, rendering telecommunications services,
as well as the production, industrialization, processing, marketing, preparation
services, transportation and storage of grains and its derivatives.</font>
<p><font size="2">Date of registration with the Public Commerce Register: June 2, 1977.</font></p>
<p><font size="2">Duration of the Company: through June 15, 2093.</font></p>
<p><font size="2">Last amendment to the bylaws: April 14, 2010.</font></p>
<p><font size="2">Optional Statutory Regime related to Compulsory Tender Offer provided by Decree No. 677/2001 art. 24: not incorporated.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Capital structure as of December 31, 2011</b></font></td>
	</tr>
</table>
<p><font size="2">(expressed in Argentine pesos)</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b></b></font></td>
    <td width="20%" align="right">
      <div align="center"><font size="2"><b><b>Subscribed, paid-in and authorized
        for stock<br>
        exchange listing<br>
        </b></b>(Note 4 to primary <br>
        financial statements)</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><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">&#150;&nbsp;&nbsp;Shares of Common Stock,
      Argentine pesos 10 par value, 1 vote per share</font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2">3,933,127,930</font></div>
    </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=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 width="8%" align="right">&nbsp;</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="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan="2" align="right">
      <div align="center"><font size="2">ANTONIO GOMIS S&Aacute;EZ<br>
        Director </font></div>
    </td>
  </tr>
</table>
<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_7"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="right"><font size="2"><b>Schedule I<br>
        1 of 3</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed
  in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except
  for the inclusion of Note 13 to the primary financial statements in the English
  translation.<br>
  </font><font size="2">In case of discrepancy, the financial statements filed
  with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos &#150; Note 1.a to the primary financial statements)</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 width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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>
  </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"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">570</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">669</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">Investments (Note 2.a)</font></td>
    <td width="8%" align="right"><font size="2">562</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,957</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,476</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Trade receivables (Note 2.b)</font></td>
    <td width="8%" align="right"><font size="2">3,473</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,322</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,831</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 receivables (Note 2.c)</font></td>
    <td width="8%" align="right"><font size="2">3,090</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,089</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">Inventories (Note 2.d)</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"><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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">12,803</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">10,532</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>
  </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"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Trade receivables (Note 2.b)</font></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">28</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 bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other receivables (Note 2.c)</font></td>
    <td width="8%" align="right"><font size="2">989</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,587</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">527</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Investments (Note 2.a)</font></td>
    <td width="8%" align="right"><font size="2">633</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">594</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">661</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">Fixed assets (Note 2.e)</font></td>
    <td width="8%" align="right"><font size="2">39,650</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">31,567</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">27,993</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><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">12</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">33,786</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">29,215</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">46,589</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"><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </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>Current Liabilities</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Accounts payable (Note 2.f)</font></td>
    <td width="8%" align="right"><font size="2">11,915</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">7,639</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,863</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">Loans (Note 2.g)</font></td>
    <td width="8%" align="right"><font size="2">8,113</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6,176</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,679</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">421</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">298</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">Taxes payable</font></td>
    <td width="8%" align="right"><font size="2">812</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,571</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,437</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Contingencies</font></td>
    <td width="8%" align="right"><font size="2">396</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">295</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">341</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">17,102</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">12,618</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>
  </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"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Accounts payable (Note 2.f)</font></td>
    <td width="8%" align="right"><font size="2">6,880</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,616</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,391</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">Loans (Note 2.g)</font></td>
    <td width="8%" align="right"><font size="2">4,654</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,613</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,140</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">168</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">110</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">Taxes payable</font></td>
    <td width="8%" align="right"><font size="2">623</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">523</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">828</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Contingencies</font></td>
    <td width="8%" align="right"><font size="2">2,521</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,527</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,959</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">10,447</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">9,428</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">27,549</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">22,046</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>Shareholders&#146; Equity</b></font></td>
    <td width="8%" align="right"><font size="2">18,735</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">19,040</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">17,701</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">46,589</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"><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
</table>
<br>
<p align="center"><font size="2">Notes 1 to 4 and the accompanying exhibits A
  and H to Schedule I and the primary financial statements <br>
  of YPF, are an integral part of and should be read in conjunction with these
  statements.</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%">
      <div align="center"><font size="2">ANTONIO GOMIS S&Aacute;EZ<br>
        Director </font></div>
    </td>
  </tr>
</table>
<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_8"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="right"><font size="2"><b>Schedule I<br>
        2 of 3</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed
  in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except
  for the inclusion of Note 13 to the primary financial statements in the English
  translation.<br>
  </font><font size="2">In case of discrepancy, the financial statements filed
  with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>CONSOLIDATED STATEMENT OF INCOME <br>FOR THE YEAR ENDED DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos, except for per share amounts in Argentine pesos - Note 1.a to the primary financial statements)</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 width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">Net sales</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">56,697</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">44,162</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">34,320</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></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 align="center" valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Gross
      profit</b></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">14,765</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">14,263</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">11,143</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">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Selling expenses (Exhibit H)</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">&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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">Administrative expenses
      (Exhibit H)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(1,905</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(1,429</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(1,102</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Exploration expenses (Exhibit H)</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"><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 align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Operating
      income</b></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">8,563</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">9,475</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">6,999</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></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"><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"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">Other (expense) income,
      net (Note 2.i)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(62</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(155</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">159</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></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"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Gains (losses)
      on assets</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td colspan=5 bgcolor="#cccccc"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2">184</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">118</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">109</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">&nbsp;&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">524</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">202</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">182</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">676</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" 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" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;Losses on liabilities</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td colspan=5 bgcolor="#cccccc"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&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 align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(1,049</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(444</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">(564</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Net
      income before income tax</b></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">8,246</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">9,020</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">5,907</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></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"><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 align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Net
      income</b></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">5,296</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">5,790</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">3,689</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Earnings
      per share</b></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">13.47</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">14.72</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">9.38</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
</table>
<br>
<p align="center"><font size="2">Notes 1 to 4 and the accompanying exhibits A
  and H to Schedule I and the primary financial statements of <br>
  YPF, are an integral part of and should be read in conjunction with these statements.</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%">
      <div align="center"><font size="2">ANTONIO GOMIS S&Aacute;EZ<br>
        Director </font></div>
    </td>
  </tr>
</table>
<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_9"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="right"><font size="2"><b>Schedule I<br>
        3 of 3</b></font></div>
    </td>
	</tr>
</table>
<br>
<p><font size="2">English translation of the financial statements originally filed
  in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except
  for the inclusion of Note 13 to the primary financial statements in the English
  translation.<br>
  </font><font size="2">In case of discrepancy, the financial statements filed
  with the CNV prevail over this translation.</font></p>
<p><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></p>
<p><font size="2"><b>CONSOLIDATED STATEMENT OF CASH FLOWS <br>FOR THE YEAR ENDED DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></p>
<p><font size="2">(amounts expressed in million of Argentine pesos - Note 1.a to the primary financial statements)</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 width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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>
  </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"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,790</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,689</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">Adjustments to reconcile net income to net
      cash flows provided by operating activities:</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;(Loss) income 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"><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,273</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,832</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;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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">572</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">645</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;Increase in allowances for fixed
      assets</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">72</font></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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;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 bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Increase in accruals</font></td>
    <td width="8%" align="right"><font size="2">804</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,310</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,062</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Trade receivables</font></td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left"><font size="2"></font></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;Other receivables</font></td>
    <td width="8%" align="right"><font size="2">785</font></td>
    <td width="2%" align="left"><font size="2"></font></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;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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;Accounts payable</font></td>
    <td width="8%" align="right"><font size="2">2,608</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,809</font></td>
    <td width="2%" align="left"><font size="2"></font></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;Salaries and social security</font></td>
    <td width="8%" align="right"><font size="2">146</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">181</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">43</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;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;Decrease in reserves</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;Interests, exchange differences
      and others</font></td>
    <td width="8%" align="right"><font size="2">1,300</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>
    <td width="8%" align="right"><font size="2">746</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">Dividends from long-term investments</font></td>
    <td width="8%" align="right"><font size="2">37</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">40</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><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">&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"><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>Cash Flows used in Investing Activities</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">105</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>
  </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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&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"><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>Cash flows used in Financing Activities</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">14,178</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">15,886</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><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">&nbsp;&nbsp;&nbsp;&nbsp;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"><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>(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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">930</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </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">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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,145</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,215</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,527</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,145</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>
  </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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">930</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
</table>
<br>
<font size="1">For supplemental information on statements of cash flows see Note
1.a to the primary financial statements and for the composition of cash and equivalents
see Note 2.a.</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 (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 9.c to the primary financial statements)
      for the years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
  </tr>
</table>
<br>
<p align="center"><font size="2">Notes 1 to 4 and the accompanying exhibits A
  and H to Schedule I and the primary financial statements of <br>
  YPF, are an integral part of and should be read in conjunction with these statements.</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%">
      <div align="center"><font size="2">ANTONIO GOMIS S&Aacute;EZ<br>
        Director </font></div>
    </td>
  </tr>
</table>
<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_10"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="right"><font size="2"><b>Schedule I<br>
        </b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed
  in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except
  for the inclusion of Note 13 to the primary financial statements in the English
  translation.<br>
  </font><font size="2">In case of discrepancy, the financial statements filed
  with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>FOR YEAR ENDED DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos - Note 1.a to the primary financial statements, except where otherwise indicated)</font></p>
<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>CONSOLIDATED FINANCIAL STATEMENTS</b></font></td>
	</tr>
</table>
<p><font size="2">Pursuant to General Resolution No. 368 from the Argentine Securities Commission (&#147;CNV&#148;), YPF Sociedad An&#243;nima (the &#147;Company&#148; or &#147;YPF&#148;) discloses its consolidated financial statements, included in Schedule I, preceding its primary financial statements. Consolidated financial statements are supplemental and should be read in conjunction with the primary financial statements.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>a)</b></font></td>
		<td><font size="2"><b>Consolidation policies:</b></font></td>
	</tr>
</table>
<p><font size="2">Following the methodology established by Technical Resolution No. 21 of the Argentine Federation of Professional Councils in Economic Sciences (&#147;FACPCE&#148;), YPF has consolidated its balance sheets and the related statements of income and cash flows as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&#150;</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 the Company&#146;s balances after the elimination of intercompany profits, transactions, balances and other consolidation adjustments and minority interest, if applicable.</font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2">&#150;</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 consolidation adjustments.</font></td>
	</tr>
</table>
<p><font size="2">Investments in companies under control and joint control are detailed in Exhibit C to the primary financial statements.</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>Financial statements used for consolidation:</b></font></td>
	</tr>
</table>
<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 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_11"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>c) Valuation criteria:</b></font></td>
	</tr>
</table>
<p><font size="2">In addition to the valuation criteria disclosed in the notes to YPF&#146;s primary financial statements, the following additional valuation criteria have been applied in the preparation of the consolidated financial statements:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Salaries and Social Security &#150; Benefit Plans</b></font></td>
	</tr>
</table>
<p><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></p>
<p><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></p>
<p><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></p>
<p><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></p>
<p><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 disclosed in the &#147;Other (expense) income, net&#148; account of the statement of income.</font></p>
<p><font size="2">The additional disclosures related to the pension plans and other postretirement and postemployment benefits, are included in Note 2.h.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Recognition of revenues and costs of construction activities</b></font></td>
	</tr>
</table>
<p><font size="2">Revenues and costs related to construction activities performed by controlled companies, are accounted by the percentage of completion method. When adjustments in contract values or estimated costs are determined, any change from prior estimates is reflected in earnings in the current 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 width="3%"><font size="2"><b>d)</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">Notes 1.a) and 11 to the primary financial statements disclose
  the information related to the adoption of IFRS and the reconciliations of shareholders&#146;
  equity and net income as required by Technical Resolution N<sup>o</sup> 29. These reconciliations
  are not significantly different from the reconciliations that would be presented
  at the consolidated level, so their presentation was omitted.</font></p>
<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_12"></a></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>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>
<p><font size="2"><b>Consolidated Balance Sheet as of December 31, 2011 and Comparative
  Information</b></font><br></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%"><font size="2"><b>a)</b></font></td>
    <td align="left"><font size="2"><b>Investments:</b></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2010</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2009</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </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"></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>
    <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">&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)(3)</sup></font></td>
    <td width="8%" align="right"><font size="2">21</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</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>(3)</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>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Long-term investments</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">668</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">628</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">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">&nbsp;</td>
    <td align="left"><font size="2">Allowance for reduction in value of holdings
      in long-term investments</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">(56)</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">(125)</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"></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>
    <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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">562</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">633</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,957</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">594</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,476</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">661</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"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="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 width="3%"><font size="1">(1)</font></td>
    <td><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>
  <tr>
    <td valign=top width="3%">&nbsp; </td>
    <td valign=top width="3%"><font size="1">(2)</font></td>
    <td><font size="1">In addition to those companies under significant influence
      and other companies detailed in Exhibit C to the primary financial statements,
      includes the interest in Gas Argentino S.A. (&#147;GASA&#148;). On May 19,
      2009, GASA filed a voluntary reorganization petition (&#147;concurso preventivo&#148;),
      which was opened on June 8, 2009. Book value in this investment has been
      fully reserved.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp; </td>
    <td valign=top width="3%"><font size="1">(3)</font></td>
    <td><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>
<br>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%"><font size="2"><b>b)</b></font></td>
    <td align="left"><font size="2"><b>Trade receivables:<b></b></b></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2010</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2009</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </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"></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>
    <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">&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"><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>
    <td width="8%" align="right"><font size="2">3,450</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,963</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">&nbsp;</td>
    <td align="left"><font size="2">Related parties</font></td>
    <td width="8%" align="right"><font size="2">498</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">339</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">281</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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
    <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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,930</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>
    <td width="8%" align="right"><font size="2">3,789</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,244</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">&nbsp;</td>
    <td align="left"><font size="2">Allowance for doubtful trade receivables</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"><font size="2"></font></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"><font size="2"></font></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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
    <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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,473</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>
    <td width="8%" align="right"><font size="2">3,322</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,831</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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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%"><font size="2"><b>c)</b></font></td>
    <td align="left"><font size="2"><b>Other receivables:<b></b></b></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2010</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2009</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b><b><b></b></b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b><b><b></b></b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b><b><b></b></b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b><b><b></b></b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b><b><b></b></b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </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"></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>
    <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">&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"><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">1,882</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">814</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,403</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">16</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">Trade</font></td>
    <td width="8%" align="right"><font size="2">227</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">178</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">105</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"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">129</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">174</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">78</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">208</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">82</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">Concessions charges</font></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">26</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>
    <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">17</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">38</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">Related parties</font></td>
    <td width="8%" align="right"><font size="2">173</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"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">151</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">256</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">192</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">74</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 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"><font size="2"></font></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">26</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">70</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">69</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">Trust contributions - Obra Sur</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">98</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">115</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"><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>
  </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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">250</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">125</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"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">165</font></td>
    <td width="2%" align="left"><font size="2"></font></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">177</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4</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">Advances and loans to employees</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">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">51</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">42</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"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">278</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"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">69</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">524</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">67</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">275</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">285</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">73</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"></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>
    <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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,183</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">998</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,182</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,603</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,584</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">544</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">Allowance for other doubtful accounts</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"><font size="2"></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"><font size="2"></font></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"><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 valuation of other receivables
      to their estimated realizable value</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
    <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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,090</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">989</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,089</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,587</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">527</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"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="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 width="3%"><font size="1">(1)</font></td>
    <td><font size="1">In addition to the balances with non-consolidated related
      parties detailed in Note 7 to the primary financial statements, mainly includes
      291, 257 and 234 with Central Dock Sud S.A., as of December 31, 2011, 2010
      and 2009, respectively, for loans granted that accrue an annual fixed interest
      rate of 4.82% in average.</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_13"></a></font></p>

<br>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="3%"><font size="2"><b>d)</b></font></td>
    <td align="left"><font size="2"><b>Inventories:<b></b></b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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"></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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,377</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,715</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">Crude oil and natural gas</font></td>
    <td width="8%" align="right"><font size="2">1,650</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,061</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">989</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">Products in process</font></td>
    <td width="8%" align="right"><font size="2">64</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">67</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">59</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">Construction for others in process</font></td>
    <td width="8%" align="right"><font size="2">256</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">32</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"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">328</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">303</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"></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">&nbsp;</td>
    <td align="left"><font size="2"></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 align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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%"><font size="2"><b>e)</b></font></td>
    <td align="left"><font size="2"><b>Fixed assets:<b></b></b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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"></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">&nbsp;</td>
    <td align="left"><font size="2">Net book value of fixed assets (Exhibit A)</font></td>
    <td width="8%" align="right"><font size="2">39,757</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">31,669</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">28,033</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">Allowance for obsolescence of material and
      equipment</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</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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>
    <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"></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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">39,650</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">31,567</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">27,993</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"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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%"><font size="2"><b>f)</b></font></td>
    <td align="left"><font size="2"><b>Accounts payable:<b></b></b></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2010</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2009</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </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"></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>
    <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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">38</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6,170</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,576</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">40</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">Hydrocarbon wells abandonment obligations</font></td>
    <td width="8%" align="right"><font size="2">252</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6,329</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">243</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,228</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">238</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,016</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">Related parties</font></td>
    <td width="8%" align="right"><font size="2">353</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">309</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"><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">&#151;</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">Investments in companies with negative shareholders&#146;
      equity</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><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">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6</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"><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Extension of the Concessions - Provinces of
      Mendoza and Neuqu&#233;n</font></td>
    <td width="8%" align="right"><font size="2">451</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><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">&#151;</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">From joint ventures and other agreements</font></td>
    <td width="8%" align="right"><font size="2">714</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">409</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">358</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"><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Environmental liabilities</font></td>
    <td width="8%" align="right"><font size="2">303</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">221</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">302</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>
    <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">285</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">547</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>
    <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">149</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">115</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
    <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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">11,915</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6,880</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">7,639</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,616</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,863</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,391</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"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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%"><font size="2"><b>g)</b></font></td>
    <td align="left"><font size="2"><b>Loans:</b></font></td>
    <td width="8%" align="right"><font size="2"><b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"><b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2010</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  width="8%" align="center"><font size="2"><b><b>2009</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"><b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"><b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3  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>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Interest rate<sup>(1)</sup></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Principal maturity</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"><b></b></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </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"></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>
    <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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">313</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">678</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">626</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">547</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">Related parties</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">538</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">458</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">912</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">380</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">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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">7,800</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2">3,438</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2">5,357</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">890</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,761</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,213</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"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></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>
    <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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">8,113</font></td>
    <td width="2%" align="left"><font size="2"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2">4,654</font></td>
    <td width="2%" align="left"><font size="2"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2">6,176</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,613</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,679</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,140</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"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </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%">&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>
  <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>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(3)</font></td>
    <td><font size="1">Includes approximately 9,425 corresponding to loans agreed
      in U.S. dollars, of which 9,276 accrue fixed interest at rates between 1.00%
      and 7.74%, and 149 accrue variable interest of LIBO plus a spread between
      4.37% and 5.25%.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="1">(4)</font></td>
    <td><font size="1">As of December 31, 2011, 8,831 accrue fixed interest, 301
      accrue variable interest of BADLAR plus 2.60%, and 3,635 accrue variable
      interest of LIBO plus a spread between 3.35% and 5.25%.</font></td>
  </tr>
</table>
<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_14"></a></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>Benefit plans:</b></font></td>
	</tr>
</table>
<br>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left"><font size="2"><b>Defined &#150; benefit obligations</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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"></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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">130</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"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <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>
  </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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">130</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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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"><font size="2"><b><b>Changes in the fair value of the defined-benefit
      obligations</b></b></font></td>
    <td width="8%" align="right"><font size="2"><b><b></b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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"></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">&nbsp;</td>
    <td align="left"><font size="2">Liabilities at the beginning of the year</font></td>
    <td width="8%" align="right"><font size="2">130</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">117</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">Translation differences</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">4</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">14</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">Service cost</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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">Interest cost</font></td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">8</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">Actuarial losses (gains)</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"><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"><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"><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">&nbsp;</td>
    <td align="left"><font size="2">Liabilities at the end of the year</font></td>
    <td width="8%" align="right"><font size="2">143</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">130</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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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"><font size="2"><b><b>Changes in the fair value of the plan
      assets</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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"></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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></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"><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 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"><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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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"><font size="2"><b><b>Amounts recognized in the Statement
      of Income</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td colspan=5  width="8%" align="center"><font size="2"><b><b>(Expense) Income</b></b></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"></font></td>
    <td colspan=5  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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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"></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">&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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></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"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(7</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(8</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">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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">(Losses) settlements and amendments</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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>
    <td width="8%" align="right"><font size="2">&#151;</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"></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">&nbsp;</td>
    <td align="left"><font size="2">Total recognized as other (expense) income,
      net (Note 2.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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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"><font size="2"><b><b>Actuarial assumptions</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=5><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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"></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">&nbsp;</td>
    <td align="left"><font size="2">
      <p><font size="2">Discount rate</font>
      </font></td>
    <p></p>
    <td width="8%" align="right"><font size="2">3.4%-3.7</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">4.7</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">5.5</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">Expected return on assets</font></td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">N/A</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">Expected increase on salaries</font></td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">N/A</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">N/A</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%" >&nbsp;</td>
    <td valign=top ><font size="2"><b>Health care cost trend</b></font></td>
  </tr>
  <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">For measurement purposes, a 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>
<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_15"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Consolidated Statement of Income as of December 31, 2011 and Comparative Information</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%"><font size="2"><b>i)</b></font></td>
    <td align="left"><font size="2"><b>Other (expense) income, net:</b></font></td>
    <td colspan=5  width="8%" align="center"><font size="2"><b><b>(Expense) Income</b></b></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"></font></td>
    <td colspan=5  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 bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2011</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2009</b></font></div>
    </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"></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 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"><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" 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 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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">55</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">98</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">Defined benefit pension plans and other postretirement
      benefits (Note 2.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"><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">114</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">64</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"></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">&nbsp;</td>
    <td 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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><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="2"><b>3.</b></font></td>
		<td><font size="2"><b>COMMITMENTS AND CONTINGENCIES IN RELATED COMPANIES</b></font></td>
	</tr>
</table>
<p><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></p>
<p><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></p>
<p><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></p>
<p><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></p>
<p><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></p>
<p><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></p>
<p><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</font></p>
<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_16"></a></font></p>
<p><font size="2">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></p>
<p><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></p>
<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. 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. Pursuant to an agreement with the cooperating parties group for the 2007 AOC, Tierra will be responsible for 50% of the cost of the CSO AOC.</font></p>
<p><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></p>
<p><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 financial statements, the parties have 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 third stage is approved, as well as the proposed distribution mentioned above.</font></p>
<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
  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</font></p>
<p align="center"><font size="2">11</font><br>
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<p><font size="2">plan was estimated by the DEP to cost approximately US$ 2 million. The DEP has advised the recipients that (a) it is engaged in discussions with the EPA regarding the subject matter of the directive, and (b) they are not required to respond to the directive until otherwise notified.</font></p>
<p><font size="2">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></p>
<p><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 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></p>
<p><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 funded and additional US$ 10 million must be contributed every six months, until the completion of the US$ 80 million. The total amount of required financial assurance may be increased or decreased over time if the anticipated cost of completing the removal work contemplated by the Removal AOC changes. Tierra may request modification of the form and timing of financial assurance for the Removal AOC. During 2010, with EPA approval, letters of credit to provide assurance, rather than paying additional funds into the trust. During the fourth quarter 2011, construction of the facilities required for the agreed works started, which are expected to be completed 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. However, as of the date of issuance of these 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></p>
<p><font size="2">As of December 31, 2011, there is a total of approximately 409 million accrued comprising the estimated costs for studies, the Company&#146;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 the Company has evaluated, could result in additional costs to the amount currently accrued.</font></p>
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<p><font size="2"><i>New Jersey - Litigation with DEP.</i> In December 2005, the DEP sued YPF Holdings Inc., Tierra, Maxus and other several companies, besides to Occidental, alleging a contamination supposedly related to dioxin and other &#147;hazardous substances&#148; discharged from Chemicals&#146; former Newark plant and the contamination of the lower portion of the Passaic River, Newark Bay, other nearby waterways and surrounding areas. The DEP seeks remediation of natural resources damaged and punitive damages and other matters. The defendants have made responsive pleadings and filings. In March 2008, the Court denied motions to dismiss by Occidental Chemical Corporation, Tierra and Maxus. The DEP filed its Second Amended Complaint in April 2008. YPF filed a motion to dismiss for lack of personal jurisdiction. The motion mentioned previously was denied in August 2008, and the denial was confirmed by the Court of Appeal. Notwithstanding, the Court denied to plaintiffs&#146; motion to bar third party practice and allowed defendants to file third-party complaints. Third-party claims against approximately 300 companies and governmental entities (including certain municipalities) which could have responsibility in connection with the claim were filed in February 2009. DEP filed its Third Amended Complaint in August 2010, adding Maxus International Energy Company and YPF International S.A. as additional named defendants. 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 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. Finally the Special Master called for and held a settlement conference in late 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&#146; respective positions, but no agreement was reached. However, the parties have agreed to continue the settlement process, and they have committed to further communication during 2012.</font></p>
<p><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></p>
<p><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></p>
<p><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</font></p>
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<p><font size="2">and Essex Counties alleged to contain chromite ore processing residue either from the Kearny Plant or from plants operated by two other chromium manufacturers.</font></p>
<p><font size="2">The DEP, Tierra and Occidental, as successor to Chemicals, signed an administrative consent order with the DEP in 1990 for investigation and remediation work at 40 chromite ore sites in Hudson and Essex Counties alleged to be impacted by the Kearny Plant operations.</font></p>
<p><font size="2">Tierra, on behalf of Occidental, is presently performing the work and funding Occidental&#146;s share of the cost of investigation and remediation of these sites. In addition, financial assurance has been provided in the amount of US$ 20 million for performance of the work. The ultimate cost of remediation is uncertain. Tierra submitted its remedial investigation reports to the DEP in 2001, and the DEP continues to review the report.</font></p>
<p><font size="2">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 schedule for site remediation is due in the first quarter of 2012. This agreement in principle has been memorialized in a draft Consent Judgment between and among DEP, Occidental and two parties, which was published in the New Jersey Register in June 2011 and became effective in September 2011.</font></p>
<p><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></p>
<p><font size="2">Pursuant to a request of the DEP, in the second half of 2006, Tierra and other parties tested the sediments in a portion of the Hackensack River near the former Kearny Plant. Tierra has submitted work plans for additional sampling requested by the DEP and is presently awaiting DEP comments.</font></p>
<p><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 financial statements, work on the interim response action has begun. This adjacent property was listed by EPA on the National Priority List in 2007. In July 2010, EPA notified Tierra, along with three other parties, which are considered potentially responsible for this adjacent property and requested to conduct a RIFS for the site. The parties have 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></p>
<p><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></p>
<p><font size="2"><i>Painesville, Ohio. </i>In connection with the Chemical&#146;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</font><br></p>
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<p><font size="2">the former Painesville&#146;s Plant area. OEPA has divided the Painesville Work Site into 20 operable units, including operable units related to groundwater. Tierra has agreed to participate in the RIFS as required by the OEPA. Tierra submitted the remedial investigation report to the OEPA, which report was finalized in 2003. Tierra will submit required feasibility reports separately. In addition, the OEPA has approved certain work, including the remediation of specific operable units within the former Painesville Works area and work associated with the development plans discussed below (the &#147;Remediation Work&#148;). The Remediation Work has begun. As the OEPA approves additional projects related to investigation, remediation, or operation and maintenance activities for each operable unit within the Site, additional amounts will need to be accrued.</font></p>
<p><font size="2">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 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></p>
<p><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. 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></p>
<p><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></p>
<p><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></p>
<p><font size="2">Preliminary works in connection with the RIFS of this site commenced in the second half of 2006. YPF Holdings Inc. has accrued 10 as of December 31, 2011 for its estimated share of the costs of the RIFS. The main outstanding issue lies in determining the extent of the studies of sediments in the river that may be required. YPF Holdings Inc. lacks sufficient information to determine additional costs, if any; it might have in respect of this site.</font></p>
<p><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</font></p>
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<p><font size="2">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></p>
<p><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></p>
<p><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></p>
<p><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></p>
<p><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 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 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></p>
<p><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</font></p>
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<p><font size="2">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 Occidental&#146;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 the first half of 2011, and the Court of Appeals will hear oral arguments in March 2012. As of December 31, 2011, YPF Holdings Inc. has accrued 16 in respect of this matter.</font></p>
<p><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 the amount of US$159 million. YPF Holdings 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 fourth quarter of 2012. Based on the information currently available, YPF Holdings is unable to reasonably estimate a possible loss or range of loss on this matter.</font></p>
<p><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></p>
<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>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>
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<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>
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    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Corporate and Other</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="11%" align="right">
      <div align="center"><font size="2"><b>Consolidation<br>
        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>
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    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Year ended December 31, 2011</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">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="11%" 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="11%" 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="11%" 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="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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="11%" 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="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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="11%" 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="11%" 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="11%" 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="11%" 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="11%" 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 align="left">&nbsp;</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"><b>Year ended December 31, 2010</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">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="11%" 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="11%" 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="11%" 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="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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="11%" 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="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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="11%" 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="11%" 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="11%" 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="11%" 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="11%" 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 align="left">&nbsp;</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"><b>Year ended December 31, 2009</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">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="11%" 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="11%" 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="11%" 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="11%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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="11%" 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="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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="11%" 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="11%" 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="11%" 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="11%" 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="11%" 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>



<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">&nbsp;</td>
    <td width="24%" align="right" nowrap>
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="32%" align="right">&nbsp;</td>
    <td width="10%" align="left" nowrap>
      <div align="center"><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>

<p align="center"><font size="2">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_2"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2"><b>Schedule I<br>
        Exhibit 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="1">English translation of the financial
      statements originally filed in Spanish with the Argentine Securities Commission
      (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial
      statements in the English translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">In case of discrepancy, the financial
      statements filed with the CNV prevail over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED AND
      JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>CONSOLIDATED BALANCE SHEET AS OF DECEMBER
      31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>FIXED ASSETS EVOLUTION</b></font></td>
  </tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos &#150; Note
  1.a to the primary financial statements)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>Cost</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Main account</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Amounts 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 translation effect<sup>(5)</sup></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>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>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 width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</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 width="8%" align="right"><font size="2">3,385</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">33</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">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 width="8%" align="right"><font size="2">66,530</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">19</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>
    <td width="8%" align="right"><font size="2">6,288</font></td>
    <td width="2%" 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 width="8%" align="right"><font size="2">11,442</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">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">525</font></td>
    <td width="2%" 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 width="8%" align="right"><font size="2">1,997</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">16</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">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 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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,158</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(1,457</font></td>
    <td width="2%" 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 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">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,605</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(5,709</font></td>
    <td width="2%" 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 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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,157</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"><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 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">&#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">71</font></td>
    <td width="2%" 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 width="8%" align="right"><font size="2">1,532</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</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">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 width="8%" align="right"><font size="2">1,022</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">45</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">1,102</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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">93,988</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">14,488</font></td>
    <td width="2%" align="left" nowrap><font size="2"><sup>(2)(6)</sup></font></td>
    <td width="8%" align="right"><font size="2">(965)</font></td>
    <td width="2%" 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 width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="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 width="8%" align="right"><font size="2">85,121</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">9,477</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">(624)</font></td>
    <td width="2%" 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 width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="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 width="8%" align="right"><font size="2">80,364</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">5,389</font></td>
    <td width="2%" align="left" nowrap><font size="2"><sup>(2)(6)</sup></font></td>
    <td width="8%" align="right"><font size="2">(686)</font></td>
    <td width="2%" 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 width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="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 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 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 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 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 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">
      <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>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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">Land and buildings</font></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 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 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 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 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 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 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 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 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 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 width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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 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 width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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 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 width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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 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 width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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 9.c to the
      primary financial statements) and other not significant acquisitions for
      the years ended December 31, 2011 and 2009, respectively.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="58%">&nbsp;</td>
    <td width="29%" align="left">&nbsp;</td>
    <td width="24%" align="right">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="58%">&nbsp;</td>
    <td width="29%" align="right">&nbsp;</td>
    <td width="10%" align="left">
      <div align="center"><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>
<p align="center"><font size="2">19</font><br>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p><font size="2" face="Arial, 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 >
      <div align="right"><font size="2"><b>Schedule I<br>
        Exhibit H</b></font></div>
    </td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">English translation of the financial
      statements originally filed in Spanish with the Argentine Securities Commission
      (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial
      statements in the English translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">In case of discrepancy, the financial
      statements filed with the CNV prevail over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA AND CONTROLLED AND
      JOINTLY CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>CONSOLIDATED STATEMENT OF INCOME <br>
      FOR YEAR ENDED DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>EXPENSES INCURRED</b></font></td>
  </tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos &#150; Note
  1.a to the primary financial statements)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><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">
      <div align="center"></div>
    </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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Administrative expenses</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Selling expenses</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Exploration expenses</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><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"><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"><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>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="58%">&nbsp;</td>
    <td width="26%" align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="58%">&nbsp;</td>
    <td width="26%" align="right">&nbsp;</td>
    <td width="10%" align="left">
      <div align="center"><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>
<p align="center"><font size="2">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%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">English translation of the financial
      statements originally filed in Spanish with the Argentine Securities Commission
      (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial
      statements in the English translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">In case of discrepancy, the financial
      statements filed with the CNV prevail over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>BALANCE SHEET AS OF DECEMBER 31, 2011 AND
      COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos &#150; Note
  1.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>2011</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">524</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">269</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"><font size="2">Investments (Note 3.a)</font></td>
    <td width="8%" align="right"><font size="2">241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,659</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,103</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">3,049</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,880</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,639</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">2,567</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,906</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">5,326</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,462</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,818</font></td>
    <td width="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">11,707</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10,894</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,846</font></td>
    <td width="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">14</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">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">682</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,319</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">426</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">2,701</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,378</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,267</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">37,991</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30,021</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,315</font></td>
    <td width="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">41,388</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33,736</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">29,030</font></td>
    <td width="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">53,095</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,630</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37,876</font></td>
    <td width="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">12,063</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,724</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,590</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">7,428</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,622</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,383</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">427</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">312</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>
  </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">399</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,135</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Contingencies (Note 9.a and Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2">101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">81</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">128</font></td>
    <td width="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">20,418</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">15,966</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">11,457</font></td>
    <td width="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">6,833</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,573</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,371</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">4,470</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,537</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,043</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">29</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">12</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">502</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">372</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">684</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Contingencies (Note 9.a and Exhibit E)</font></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">2,114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,608</font></td>
    <td width="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">13,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">9,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,718</font></td>
    <td width="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">34,360</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">25,590</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">20,175</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Shareholders&#146; Equity</b> (per corresponding
      statements)</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">53,095</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">44,630</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">37,876</font></td>
    <td width="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">Notes 1 to 13 and the accompanying exhibits A,
  C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="58%">&nbsp;</td>
    <td width="29%" align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="58%">&nbsp;</td>
    <td width="29%" align="right">&nbsp;</td>
    <td width="10%" align="left">
      <div align="center"><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>
<p align="center"><font size="2">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"></font>
<p></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_22"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">English translation of the financial
      statements originally filed in Spanish with the Argentine Securities Commission
      (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial
      statements in the English translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">In case of discrepancy, the financial
      statements filed with the CNV prevail over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>STATEMENT OF INCOME</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>FOR THE YEAR ENDED DECEMBER 31, 2011 AND
      COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos, except for
  per share amounts in Argentine pesos &#150; Note 1.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>2011</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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.h)</font></td>
    <td width="8%" align="right"><font size="2">51,307</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">40,500</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">31,346</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Cost of sales (Exhibit F)</font></td>
    <td width="8%" align="right"><font size="2">(38,403</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(27,379</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(21,205</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">12,904</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13,121</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">10,141</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Selling expenses (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2">(3,403</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,799</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,338</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 (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2">(1,619</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,259</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(966</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 (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2">(463</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(282</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(514</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">7,419</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,781</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">6,323</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </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">535</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">286</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">322</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Other income, net (Note 3.i)</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">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">203</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2">135</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">97</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;Exchange
      differences</font></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">174</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">146</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;Holding
      gains (losses) on inventories</font></td>
    <td width="8%" align="right"><font size="2">1,016</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">635</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"><font size="2">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right"><font size="2">(1,012</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(896</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(919</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">(977</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(418</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">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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;<b>Net
      income before income tax</b></font></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">8,678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,608</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">(2,504</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,888</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,919</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;&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;&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">Notes 1 to 13 and the accompanying exhibits A,
  C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="32%" align="right">&nbsp;</td>
    <td width="10%" align="left">
      <div align="center"><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>
<p align="center"><font size="2">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%"><font size="1">English translation of the financial
      statements originally filed in Spanish with the Argentine Securities Commission
      (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial
      statements in the English translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">In case of discrepancy, the financial
      statements filed with the CNV prevail over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>STATEMENT OF CHANGES IN SHAREHOLDERS&#146;
      EQUITY</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>FOR THE YEAR ENDED DECEMBER 31, 2011 AND
      COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos, except for
  per share amounts in Argentine pesos &#150; Note 1.a)</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Adjustment to contributions</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Total</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">
      <div align="center"></div>
    </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">
      <div align="center"></div>
    </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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>Unappropriated retained<br>
        earnings</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" 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="8%" 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="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</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>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="8%" 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="8%" align="right"><font size="2">3,582</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">As decided by the Board of Directors&#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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">1,505</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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">(19</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"><font size="2">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">(5,901</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"><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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,478</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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,419</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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</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"><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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</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">3,689</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="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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="8%" 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="8%" align="right"><font size="2">2,856</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">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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">(5,040</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"><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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,163</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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,281</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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="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"><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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</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">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="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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="8%" 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="8%" align="right"><font size="2">4,610</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>
  </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">&#150;&nbsp;&nbsp;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="8%" 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="8%" align="right"><font size="2">1,180</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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">236</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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">596</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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">(6,622</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"><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">&#150; Cash dividends (7 per share)</font></td>
    <td width="5%" 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="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,753</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">&#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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(2,812</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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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="8%" align="right"><font size="2">&#151;</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"><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="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</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">5,296</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="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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="8%" 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="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">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="8%" 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="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="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">Notes 1 to 13 and the accompanying exhibits A,
  C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="32%" align="right">&nbsp;</td>
    <td width="10%" align="left">
      <div align="center"><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>
<p align="center"><font size="2">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="1">English translation of the financial
      statements originally filed in Spanish with the Argentine Securities Commission
      (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial
      statements in the English translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">In case of discrepancy, the financial
      statements filed with the CNV prevail over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>STATEMENT OF CASH FLOWS</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>FOR THE YEAR ENDED DECEMBER 31, 2011 AND
      COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos &#150; Note
  1.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>2011</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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 on long-term
      investments</font></td>
    <td width="8%" align="right"><font size="2">(535</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(286</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(322</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;Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2">5,237</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,943</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,393</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">854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">556</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">625</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">2,504</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,888</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,919</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">577</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,157</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">910</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">18</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"><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 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">906</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(1,507</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(749</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">(1,864</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(644</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">277</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">2,507</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,852</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">(267</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">116</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">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;Taxes payable</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">(222</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(730</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
      reserves</font></td>
    <td width="8%" align="right"><font size="2">(563</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>
    <td width="8%" align="right"><font size="2">(969</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">962</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">522</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">882</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Dividends from long-term investments</font></td>
    <td width="8%" align="right"><font size="2">723</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">591</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">562</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">(4,152</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,886</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(945</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">12,554</font></td>
    <td width="2%" align="left" nowrap><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">13,088</font></td>
    <td width="2%" align="left" nowrap><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">9,382</font></td>
    <td width="2%" align="left" nowrap><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">(11,880</font></td>
    <td width="2%" align="left" nowrap><font size="2">)<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">(8,549</font></td>
    <td width="2%" align="left" nowrap><font size="2">)<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">(5,458</font></td>
    <td width="2%" align="left" nowrap><font size="2">)<sup>(2)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Capital contributions in long-term investments</font></td>
    <td width="8%" align="right"><font size="2">(349</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(127</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>
  </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">&#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</font></td>
    <td width="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">(12,229</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(8,676</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(5,588</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">Payment of loans</font></td>
    <td width="8%" align="right"><font size="2">(16,702</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(12,931</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(12,990</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">20,779</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">13,408</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">14,959</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">(1,488</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,967</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,928</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">(1,163</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">445</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">866</font></td>
    <td width="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">1,928</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,483</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">617</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">765</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,928</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,483</font></td>
    <td width="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">(1,163</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">445</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">866</font></td>
    <td width="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 cash flows statements see Note
  1.a and for the composition of cash and equivalents see<br>
  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 (439), (324) and (339) 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 y Neuqu&#233;n (Note 9.c), for the years ended December 31, 2011,
      2010 and 2009, respectively.</font></td>
  </tr>
</table>
<p align="center"><font size="2">Notes 1 to 13 and the accompanying exhibits A,
  C, E, F, G and H and Schedule I<br>
  are an integral part of these statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="32%" align="right">&nbsp;</td>
    <td width="10%" align="left">
      <div align="center"><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>
<p align="center"><font size="2">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>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">English translation of the financial
      statements originally filed in Spanish with the Argentine Securities Commission
      (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial
      statements in the English translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1">In case of discrepancy, the financial
      statements filed with the CNV prevail over this translation.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>FOR THE YEAR ENDED DECEMBER 31, 2011 AND
      COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos, except where
  otherwise indicated &#150; Note 1.a)</font></p>
<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 RESTATEMENT OF COMPARATIVE
      INFORMATION</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 have been prepared in accordance
  with generally accepted accounting principles in Argentina and the regulations
  of the CNV.</font></p>
<p><font size="2">On March 20, 2009, the FACPCE approved the Technical Resolution
  No. 26 &#147;Adoption of the International Financial Reporting Standards (&#147;IFRS&#148;)&#148;
  of 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 the Company for the fiscal year beginning on January
  1, 2012. Consequently, the first financial statements under IFRS will be as
  of March 31, 2012. On April 14, 2010, the Board of Directors has approved a
  specific IFRS implementation plan. Note 11 to these financial statements describes
  the criteria adopted in the transition to IFRS and the reconciliations of shareholders&#146;
  equity and net income, as required by Technical Resolution N&#186; 29.</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>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 9.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 align="center"><font size="2">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"></font>
<p><font size="2" face="Arial, 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 ><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>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><i>Production concessions 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 concessions and exploration
  permits under Law No. 17,319, which has been amended by Law No. 26,197. Pursuant
  to these laws, the hydrocarbon reservoirs located in Argentine onshore territories
  and offshore continental shelf, belong to the provinces or the Nation, depending
  on the location. Exploration permits may have a term of up to 14 years (17 years
  for offshore exploration) and production concessions have a term of 25 years,
  which may be extended for an additional ten-year term (Note 9.c).</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 11,964, 7,232 and 6,434, 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. 2014/2008 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 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>Modification of comparative information</b></font></td>
  </tr>
</table>
<p><font size="2">In relation to the implementation of IFRS above mentioned, General
  Resolution No. 576/2010 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</font></p>
<p align="center"><font size="2">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>
<p><font size="2">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">According to the above mentioned, the financial statements as
  of December 31, 2009, which are presented for comparative purposes, were modified
  in respect of the originally issued on March 4, 2010 to give retrospective effect
  to the recognition of the deferred tax liability resulting in a decrease in
  retained earnings and an increase in net income for the year ended December
  31, 2009 of 1,180 and 203, respectively. 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:</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.</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 its nominal
      value translated at exchange rates as of the end of each year, as applicable.
      Exchange differences have been credited (charged) to current income. Additional
      information on assets and liabilities denominated in foreign currency is
      disclosed in Exhibit G.</font></td>
  </tr>
</table>
<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>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 currency 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 Exhibit G.</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
      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>
<p align="center"><font size="2">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>c)</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>d)</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 control, joint control or significant influence and holdings
      in other companies. These investments are detailed in Exhibit C and have
      been valued using the equity method, except for holdings in other companies,
      which have been valued at 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 YPF exercises significant
      influence over these companies in making operation and financial decisions
      based on its representation on the Boards of Directors.</font></td>
  </tr>
</table>
<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 the valuation of direct and indirect 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>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><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 shareholders&#146; equity in the account &#147;Deferred Earnings&#148;,
      which are maintained until the sale or complete or partial reimbursement
      of capital of the related investment occurs. Assets, liabilities and income
      statements of integrated foreign subsidiaries are translated at the relevant
      exchange rate at the date of each transaction. Exchange differences arising
      from the translation process are credited (charged) to the income statement
      in the account &#147;Gains (losses) on assets &#150; Exchange differences&#148;.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2">Holdings in preferred shares have been valued
      at equity method considering the provisions defined in the respective bylaws.</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 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
      controlled, jointly controlled or under significant influence companies
      to those of YPF. Main adjustments are related to the application of the
      general accepted accounting principles in Argentina to foreign related companies&#146;
      financial statements and the recognition of the deferred income tax liability
      corresponding to the controlled, jointly controlled and under significant
      influence companies 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>
<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%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2">The investments in companies under control,
      joint control or significant influence, have been valued based upon the
      latest available financial statements of these companies as of the end of
      each year, taking into consideration, if applicable, significant subsequent
      events and transactions, available management information and transactions
      between YPF and the related company which have produced changes on the latter&#146;s
      shareholders&#146; equity.</font></td>
  </tr>
</table>
<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 includes supplemental consolidated
      financial statements as part of the primary financial statements (Schedule
      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">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>e)</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 Exhibit A. For those assets whose
      construction requires an extended period of time, financial costs corresponding
      to third parties&#146; financing have been capitalized during the assets&#146;
      construction period.</font></td>
  </tr>
</table>
<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>Oil and gas producing activities</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">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 width="3%"><font size="2">&#150;</font></td>
    <td><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 width="3%"><font size="2">&#150;</font></td>
    <td><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 width="3%"><font size="2">&#150;</font></td>
    <td><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 width="3%"><font size="2">&#150;</font></td>
    <td><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">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%">&nbsp;</td>
    <td valign=top width="3%"><font size="2">&#150;</font></td>
    <td><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 width="3%"><font size="2">&#150;</font></td>
    <td><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 cost of the wells pending
      abandonment. Current costs incurred are the best source of information in
      order to make the best estimate of asset retirement obligations.</font></td>
  </tr>
</table>
<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>Other 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 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 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 4 to the consolidated financial statements,
      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>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"><b>&nbsp;</b></font></td>
    <td valign=top><font size="2"><b>Income tax and tax on minimum presumed income</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 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>
<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 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"><b>&nbsp;</b></font></td>
    <td valign=top><font size="2"><b>Royalties and withholding systems for hydrocarbon
      exports</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">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 9.c). 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 9.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>
<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.
      In addition, Law No. 26,732 published in the Official Gazette in December
      2011 extended for an additional 5 years the mentioned regime. 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">During 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>
<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%" 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.
      In accordance to Argentine GAAP 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 Exhibit E.</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>
<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>Shareholders&#146; 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 (additionally see 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">The account &#147;Deferred Earnings&#148; includes
      the exchange differences generated by the translation into pesos of investments
      in non-integrated foreign companies.</font></td>
  </tr>
</table>
<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>Statements 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 nonmonetary assets, valued at acquisition
      cost, has been recorded based on the remeasured cost of such assets as detailed
      in Note 1.a.</font></td>
  </tr>
</table>
<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>
<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>
<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 control,
      joint control or significant influence is held, has been calculated on the
      basis of the income (loss) of those companies and was included in the &#147;Income
      on long-term investments&#148; account, except for the exchange differences
      arising from the translation process of the foreign subsidiaries defined
      as integrated companies which are included in the account &#147;Gains (losses)
      on assets &#150; Exchange differences&#148;.</font></td>
  </tr>
</table>
<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 FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<p><font size="2">Details regarding significant accounts included in the accompanying
  financial statements are as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2"><b>Balance Sheet as of December 31, 2011 and
      Comparative Information</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"><font size="2"><b>a)&nbsp;&nbsp;Investments:</b></font></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">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</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">Short-term investments</font></td>
    <td width="8%" align="right"><font size="2">241</font></td>
    <td width="2%" align="left"><sup>(1)</sup></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">1,659</font></td>
    <td width="2%" align="left"><sup>(1)</sup></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">1,103<sup>(1)</sup></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">Long-term investments (Exhibit 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">2,716</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">2,391</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">2,293</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Allowance for reduction in value of holdings
      in long-term investments (Exhibit E)</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">(15</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">(13</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">(26</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>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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">241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,701</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,659</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,378</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,103</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,267</font></td>
    <td width="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>
<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 investments with an original maturity of
      less than three months.</font></td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>b)&nbsp;&nbsp;Trade receivables:</b></font></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">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</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" bgcolor="#cccccc"><font size="2">Accounts receivable</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">2,569</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">14</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">2,743</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">18</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">2,585</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">22</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Related parties (Note 7)</font></td>
    <td width="8%" align="right"><font size="2">894</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">558</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">461</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="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">3,463</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><sup>(1)</sup></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">14</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">3,301</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">18</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">3,046</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">22</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Allowance for doubtful trade receivables (Exhibit
      E)</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">&#151;</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"><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">(407</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 align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">3,049</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">14</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">2,880</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">18</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">2,639</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">22</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>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="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 330 in litigation, 23 of less than three months
      past due, 49 in excess of three months past due, 3,008 due within three
      months and 53 due after three months.</font></td>
  </tr>
</table>
<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"></font><font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back to Contents</a></font></p><p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_34"></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>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">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</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 credit, export rebates and production
      incentives</font></td>
    <td width="8%" align="right"><font size="2">918</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">1,530</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">811</font></td>
    <td width="2%" 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">14</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">200</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">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">102</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">195</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">128</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">127</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">134</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"><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">305</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">165</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">28</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">Loans to clients</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">56</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">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">233</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">242</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">&nbsp;</td>
    <td align="left"><font size="2">Collateral deposits</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">38</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">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">176</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"><font size="2">Advances and loans to employees</font></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">&#151;</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>
    <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">41</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">426</font></td>
    <td width="2%" align="left">&nbsp;</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">249</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">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">65</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">2,655</font></td>
    <td width="2%" align="left">
      <div align="left"><font size="2"><sup>(1)</sup></font></div>
    </td>
    <td width="8%" align="right"><font size="2">690</font></td>
    <td width="2%" align="left">
      <div align="left"><font size="2"><sup>(2)</sup></font></div>
    </td>
    <td width="8%" align="right"><font size="2">2,712</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,334</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,994</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">442</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">Allowances for other doubtful accounts <br>
      (Exhibit E)</font></td>
    <td width="8%" align="right"><font size="2">(88</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">(88</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">(88</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 (Exhibit E)</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">(8</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">(15</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>
  </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">2,567</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">682</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,319</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,906</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">426</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><font size="1">Includes 87 of less than three months past due, 236 in
      excess of three months past due and 2,332 due as follow: 1,239 from one
      to three months, 314 from three to six months, 292 from six to nine months
      and 487 from nine to twelve 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><font size="1">Includes 287 due from one to two years, 67 due from two
      to three years and 336 due after three years.</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%"><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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">Refined products</font></td>
    <td width="8%" align="right"><font size="2">3,389</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">1,581</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">1,630</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,043</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">971</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">Raw materials and packaging materials</font></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">235</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">207</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">5,326</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,462</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,818</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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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 (Exhibit A)</font></td>
    <td width="8%" align="right"><font size="2">38,098</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30,123</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,355</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 materials and
      equipment (Exhibit E)</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
      (Exhibit E)</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">37,991</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">30,021</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">26,315</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">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>
	<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">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</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">8,802</font></td>
    <td width="2%" align="left">&nbsp;</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">5,818</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">4,194</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>
  </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">6,288</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">5,193</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">4,003</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">860</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">510</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">423</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" nowrap><font size="2">Investments in companies with negative
      shareholders&#146; equity<sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2">482</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">320</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 9.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 9.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">199</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">122</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">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">49</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">12,063</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">6,833</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">7,724</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,573</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,590</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,371</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><font size="1">Includes 11,110 due within three months, 317 due from three
      to six months and 636 due after six 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><font size="1">Includes 930 due from one to two years and 5,903 due after
      two years.</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">(3)</font></td>
    <td><font size="1">As of December 31, 2011, corresponds to holding in negative
      shareholders&#146; equity for the investments in YPF Holdings Inc., controlled
      company, and as of December 2010 and 2009 includes additionally the holdings
      in negative shareholders&#146; equity value of Central Dock Sud S.A., company
      under significant influence, after considering adjustments to conform accounting
      principles with those used by YPF, as mentioned in Note 2.d.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="2"><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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=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">Interest <br>
        R ate<sup>(1)</sup></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Principal maturity</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><b></b></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Noncurrent</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">719</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">642</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 &#150; 24.80</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">2012-2013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">71</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">1.40 &#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">7,044</font></td>
    <td width="2%" align="left"><sup>(3)</sup></td>
    <td width="8%" align="right"><font size="2">3,213</font></td>
    <td width="2%" align="left"><sup>(3)</sup></td>
    <td width="8%" align="right"><font size="2">4,803</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">798</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,465</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,116</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">7,428</font></td>
    <td width="2%" align="left"><sup>(4)</sup></td>
    <td width="8%" align="right"><font size="2">4,470</font></td>
    <td width="2%" align="left"><sup>(4)</sup></td>
    <td width="8%" align="right"><font size="2">5,622</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,537</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,383</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,043</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 34, 36 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 width="3%"><font size="1">(3)</font></td>
    <td><font size="1">Includes approximately 8,797 corresponding to loans agreed
      in U.S. dollars and accrue interest at rates between 1.40% and 7.74%.</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">(4)</font></td>
    <td><font size="1">As of December 31, 2011, 8,040 accrue fixed interest, 372
      accrue variable interest of BADLAR plus a spread between 2.60% and 6.00%
      and 3,486 accrue variable interest of LIBO plus a spread between 3.35% and
      4.50%.</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 maturities of the Company&#146;s current and 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" width="3%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">
      <div align="center"><font size="2">From 1<br>
        to 3 months</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">From 3<br>
        to 6 months</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">From 6<br>
        to 9 months</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><b></b></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">From 9 to<br>
        12 months</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Total</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"><b></b></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</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">Current loans</font></td>
    <td width="8%" align="right"><font size="2">3,613</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,759</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">978</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,078</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">7,428</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>
  </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">From 1<br>
        to 2 years</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">From 2<br>
        to 3 years</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">From 4<br>
        to 5 years</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Over<br>
        5 years</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2">Total</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Noncurrent loans</font></td>
    <td width="8%" align="right"><font size="2">1,989</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">1,130</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">4,470</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>
  </tr>
</table>
<br>
<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>

<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 width="3%"  align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td colspan=6  align="left">
      <div align="center"><font size="2">(in million)</font></div>
    </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 colspan=11  width="5%" align="center"><font size="2">Book Value</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td width="3%"  align="left"><font size="2"> </font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></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 colspan=11  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 width="3%"  align="left">&nbsp;</td>
    <td colspan=2  align="left">
      <div align="center"><font size="2">M.T.N. Program</font></div>
    </td>
    <td  align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2">Issuance</font></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 colspan=3  width="5%" align="center"><font size="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  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 width="3%"  align="left"><font size="2"> </font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  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" width="3%">&nbsp;</td>
    <td align="left"><font size="2">Year</font></td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Amount</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Year</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Principal <br>
        Value</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Interest Rate<sup>(1)</sup></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Principal<br>
        Maturity</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Noncurrent</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Current</font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2">Noncurrent</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"><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>
    <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" width="3%">&nbsp;</td>
    <td align="left"><font size="2">1997</font></td>
    <td width="5%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">US$ 100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">10.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">2028</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">418</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">364</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">342</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"><font size="2">2008</font></td>
    <td width="5%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2009</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" 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" width="3%">&nbsp;</td>
    <td align="left"><font size="2">2008</font></td>
    <td width="5%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2010</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">$ 143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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" width="3%">&nbsp;</td>
    <td align="left"><font size="2">2008</font></td>
    <td width="5%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2010</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">US$ 70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">4.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="5%" align="right"><font size="2">2013</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">301</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">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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" width="3%">&nbsp;</td>
    <td align="left"><font size="2">2008</font></td>
    <td width="5%" align="right"><font size="2">US$ 1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2011</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">19.99</font></td>
    <td width="2%" align="left" nowrap><font size="2">%<sup>(2)</sup></font></td>
    <td width="5%" align="right"><font size="2">2012</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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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" width="3%">&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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="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" width="3%">&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"><font size="2">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">719</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">642</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">547</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="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"><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%">&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">Accrues interest at a variable interest rate of BADLAR
      plus 2.60%.</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 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 11,898, 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 22.6% 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<br>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, the Company 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, the Company issued under the mentioned program the Negotiable Obligations &#147;Class II&#148; at variable interest, with final maturity in 2011, for an amount of 143 million of Argentine pesos and the Negotiable Obligations &#147;Class III&#148; at fixed interest, with final maturity in 2013, for an amount of US$ 70 million. 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, the Company 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>
<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%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Statement of Income as of December 31, 2011 and Comparative Information</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>h)</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 colspan=5  width="8%" align="center"><font size="2"><b>Income (Expense)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td 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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">54,809</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">43,318</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">33,772</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">(1,676</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,150</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(798</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">(1,826</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,668</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,628</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">&nbsp;</td>
    <td width="8%" align="right"><font size="2">51,307</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">40,500</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">31,346</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>i)</b></font></td>
		<td><font size="2"><b>Other income, net:</b></font></td>
	</tr>
</table>
<br>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&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">(82</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">112</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">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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">61</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">188</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>
    <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 align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <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">248</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">203</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>j)</b></font></td>
		<td><font size="2"><b>Income tax:</b></font></td>
	</tr>
</table>
<br>

<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left"><font size="2">Current income tax</font></td>
    <td width="8%" align="right"><font size="2">(2,351</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,161</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,983</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">Deferred income tax</font></td>
    <td width="8%" align="right"><font size="2">(153</font></td>
    <td width="2%" align="left"><font size="2">)</font></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">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">(2,504</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,888</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,919</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 ><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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">7,800</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">8,678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">5,608</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"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">35</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="8%" align="right"><font size="2">35</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 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">(2,730</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,037</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,963</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 on long-term investments</font></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">100</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">Tax free income &#150; Law No. 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 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 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">(19</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(6</font></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"><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">Income Tax</font></td>
    <td width="8%" align="right"><font size="2">(2,504</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,888</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,919</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>
<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 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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">&nbsp;&nbsp;Non deductible allowances and
      reserves</font></td>
    <td width="8%" align="right"><font size="2">858</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">877</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">730</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">&nbsp;&nbsp;Tax loss and other tax credits</font></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">47</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2">&nbsp;&nbsp;Miscellaneous</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">12</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">Total deferred tax assets</font></td>
    <td width="8%" align="right"><font size="2">919</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">936</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">772</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">&nbsp;&nbsp;Fixed assets</font></td>
    <td width="8%" align="right"><font size="2">(1,209</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,157</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,271</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">&nbsp;&nbsp;Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2">(89</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">&#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">&nbsp;&nbsp;Total deferred tax liabilities</font></td>
    <td width="8%" align="right"><font size="2">(1,298</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,162</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(1,271</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">&nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax liabilities</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">(226</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(499</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%"><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, is 3,933 and is represented by 393,312,793 shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of Argentine pesos 10 and one vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.</font></p>
<p><font size="2">As of December 31, 2011, Repsol YPF, S.A. (&#147;Repsol YPF&#148;) controls the Company, directly and indirectly, through an approximately 57.43% shareholding, while Petersen Energ&#237;a S.A. (&#147;PESA&#148;) and its affiliates exercise significant influence through a 25.46% shareholding. Additionally, Repsol YPF had granted an option to purchase from Repsol YPF up to an additional 1.6% of YPF&#146;s outstanding capital stock, which has expired without being exercised as of the date of issuance of these 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.</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 shares outstanding. As long as any Class A share remains outstanding, the affirmative vote of Argentine Government is required for: 1) mergers, 2) acquisitions of more than 50% of the Company&#146;s shares in an agreed or hostile bid, 3) transfers of all the Company&#146;s production and exploration rights, 4) the voluntary dissolution of 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>
<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>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$ 50 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>
<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%"><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 the Company participates are the following:</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Name and Location</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="21%" align="right">
      <div align="center"><font size="2"><b>Ownership Interest</b></font></div>
    </td>
    <td width="2%" 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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" 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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">22.50</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Pan American Energy LLC</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Aguada Pichana<br>
      <i>Neuqu&#233;n</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">27.27</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Total Austral S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Aguarag&#252;e<br>
      <i>Salta</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">30.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Tecpetrol S.A.</font></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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Enap Sipetrol Argentina S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Campamento Central / Ca&#241;ad&#243;n Perdido<br>
      <i>Chubut</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">YPF S.A.</font></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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Petro Andina Resources Argentina</font></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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">12.20</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Tecpetrol S.A.</font></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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">12.20</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Tecpetrol S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Llancanelo <br>
      <i>Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">51.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">YPF S.A.</font></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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">50.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Enap Sipetrol Argentina S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Palmar Largo<br>
      <i>Formosa and Salta</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">30.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Pluspetrol S.A.</font></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="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">61.55</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Petrobras Argentina S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Ramos<br>
      <i>Salta</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">15.00</font></td>
    <td width="2%" align="left" nowrap><font size="2">%<sup>(1)</sup></font></td>
    <td width="32%" align="right"><font size="2">Pluspetrol Energy S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">San Roque<br>
      <i>Neuqu&#233;n</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">34.11</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Total Austral S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Tierra del Fuego<br>
      <i>Tierra del Fuego</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">30.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">Petrolera L.F. Company S.R.L.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Yacimiento La Ventana &#150; R&#237;o Tunuy&#225;n<br>
      <i>Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">60.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">YPF S.A.</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Zampal Oeste<br>
      <i>Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">70.00</font></td>
    <td width="2%" align="left"><font size="2">%</font></td>
    <td width="32%" align="right"><font size="2">YPF S.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="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>
<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>
<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;, which aims to develop a project for storage, regasification and distribution of liquefied natural gas (&#147;LNG&#148;) in the surroundings of the distribution area in Buenos Aires, the main center of gas consumption, in order to optimize and increase the regasification capacity. During the second quarter of 2011, the construction has been completed and the operation has begun.</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 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">
      <div align="center"></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b>2010</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </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">477</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">311</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">260</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">4,668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,712</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,350</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">&nbsp;&nbsp;Total assets</font></td>
    <td width="8%" align="right"><font size="2">5,145</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">4,023</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">3,610</font></td>
    <td width="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">1,006</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">480</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">1,208</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">819</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>
  </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;Total liabilities</font></td>
    <td width="8%" align="right"><font size="2">2,214</font></td>
    <td width="2%" align="left">&nbsp;</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">1,108</font></td>
    <td width="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">2,864</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">2,421</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">1,994</font></td>
    <td width="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">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%" 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 related companies are as follows:</font></p>


<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=9 align="center"><font size="1"><b>2011</b></font></td>
    <td align="left"><font size="1"></font></td>
    <td colspan=9 align="center"><font size="1"><b>2010</b></font></td>
    <td align="left"><font size="1"></font></td>
    <td colspan=9 align="center"><font size="1"><b>2009</b></font></td>
    <td align="left" width="1%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=9 align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td colspan=9 align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></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"><font size="1"></font></td>
    <td align="right">
      <div align="center"><font size="1"><b>Trade receivables</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Other receivables</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Accounts payable</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Loans</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Trade receivables</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Other receivables</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Accounts payable</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Loans</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Trade receivables</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Other receivables</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"><font size="1"><b>Accounts payable</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td colspan=3 align="center">
      <div align="center"><font size="1"><b>Loans</b></font></div>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td colspan=3 align="center">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td colspan=3 align="center">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">
      <div align="center"><font size="1"></font></div>
    </td>
    <td colspan=3 align="center">
      <div align="center"></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Current</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1"></font></div>
    </td>
    <td align="right" width="4%">
      <div align="center"><font size="1"><b>Noncurrent</b></font></div>
    </td>
    <td align="left" width="1%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2"><b>
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    <td align="right"><font size="2"><b>
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    <td align="left"><font size="1"></font></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="1"><b>Controlled companies:</b></font></td>
    <td align="left"><font size="1"></font></td>
    <td colspan=29><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Operadora de Estaciones de Servicios S.A.</font></td>
    <td align="right"><font size="1">69</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">7</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">15</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">71</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">57</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">2</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">7</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">38</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">10</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">A - Evangelista S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">114</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">361</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">139</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">2</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">141</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">YPF Brasil Comercio de</font></td>
    <td align="left"><font size="1"></font></td>
    <td colspan=29><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Derivados de Petr&#243;leo Ltda.</font></td>
    <td align="right"><font size="1">98</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">6</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">YPF Chile S.A.<sup>(2)</sup></font></td>
    <td align="right"><font size="1">6</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Maxus<sup>(1)</sup></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">YPF Servicios Petroleros S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">64</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">2</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">9</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
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    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">173</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">121</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">440</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">71</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">65</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">11</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">147</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">38</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">3</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">152</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td 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 align="left"><font size="1"></font></td>
    <td colspan=29><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Profertil S.A.</font></td>
    <td align="right"><font size="1">27</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">122</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">29</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">79</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">10</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">11</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Compa&#241;&#237;a Mega S.A. <br>
      (&#147;Mega&#148;)</font></td>
    <td align="right"><font size="1">458</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">18</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">296</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">10</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">245</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">8</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&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 align="right"><font size="1">75</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">23</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">18</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">57</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">20</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">12</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">86</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">32</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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      </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">560</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">24</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">158</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">382</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">21</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">101</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">341</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">51</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="2">
      <hr noshade size=1>
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    <td align="left"><font size="1"></font></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="1"><b>Companies under significant influence:</b></font></td>
    <td align="right"><font size="1">104</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">48</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">50</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">46</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">22</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">1</font></td>
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    <td align="right"><font size="1">25</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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  <tr align="center" valign="bottom">
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    <td align="right"><font size="2">
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    <td align="right"><font size="2">
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    <td align="right"><font size="2">
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"><b>Main shareholders and other related parties
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  <tr align="center" valign="bottom">
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">43</font></td>
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    <td align="right"><font size="1">123</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">38</font></td>
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    <td align="right"><font size="1">122</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">8</font></td>
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    <td align="right"><font size="1">112</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Repsol YPF Gas S.A.</font></td>
    <td align="right"><font size="1">32</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">13</font></td>
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    <td align="right"><font size="1">37</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">34</font></td>
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    <td align="right"><font size="1">1</font></td>
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    <td align="right"><font size="1">4</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">35</font></td>
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    <td align="right"><font size="1">3</font></td>
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    <td align="right"><font size="1">2</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">6</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">5</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">7</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Repsol International Finance B.V.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">1</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">1</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">400</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">766</font></td>
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    <td align="right"><font size="1">380</font></td>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Repsol YPF Venezuela S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">6</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">6</font></td>
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    <td align="right"><font size="1">6</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">6</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">7</font></td>
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    <td align="right"><font size="1">2</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">6</font></td>
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    <td align="right"><font size="1">5</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">4</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="left"><font size="1">Repsol Comercial S.A.C.</font></td>
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    <td align="right"><font size="1">8</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">7</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">14</font></td>
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    <td align="right"><font size="1">2</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">12</font></td>
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    <td align="right"><font size="1">8</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">9</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Repsol YPF Bolivia S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">19</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">18</font></td>
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    <td align="right"><font size="1">23</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">5</font></td>
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    <td align="right"><font size="1">22</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Repsol YPF Tesorer&#237;a y</font></td>
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    <td colspan=29><font size="1"></font></td>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Gesti&#243;n Financiera S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">538</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
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  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Repsol Butano S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="right"><font size="1">20</font></td>
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    <td align="right"><font size="1">19</font></td>
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    <td align="left">&nbsp;</td>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Nuevo Banco de Entre R&#237;os S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">&#151;</font></td>
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">27</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">28</font></td>
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    <td align="right"><font size="1">50</font></td>
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    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1">Nuevo Banco de Santa Fe S.A.</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left"><font size="1"></font></td>
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    <td align="right"><font size="1">9</font></td>
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    <td align="right"><font size="1">69</font></td>
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    <td align="right"><font size="1">75</font></td>
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    <td align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1">Others</font></td>
    <td align="right"><font size="1">25</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">24</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">50</font></td>
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    <td align="right"><font size="1">27</font></td>
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    <td align="right"><font size="1">19</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">48</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">22</font></td>
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    <td align="right"><font size="1">18</font></td>
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    <td align="right"><font size="1">6</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">40</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">21</font></td>
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    <td align="left">&nbsp;</td>
  </tr>
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    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">57</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">160</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">214</font></td>
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    <td align="right"><font size="1">538</font></td>
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    <td align="right"><font size="1">61</font></td>
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    <td align="right"><font size="1">132</font></td>
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    <td align="right"><font size="1">216</font></td>
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    <td align="right"><font size="1">458</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">97</font></td>
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    <td align="right"><font size="1">60</font></td>
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    <td align="right"><font size="1">23</font></td>
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    <td align="right"><font size="1">195</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">912</font></td>
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    <td align="right"><font size="1">380</font></td>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">894</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">305</font></td>
    <td align="left"><font size="1"></font></td>
    <td align="right"><font size="1">860</font></td>
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    <td align="right"><font size="1">71</font></td>
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    <td align="right"><font size="1">538</font></td>
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    <td align="right"><font size="1">558</font></td>
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    <td align="right"><font size="1">165</font></td>
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    <td align="right"><font size="1">510</font></td>
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    <td align="right"><font size="1">458</font></td>
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    <td align="right"><font size="1">97</font></td>
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    <td align="right"><font size="1">461</font></td>
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    <td align="right"><font size="1">28</font></td>
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    <td align="right"><font size="1">423</font></td>
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    <td align="right"><font size="1">912</font></td>
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    <td align="right"><font size="1">380</font></td>
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    <td align="left">&nbsp;</td>
  </tr>
</table>
<br>
<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>
<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="2"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="5%" align="center"><font size="2"><b>2010</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="5%" align="center"><font size="2"><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="2"><b>Sales</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Purchases and services</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Loans obtained<br>
        (paid), net</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Interests and comissions earned<br>
        (lost), net</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Sales</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Purchases and services</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Loans obtained<br>
        (paid), net</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Interests and comissions earned<br>
        (lost), net</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Sales</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Purchases and services</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Loans obtained<br>
        (paid), net</b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="2"><b>Interests earned<br>
        (lost), 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>
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      <hr noshade size=1>
      </b></font></td>
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      <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>Jointly controlled companies:</b></font></td>
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    <td colspan=23>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
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    <td width="5%" align="right"><font size="2">58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">613</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">71</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">465</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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>
    <td width="5%" align="right"><font size="2">348</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">A &#150; Evangelista S.A.</font></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">651</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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">358</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">350</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">YPF Brasil Comercio de</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=23>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Derivados de Petr&#243;leo Ltda.</font></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">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">YPF Chile S.A.<sup>(2)</sup></font></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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">Maxus (U.S.) Exploration Company<sup>(1)</sup></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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Maxus<sup>(1)</sup></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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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">&#151;</font></td>
    <td 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">YPF Servicios Petroleros S.A.</font></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">332</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">213</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,596</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">71</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">888</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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">699</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">28</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="2"><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">
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    <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">460</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" 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">234</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">141</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">Mega</font></td>
    <td width="5%" align="right"><font size="2">1,720</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">95</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,269</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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">&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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Refinor</font></td>
    <td width="5%" align="right"><font size="2">447</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">426</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">150</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">402</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">167</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,248</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">715</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,786</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">442</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,464</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">340</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="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>Companies under significant influence:</b></font></td>
    <td width="5%" align="right"><font size="2">244</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">224</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">187</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">208</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">116</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">&#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="2"><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="2">Repsol YPF</font></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">(4</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">(19</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">31</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">(24</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">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Repsol YPF Transporte y <br>
      Trading S.A.</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">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">&#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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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">&#151;</font></td>
    <td 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">Repsol Sinopec Brasil S.A.</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">53</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">96</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">Repsol YPF Gas S.A.</font></td>
    <td width="5%" align="right"><font size="2">320</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">304</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">162</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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Repsol Netherlands Finance B.V.</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">(403</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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(793</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(20</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">(51</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">Repsol YPF Venezuela S.A.</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>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">Repsol YPF Ecuador S.A.</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">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="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</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">Repsol Comercial S.A.C.</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">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">Repsol Exploraci&#243;n S.A.</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>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td 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">Repsol YPF Bolivia S.A.</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
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    <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>
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  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Repsol YPF Tesorer&#237;a y</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=23>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Gesti&#243;n Financiera S.A.</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
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  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Repsol Butano S.A.</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
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    <td width="5%" align="right"><font size="2">19</font></td>
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    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Nuevo Banco de Entre R&#237;os S.A.</font></td>
    <td width="5%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
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    <td width="5%" align="right"><font size="2">(29</font></td>
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    <td width="5%" align="right"><font size="2">27</font></td>
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  </tr>
  <tr align="center" valign="bottom">
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    <td width="5%" align="right"><font size="2">&#151;</font></td>
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    <td width="5%" align="right"><font size="2">3</font></td>
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    <td width="5%" align="right"><font size="2">(2</font></td>
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    <td width="2%" align="left">&nbsp;</td>
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    <td width="5%" align="right"><font size="2">30</font></td>
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  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">Others</font></td>
    <td width="5%" align="right"><font size="2">224</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">138</font></td>
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    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">47</font></td>
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    <td width="5%" align="right"><font size="2">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
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    <td width="5%" align="right"><font size="2">152</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">33</font></td>
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    <td width="5%" align="right"><font size="2">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
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  </tr>
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  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">551</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">110</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">(39</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">641</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">(811</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">(51</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">410</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">65</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"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
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      </font></td>
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    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">3,256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">2,645</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">76</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"><font size="2">)</font></td>
    <td width="5%" align="right"><font size="2">2,712</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">1,607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">(811</font></td>
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    <td width="5%" align="right"><font size="2">(51</font></td>
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    <td width="5%" align="right"><font size="2">2,035</font></td>
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    <td width="5%" align="right"><font size="2">1,310</font></td>
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    <td width="5%" align="right"><font size="2">65</font></td>
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    <td width="5%" align="right"><font size="2">(53</font></td>
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  </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>
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    <td width="2%" align="left">&nbsp;</td>
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      </font></td>
    <td width="2%" align="left">&nbsp;</td>
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      </font></td>
    <td width="2%" align="left">&nbsp;</td>
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      </font></td>
    <td width="2%" align="left">&nbsp;</td>
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      </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">Controlled by YPF Holdings Inc., with a 100% shareholding over its capital stock.</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">Controlled by Eleran Inversiones 2011 S.A.U., with a 100% shareholding over its capital stock.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2"><b>8.</b></font></td>
		<td><font size="2"><b>SOCIAL AND OTHER EMPLOYEE BENEFITS</b></font></td>
	</tr>
</table>
<br>
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	<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>
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	<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 152, 114 and 74 for the years ended December 31, 2011, 2010 and 2009, respectively.</font></td>
	</tr>
</table>
<br>
<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 width="3%"><font size="2"><b>b)</b></font></td>
		<td><font size="2"><b>Retirement Plan:</b></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">Effective March 1, 1995, the Company established a defined contribution retirement plan that provides benefits for each employee who elects to join the plan. Each plan member will pay an amount between 2% and 9% of his monthly compensation and the Company will pay an amount equal to the contributed by each member.</font></td>
	</tr>
</table>
<br>
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		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">The plan members will receive the Company&#146;s contributed funds before retirement only in the case of voluntary termination under certain circumstances or dismissal without cause and additionally in the case of death or incapacity. YPF has the right to discontinue this plan at any time, without incurring termination costs.</font></td>
	</tr>
</table>
<br>
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		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">The total charges recognized under the Retirement Plan amounted to 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>9.</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>
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		<td valign=top ><font size="2">YPF 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>
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		<td valign=top ><font size="2">As of December 31, 2011, the Company has accrued 2,209 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>
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		<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 financial statements, including counsel fees and judicial expenses.</font></td>
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		<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>
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		<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</font></td>
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    <td valign=top ><font size="2">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 restrictions 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;Restrictions&#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 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>
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		<td valign=top ><font size="2">As a result of the Restrictions, in several occasions since 2004, YPF has been forced to suspend, either totally or partially, its natural gas deliveries to some of its export clients, with whom YPF has undertaken firm commitments to deliver natural gas.</font></td>
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		<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>
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		<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 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.</font></td>
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		<td valign=top ><font size="2">(&#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.</font></td>
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		<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 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&#146;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 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. 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>
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		<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>
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		<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>
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		<td><font size="2"><i>La Plata and Quilmes environmental claims:</i></font></td>
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		<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<br></font></td>
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		<td valign=top ><font size="2">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>
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		<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 N&#186; 24,145. YPF has accrued the estimated cost of the characterization and risk assessment studies mentioned above. The cost of the remediation actions, if required, is recorded in those situations where the loss is probable and can be reasonably estimated.</font></td>
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		<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 35 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>
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		<td><font size="2"><i>Tax claims:</i></font></td>
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		<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 financial statements.</font></td>
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<p><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></p>
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		<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 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><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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		<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;litispendentia&#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 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><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&#237;o Santiago and R&#237;o de la Plata (soil, water and acquiferous, including those of the refinery) or, if clean-up is impossible, indemnification for environmental and personal damages. The plaintiff has quantified damages in 52 or an amount to be determined from evidence produced during the proceeding. YPF believes that most damages that are alleged by the plaintiff, might be attributable to events that occurred prior to YPF&#146;s privatization and would, therefore, be covered to that extent by the indemnity granted by the Argentine Government in accordance with the Privatization Law of YPF. The Court has accepted the summon of the Argentine Government in this matter. Notwithstanding the foresaid, the possibility of YPF being asked to afford these liabilities is not discarded, in which case the Argentine Government must be asked to reimburse the remediation expenses for liabilities existing 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>
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		<td valign=top ><font size="2">Additionally, YPF is aware of an action that has not been served yet, in which the plaintiff requests the clean-up of the channel adjacent to the La Plata refinery, the R&#237;o Santiago, and other sectors near the coast line, and, if such remediation is not possible, an indemnification of 500 or an amount to be determined from the evidence produced in discovery. The claim partially overlaps with the requests made by a group of neighbors of La Plata refinery on June 29, 1999, described in the first paragraph of &#147;La Plata and Quilmes environmental claims&#148;, and with the complaint served on June 6, 2007, mentioned in the previous paragraph. Accordingly, YPF considers that if it is served in this proceeding or any other proceeding related to the same subject matters, the cases should be consolidated to the extent that the claims overlap.</font></td>
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<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">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>
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		<td valign=top width="3%"><font size="2"></font></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>
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	<tr>
		<td valign=top width="3%"><font size="2">&#150;</font></td>
		<td><font size="2"><i>Other environmental claims in Quilmes: </i>the Company has been recently notified of an environmental complaint filed by neighbors of Quilmes city, province of Buenos Aires, claiming approximately 209 for compensation for environmental and 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>
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		<td valign=top width="3%"><font size="2">&#150;</font></td>
		<td><font size="2"><i>Hydrocarbon&#146;s concessions </i>-<i> Provincial claims: </i>YPF has been notified of the Resolution No. 433/2008 issued by the Direction of Hydrocarbons, Ministry of Production of the Province of R&#237;o Negro, concerning compliance with certain obligations assumed as production concessionaire of the areas Barranca de los Loros, Bajo del Piche, El Medanito and Los Caldenes, all of them located in the Province of R&#237;o Negro. The resolution provides that YPF, among others, has not complied with certain obligations as production concessionaire and claims for damages to the environment.</font></td>
	</tr>
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<br>
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		<td valign=top width="3%"><font size="2"></font></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 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. The net value of the assets and the volume of proved reserves related to these concessions are not material to the Company.</font></td>
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		<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>
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		<td valign=top width="3%"><font size="2"></font></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 Restrictions, the Company has been forced to suspend totally or partially the corresponding deliveries, invoking the existence of force majeure or fortuitous event, and which, according to 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>
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		<td valign=top width="3%"><font size="2"></font></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</font></td>
	</tr>
</table>
<br>
<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>

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		<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">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.</font></td>
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		<td valign=top width="3%"><font size="2"></font></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, 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>
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</table>
<br>
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		<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 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>
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		<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">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>
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		<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<i>.</i> Notwithstanding, on August 6, 2009, the evidence production period commenced and the evidence is now being produced.</font></td>
	</tr>
</table>
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		<td valign=top width="3%"><font size="2"></font></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>
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		<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 financial statements, has considered them to be possible contingencies<i>.</i></font></td>
	</tr>
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		<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>
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		<td valign=top ><font size="2">YPF is subject to various provincial and national laws and regulations relating to the protection of the environment. These laws and regulations may, among other things, impose liability on companies for the cost of pollution clean-up and environmental damages resulting from operations. Management believes that the Company&#146;s operations are in substantial compliance with Argentine laws and regulations currently in force relating to the protection of the environment as such laws have historically been interpreted and enforced.</font></td>
	</tr>
</table>
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		<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>
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		<td valign=top ><font size="2">In addition to the hydrocarbon wells abandonment legal obligations for 6,540 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>
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		<td valign=top ><font size="2">Additionally, certain environmental contingencies in the United States of America were assumed by Tierra and Maxus, indirect controlled companies through YPF Holdings Inc. (Note 3 to the consolidated financial statements).</font></td>
	</tr>
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		<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>
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		<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>
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		<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">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>
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		<td valign=top width="3%"><font size="2"></font></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 9.a), on June 14, 2007, Resolution No. 599/2007 of the Secretariat of Energy was published in the Official Gazette (the &#147;Resolution&#148;). This Resolution approved an agreement with natural gas producers regarding the natural gas supply to the domestic market during the period 2007 through 2011 (the &#147;Agreement 2007-2011&#148;). The purpose of this Agreement 2007-2011 is to guarantee the normal supply of the natural gas domestic market during the period 2007 through 2011, considering the domestic market demand registered during 2006 plus the growth of residential and small commercial customer&#146;s consumption (the &#147;Priority Demand&#148;). According to the Resolution, the producers that have signed the Agreement 2007-2011 commit to supply a part of the Priority Demand according to certain percentage determined for each producer based upon its share of production for the 36 months period prior to April 2004. In case of shortage to supply Priority Demand, natural gas exports of producers that did not sign the Agreement 2007-2011 will be the first to be called upon in order to satisfy such mentioned shortage. The Agreement 2007-2011 also establishes terms of effectiveness and pricing provisions for the Priority Demand consumption. Considering that the Resolution anticipates the continuity of the regulatory mechanisms that affect the exports, YPF has appealed the Resolution and has expressly stated that the execution of the Agreement 2007-2011 does not mean any recognition by YPF of the validity of that Resolution. On June 22, 2007, the National Direction of Hydrocarbons notified that the Agreement 2007-2011 reached the sufficient level of subscription. 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 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>
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		<td valign=top width="3%"><font size="2">&nbsp;</font></td>
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    <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 restrictions to
      the producers&#146; availability of natural gas (&#147;Procedimiento para
      Solicitudes, Confirmaciones y Control de Gas&#148;), as follows. By virtue
      of these procedures, distributors remain able to request all the natural</font></td>
	</tr>
</table>
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		<td valign=top ><font size="2">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>
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		<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">On November 8, 2011, ENARGAS published Resolution No. 1982, which supplements Decree<br>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 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>
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		<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>Liquid hydrocarbons regulatory requirements:
      </i>Resolution No. 1,679/04 of the Secretariat of Energy reinstalled the
      registry of diesel and crude oil export transactions created by Executive
      Decree No. 645/02, and mandated that producers, sellers, refining companies
      and any other market agent that wishes to export diesel or crude oil to
      register such transaction and to demonstrate that domestic demand has been
      satisfied and that they have offered the product to be exported to the domestic
      market. In addition, Resolution No. 1,338/06 of the Secretariat of Energy
      added other petroleum products to the registration regime created by Executive
      Decree No. 645/02, including gasoline, fuel oil and its derivatives, diesel,
      aviation fuel, asphalts, certain petrochemicals, certain lubricants, coke
      and petrochemical derivatives. Resolution No. 715/07 of the Secretariat
      of Energy empowered the National Refining and Marketing Director to determine
      the amounts of diesel to be imported by each company, in specific periods
      of<i> </i>the year, to compensate exports of products included under the
      regime of Resolution No. 1,679/04; the fulfillment of this obligation to
      import diesel is necessary to obtain authorization to export the products
      included under Decree No. 645/02. In addition, certain regulations establish
      that exports are subordinated to the supply of the domestic market. In this
      way, Resolution No. 25/06 of the Secretariat of Domestic Commerce, issued
      on October 11, 2006, imposes on each Argentine refining and/or retail company
      the obligation to supply all reasonable<br>
      </font></td>
	</tr>
</table>
<br>
<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>

<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">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>
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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">Additionally, Rule 168/04 requires companies intending to export LPG to first obtain an authorization from the Secretariat of Energy, by demonstrating that local demand was satisfied or that an offer to sell LPG to local demand has been made and rejected.</font></td>
	</tr>
</table>
<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">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%"><font size="2"></font></td>
		<td valign=top ><font size="2">On January 26, 2012, the Secretariat of Domestic Commerce issued Resolution No. 6/2012 whereby (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 induction against its validity.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></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%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top ><font size="2">On March 1, 2012, the province of Chubut, through Decree No. 271, requested YPF to submit, at the end of seven working days, a statement of discharge 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 a work plan aimed at remedying such alleged breach. In addition, on March 2, 2012, the province of Santa Cruz, through a certified 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. YPF will respond to the requests made by the provinces of Chubut and Santa Cruz in due course.</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">&#150;</font></td>
		<td><font size="2"><i>Refining 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 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>
<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>

<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">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>
<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">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 had a net impact (loss) in Net income for the current year of approximately 273, after the corresponding tax effect. YPF is evaluating to challenge this suspension.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></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. 1722/2011 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 1 of Decree No. 2581 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>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></td>
		<td valign=top width="3%"><font size="2">&#150;</font></td>
		<td><font size="2"><i>Operating leases: </i>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 1,710 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%"><font size="2">&nbsp;</font></td>
		<td valign=top width="3%"><font size="2"></font></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" width="3%">&nbsp;</td>
    <td align="left"><font size="2"><b></b></font></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">
      <div align="center"><font size="2"></font></div>
    </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">
      <div align="center"><font size="2"></font></div>
    </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">
      <div align="center"><font size="2"></font></div>
    </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">
      <div align="center"><font size="2"></font></div>
    </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">
      <div align="center"><font size="2"></font></div>
    </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"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <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>
    <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 align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Estimated future payments</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">1,148</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">420</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">181</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">91</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">53</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2"></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2">104</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">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></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>
<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>

<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">Additionally, in 2008 and 2009, the Company<i> </i>entered into a series of agreements with the Province of Neuqu&#233;n, to extend for ten additional years the term of the production concessions on several areas located in that province, which, as result of the above mentioned agreement, will expire between 2026 and 2027. As a condition for the extension of these concessions the Company undertook the following commitments upon the execution of the agreements: i) to make to the Province total initial payments of US$ 204 million; ii) to pay in cash to the Province an &#147;Extraordinary Production Royalty&#148; of 3% of the production of the areas involved. In addition, the parties agreed to make adjustments of up to an additional 3% in the event of an extraordinary income according to the mechanisms and reference values established in each signed agreement; iii) to carry out exploration activities in the remaining exploration areas and make certain investments and expenditures in the production concessions that are the purpose of the agreements in a total amount of US$ 3,512 million until the expiring date of the concessions; and iv) to make Corporate Social Responsibility contributions to the Province of Neuqu&#233;n in a total amount of US$ 23 million.</font></td>
	</tr>
</table>
<br>
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	<tr>
		<td valign=top width="3%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></td>
		<td valign=top width="3%"><font size="2">&#150;</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%"><font size="2"></font></td>
		<td valign=top width="3%"><font size="2">&#150;</font></td>
		<td><font size="2">Exploitation and transportation concessions terms are extended for a 10-year term; 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 width="3%"><font size="2">&#150;</font></td>
		<td><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>
<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%" 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>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>
<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>ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)</b></font></td>
	</tr>
</table>
<p><font size="2">As mentioned in Note 1.a, in accordance with IFRS 1, &#147;First-Time Adoption of International Financial Reporting Standards&#148;, adopted by General Resolution No. 562/09 of the CNV, the information provided below has been prepared based on the IFRS 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 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">Property, plant and equipment 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%"><font size="2"></font></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 applicable accounting standards 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%"><font size="2"></font></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, &#147;Financial Instruments&#148;, has 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 accounting standards outstanding in Argentina before the adoption of IFRS (&#147;Previous Argentine GAAP&#148;), 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, prepared in accordance to Technical Resolution N&#186; 29.</font></p>
<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>

<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"><font size="2"><b></b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>As of January 1, 2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>As of December 31, 2011</b></b></font></div>
    </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>
  </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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">18,735</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:3%; text-indent:-3%"><font size="2">a)&nbsp;&nbsp;&nbsp;Effect
        of application of the functional and reporting currency:</font></div>
    </td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:6%; text-indent:-3%"><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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6,438</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:6%; text-indent:-3%"><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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">266</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:6%; text-indent:-3%"><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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">327</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:3%; text-indent:-3%"><font size="2">b)&nbsp;&nbsp;&nbsp;Income
        tax effect</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"><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>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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">23,420</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><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">(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>
  <tr>
    <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%"><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%"><font size="2"></font></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%"><font size="2"></font></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, &#147;The Effects of Changes in Foreign Exchange Rates&#148;, 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. 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>
<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%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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 the amounts of 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%"><font size="2"></font></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>Income Tax Effect:</b></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">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%"><font size="2"></font></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>
<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">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%"><font size="2"></font></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%"><font size="2"></font></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>
<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>

<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"><font size="2"><b></b></font></td>
		<td width="8%" align="right">
      <div align="center"><font size="2"><b><b>For the Year Ended December 31,
        2011</b></b></font></div>
    </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>
	</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"><font size="2"></font></td>
	</tr>
	<tr align="center" valign="bottom">
		<td align="left"><div style="margin-left:3%; text-indent:-3%"><font size="2">a)&nbsp;&nbsp;&nbsp;Exchange differences</font></div></td>
		<td width="8%" align="right"><font size="2">1,113</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:3%; text-indent:-3%"><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:3%; text-indent:-3%"><font size="2">c)&nbsp;&nbsp;&nbsp;Income tax effect</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:3%; text-indent:-3%"><font size="2">d)&nbsp;&nbsp;&nbsp;Other</font></div></td>
		<td width="8%" align="right"><font size="2">(322</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>
	</tr>
	<tr bgcolor="#cccccc" 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">4,433</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:3%; text-indent:-3%"><font size="2">e)&nbsp;&nbsp;&nbsp;Conversion differences</font></div></td>
		<td width="8%" align="right"><font size="2">1,864</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>
	</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"><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=3></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="2"><b>a)</b></font></td>
		<td><font size="2"><b>Exchange differences:</b></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">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%"><font size="2"></font></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>Income tax effect:</b></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">Corresponds to the effect of income tax in accordance with the requirements of IAS 12.</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>Other:</b></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">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>Conversion differences:</b></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">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%"><font size="2"></font></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 is funcional currency;</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">&#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%"><font size="2"></font></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>
<p align="center"><font size="2">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"></font></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" width="3%">&nbsp;</td>
    <td align="left"><font size="2"><b></b></font></td>
    <td width="10%" align="right">
      <div align="center"><font size="2"><b><b>For the Year Ended December 31,
        2011</b></b></font></div>
    </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"></font></td>
    <td width="10%" 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 align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Fixed assets and intangible
      assets</font></td>
    <td width="10%" align="right" bgcolor="#cccccc"><font size="2">2,553</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">Inventories</font></td>
    <td width="10%" align="right"><font size="2">367</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Monetary Assets</font></td>
    <td width="10%" align="right" bgcolor="#cccccc"><font size="2">436</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">Monetary Liabilities</font></td>
    <td width="10%" align="right"><font size="2">(977</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2">Conversion of monetary liabilities
      net in pesos</font></td>
    <td width="10%" align="right" bgcolor="#cccccc"><font size="2">(572</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">Other</font></td>
    <td width="10%" align="right"><font size="2">57</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"></font></td>
    <td width="10%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc"><font size="2"><b>Total conversion effect</b></font></td>
    <td width="10%" align="right" bgcolor="#cccccc"><font size="2">1,864</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"></font></td>
    <td width="10%" align="right"><font size="2">
      <hr noshade size=3>
      </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="2"></font></td>
		<td valign=top ><font size="2">The transition from previous Argentine GAAP to IFRS has not significantly affected the Company&#146; statements of cash flow.</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">Summarized below are the main reclassifications that will affect the Company&#146;s financial statements as a result of the adoption of IFRS.</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>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%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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>
<p align="center"><font size="2">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%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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>
<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">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%"><font size="2"></font></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%"><font size="2"></font></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%"><font size="2"></font></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>
<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="2"><b>12.</b></font></td>
		<td><font size="2"><b>SUBSEQUENT EVENTS</b></font></td>
	</tr>
</table>
<p><font size="2">As of the date of the issuance of these financial statements, there are no significant subsequent events that require adjustments or disclosure in the financial statements of the Company as of December 31, 2011, if applicable, which were not already considered in those financial statements according to the generally accepted accounting principles in Argentina.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="2"><b>13.</b></font></td>
		<td><font size="2"><b>DIFFERENCES BETWEEN ACCOUNTING PRINCIPLES FOLLOWED BY THE COMPANY AND GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</b></font></td>
	</tr>
</table>
<p><font size="2">These financial statements are presented on the basis of generally
  accepted accounting principles in Argentina, but do not conform to certain generally
  accepted accounting principles in other places. The effects of the differences
  between generally accepted accounting principles in Argentina and generally
  accepted accounting principles in other places in which these financial statements
  may be used have not been quantified. Accordingly, these financial statements
  are not intended to present the information on the Company&#146;s financial
  position, and the related results of its operations and cash flows in accordance
  with generally accepted accounting principles in places other than in Argentina.</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%" nowrap>
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ<br>
        </font><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font size="2">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 >
      <div align="right"><font size="2"><b>Exhibit A</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial statements in the English translation.</font></p>
<p><font size="2">In case of discrepancy, the financial statements filed with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>BALANCE SHEET AS OF DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>FIXED ASSETS EVOLUTION</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos &#150; Note 1.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></b></font></td>
    <td colspan=7  width="8%" align="center"><font size="2"><b><b>2011</b></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=7  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 colspan=7  width="8%" align="center"><font size="2"><b><b>Cost</b></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=7  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"><b>Main account</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Amounts at beginning of year</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Increases</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="11%" align="right">
      <div align="center"><font size="2"><b><b>Net decreases, reclassifications
        and transfers</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Amounts at end of year</b></b></font></div>
    </td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><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="11%" 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">Land and buildings</font></td>
    <td width="8%" align="right"><font size="2">2,979</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>
    <td width="11%" 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">2,983</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Mineral property, wells and related equipment</font></td>
    <td width="8%" align="right"><font size="2">65,526</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,349</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="11%" align="right"><font size="2">6,288</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">73,163</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">Refinery equipment and petrochemical plants</font></td>
    <td width="8%" align="right"><font size="2">9,931</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="11%" align="right"><font size="2">483</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">10,438</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Transportation equipment</font></td>
    <td width="8%" align="right"><font size="2">1,887</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"><font size="2"></font></td>
    <td width="11%" 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">1,993</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">Materials and equipment in warehouse</font></td>
    <td width="8%" align="right"><font size="2">1,305</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,150</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="11%" align="right"><font size="2">(1,450</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">2,005</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Drilling and work in progress</font></td>
    <td width="8%" align="right"><font size="2">5,485</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">9,498</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="11%" align="right"><font size="2">(5,660</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">9,323</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">Exploratory drilling in progress<sup>(5)</sup></font></td>
    <td width="8%" align="right"><font size="2">238</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,020</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="11%" align="right"><font size="2">(898</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">360</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Furniture, fixtures and installations</font></td>
    <td width="8%" align="right"><font size="2">835</font></td>
    <td width="2%" align="left"><font size="2"></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="11%" 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">911</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 equipment</font></td>
    <td width="8%" align="right"><font size="2">1,532</font></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"><font size="2"></font></td>
    <td width="11%" 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">1,712</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 property</font></td>
    <td width="8%" align="right"><font size="2">946</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">16</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="11%" 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">983</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="11%" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2">90,664</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">14,079</font></td>
    <td width="2%" align="left" nowrap><font size="2"><sup>(3)(6)</sup></font></td>
    <td width="11%" align="right"><font size="2">(872)</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">103,871</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="11%" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2">81,984</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">9,277</font></td>
    <td width="2%" align="left"><font size="2"><sup>(3)</sup></font></td>
    <td width="11%" align="right"><font size="2">(597)</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">90,664</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="11%" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2009</font></td>
    <td width="8%" align="right"><font size="2">77,431</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,211</font></td>
    <td width="2%" align="left" nowrap><font size="2"><sup>(3)(6)</sup></font></td>
    <td width="11%" align="right"><font size="2">(658)</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">81,984</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="11%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></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 colspan=11  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"><b><b>2010</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"><b><b>2009</b></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=11  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>
    <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 align="center" valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td colspan=11  width="8%" align="center"><font size="2"><b><b>Depreciation</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td colspan=11  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>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>Main account</b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Accumulated at beginning of year</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Net decreases, reclassifications
        and transfers</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Depreciation rate</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Increases</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Accumulated at end of year</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Net book value</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Net book value</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Net book value</b></b></font></div>
    </td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><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>
    <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">Land and buildings</font></td>
    <td width="8%" align="right"><font size="2">1,057</font></td>
    <td width="2%" align="left"><font size="2"></font></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">68</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,117</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,866</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,922</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,824</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Mineral property, wells and related equipment</font></td>
    <td width="8%" align="right"><font size="2">48,898</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">&nbsp;</td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">4,420</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">53,320</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">19,843</font></td>
    <td width="2%" align="left"><font size="2"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2">16,628</font></td>
    <td width="2%" align="left"><font size="2"><sup>(4)</sup></font></td>
    <td width="8%" align="right"><font size="2">15,862</font></td>
    <td width="2%" align="left"><font size="2"><sup>(4)</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 width="8%" align="right"><font size="2">6,938</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"><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">501</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">7,439</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,999</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,993</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,902</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Transportation equipment</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">&#151;</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">65</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,494</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">499</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">458</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">497</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">Materials and equipment in warehouse</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,005</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,305</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">798</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Drilling and work in progress</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">9,323</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,485</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,570</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" nowrap><font size="2">Exploratory drilling in progress(5)</font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">360</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">238</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>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Furniture, fixtures and installations</font></td>
    <td width="8%" align="right"><font size="2">665</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"><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">87</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">752</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"><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">204</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 equipment</font></td>
    <td width="8%" align="right"><font size="2">1,237</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6</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">66</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,309</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">403</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">295</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">308</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 property</font></td>
    <td width="8%" align="right"><font size="2">317</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">10</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">342</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">641</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">629</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">271</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"></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>
    <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2">60,541</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"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,237</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">65,773</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">38,098</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2">55,629</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"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,943</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">60,541</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">30,123</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2009</font></td>
    <td width="8%" align="right"><font size="2">51,263</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"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,393</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">55,629</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">26,355</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><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">(1)</font></td>
		<td><font size="1">Includes 13, 10 and 6 of net book value charged to fixed assets allowances 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">Depreciation has been calculated according to the unit of production method (Note 2.e).</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(3)</font></td>
		<td><font size="1">Includes 695, 874 and 176 corresponding to hydrocarbon wells abandonment costs for the year 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">(4)</font></td>
		<td><font size="1">Includes 1,495, 1,000 and 1,117 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">(5)</font></td>
		<td><font size="1">At the end of the year ended December 31, 2011, there are 28 exploratory wells in progress. During the year, 37 wells were drilled, 8 wells were charged to exploratory expenses and 18 wells were transferred to proved properties which are included in the mineral property, wells and related equipment account.</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 9.c) and other not significant acquisitions for the years ended December 31, 2011 and 2009, respectively.</font></td>
	</tr>
</table>

<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%" nowrap>
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ<br>
        </font><font size="2">Director</font></div>
    </td>
  </tr>
</table>

<br>

<p align="center"><font size="2">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 >
      <div align="right"><font size="2"><b>Exhibit C</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial statements in the English translation.</font></p>
<p><font size="2">In case of discrepancy, the financial statements filed with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>BALANCE SHEET AS OF DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>INVESTMENTS IN SHARES AND HOLDINGS IN OTHER COMPANIES</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos, except where otherwise indicated &#150; Note 1.a)</font></p>


<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"><b></b></font></td>
    <td colspan=23  width="5%" align="center"><font size="1"><b><b>2011</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>2010</b></b></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>2009</b></b></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=23  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="2%" align="left"><font size="1"></font></td>
    <td colspan=13  width="5%" align="center"><font size="1"><b><b>Information
      of the Issuer</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=3><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=13  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=3><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=5  width="5%" align="center"><font size="1"><b><b>Description
      of the Securities</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=7  width="5%" align="center"><font size="1"><b><b>Last Financial
      Statements Available</b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=11><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"></font></td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"><b></b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=7  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=11><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="1"><b>Name and Issuer</b></font></td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Class</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Face Value</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Amount</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Book Value</b></b></font></div>
    </td>
    <td width="1%" align="left" valign="top">
      <div align="center"><font size="2"><font size="1"><font size="1"></font></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Cost<sup>(2)</sup></b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Main Business</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b>Registered Address</b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Date</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Capital Stock</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Income (Loss)</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Equity</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Holding in Capital Stock</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Book Value</b></b></font></div>
    </td>
    <td width="1%" align="left">
      <div align="center"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="center"><font size="1"><b><b>Book Value</b></b></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="1"><b>Controlled companies:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=27><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">YPF International S.A.<sup>(7)</sup></font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">Bs.100</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">2,512,290</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="right"><font size="1">334</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="1"><sup>(3)</sup></font></div>
    </td>
    <td width="5%" align="right"><font size="1">1,210</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Investment</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Calle La Plata 19, Santa Cruz de la Sierra,
        Rep&#250;blica de Bolivia</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">154</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">333</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">99.99%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(10)</sup></font></td>
    <td width="5%" align="right"><font size="1">268</font></td>
    <td width="1%" align="left" nowrap><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">246</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">YPF Holdings Inc.<sup>(8)</sup></font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">US$0.01</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">810,614</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="right"><font size="1">&#151;</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="1"><sup>(9)</sup></font></div>
    </td>
    <td width="5%" align="right"><font size="1">2,658</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Investment and finance</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">1330 Lake Robbins Drive, Suite 300, The
        Woodlands, Texas, U.S.A.</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">3,456</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">(361</font></td>
    <td width="1%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">(482</font></td>
    <td width="1%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">100.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(9)</sup></font></td>
    <td width="5%" align="right"><font size="1">15</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Operadora de Estaciones de Servicios S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">163,701,747</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="right"><font size="1">330</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="1"><sup>(3)</sup></font></div>
    </td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Commercial management of YPF&#146;s gas
        stations</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Macacha G&#252;emes 515, Buenos Aires,
        Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">164</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">148</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">336</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">99.99%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(10)</sup></font></td>
    <td width="5%" align="right"><font size="1">288</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">285</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">A-Evangelista S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">8,683,698</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">243</font></td>
    <td width="1%" align="left">
      <div align="left"><font size="1"><sup>(3)</sup></font></div>
    </td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Engineering and construction services</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Macacha G&#252;emes 515, Buenos Aires,
        Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">9</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">40</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">243</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">99.91%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(10)</sup></font></td>
    <td width="5%" align="right"><font size="1">238</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">199</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">YPF Servicios Petroleros S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">47,500</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">37</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Wells perforation and/or reparation services</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Macacha G&#252;emes 515, Buenos Aires,
        Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(11)</sup></font></td>
    <td width="5%" align="right"><font size="1">30</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">39</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">95.00%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(10)</sup></font></td>
    <td width="5%" align="right"><font size="1">9</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">Eleran Inversiones 2011 S.A.U.<sup>(8)</sup></font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#128;10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">6,000</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">47</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">44</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Investment</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Hernosella 3, Madrid, Espa&#241;a</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">50</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">52</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">100.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">991</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">3,912</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">803</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">745</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1"><b>Jointly controlled companies:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=27><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Compa&#241;&#237;a Mega S.A.<sup>(6)</sup></font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">77,292,000</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">284</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Separation, fractionation and transportation
        of natural gas liquids</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">San Mart&#237;n 344, P. 10<sup>o</sup>,
        Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">09-30-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">203</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">180</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">627</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">38.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">298</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">295</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">Profertil S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">391,291,320</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">541</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Production and marketing of fertilizers</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Alicia Moreau de Justo 740, P. 3&#186;,
        Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">783</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">807</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">1,201</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">50.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">461</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">436</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Refiner&#237;a del Norte S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">45,803,655</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">260</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Refining</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Maip&#250; 1, P. 2<sup>o</sup>, Buenos
        Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">09-30-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">92</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">187</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">586</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">50.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">249</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">282</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">1,085</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td><font size="1"></font></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>
      <div align="right"><font size="1">1,008</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="1">1,013</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1"><b>Companies under significant influence:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=27><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">Oleoductos del Valle S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">4,072,749</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">77</font></td>
    <td width="1%" align="left" nowrap><font size="1"><sup>(1)(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Oil transportation by pipeline</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Florida 1, P. 10&#186;, Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">110</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">(28</font></td>
    <td width="1%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">254</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">37.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">83</font></td>
    <td width="1%" align="left" nowrap><font size="1"><sup>(1)(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">84</font></td>
    <td width="1%" align="left" nowrap><font size="1"><sup>(1)(3)</sup></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Terminales Mar&#237;timas Patag&#243;nicas
      S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">476,034</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">48</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Oil storage and shipment</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Av. Leandro N. Alem 1180, P.11&#186;, Buenos
        Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">09-30-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">14</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">(1</font></td>
    <td width="1%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">148</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">33.15</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">47</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">45</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">Oiltanking Ebytem S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$10</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">351,167</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">28</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">2</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Hydrocarbon transportation and storage</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Terminal Mar&#237;tima Puerto Rosales &#150;
        Provincia de Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">28</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">116</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">30.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">32</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">34</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Gasoducto del Pac&#237;fico (Argentina) S.A.</font></td>
    <td width="5%" align="right"><font size="1">Preferred</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">15,579,578</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">4</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Gas transportation by pipeline</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">San Mart&#237;n 323, P. 13<sup>o</sup>,
        Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">12-31-2010</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">156</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">(6</font></td>
    <td width="1%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">86</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">10.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">4</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">8</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">Central Dock Sud S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$0.01</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">2,822,342,992</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">4</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">46</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Electric power generation and bulk marketing</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Pasaje Ingeniero Butty 220, P. 16&#186;,
        Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">09-30-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">356</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">70</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">226</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">9.98%</font></td>
    <td width="1%" align="left"><font size="1"><sup>(5)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(9)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"><sup>(9)</sup></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Inversora Dock Sud S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">103,501,823</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">107</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">193</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Investment and finance</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Pasaje Ingeniero Butty 220, P. 16&#186;,
        Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">09-30-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">241</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">57</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">254</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">42.86</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">89</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">82</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1">Pluspetrol Energy S.A.</font></td>
    <td width="5%" align="right"><font size="1">Common</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">30,006,540</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">317</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Exploration and exploitation of hydrocarbons
        and electric power generation, production and marketing</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Lima 339, Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">09-30-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">67</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">23</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">568</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">45.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">281</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">240</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Oleoducto Trasandino (Argentina) S.A.</font></td>
    <td width="5%" align="right"><font size="1">Preferred</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">$1</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">27,018,720</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">13</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Oil transportation by pipeline</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">Macacha G&#252;emes 515, P. 3&#186;, Buenos
        Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">09-30-2011</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">76</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">(3</font></td>
    <td width="1%" align="left"><font size="1">)</font></td>
    <td width="5%" align="right"><font size="1">36</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">36.00</font></td>
    <td width="1%" align="left"><font size="1">%</font></td>
    <td width="5%" align="right"><font size="1">14</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="1">16</font></td>
    <td width="1%" align="left"><font size="1"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="baseline">
    <td align="left"><font size="1"><b>Other companies:</b></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td colspan=27><font size="1"></font></td>
  </tr>
  <tr align="center" valign="baseline">
    <td align="left"><font size="1">Others<sup>(4)</sup></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">42</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">106</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="1">&#151;</font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="1">&#151;</font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">&#151;</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">30</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">26</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">640</font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">347</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">580</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">535</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">2,716</font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">4,259</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">2,391</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1">2,293</font></td>
    <td width="1%" align="left"><font size="1"></font></td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left" valign="top"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><font size="1"></font></font></div>
    </td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="1"></font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="1%" align="left"><font size="1"></font></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">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 YPF Inversora Energ&#233;tica S.A., A-Evangelista Constru&#231;&#245;es e Servi&#231;os Ltda., Gasoducto del Pac&#237;fico (Cayman) Ltd., A&amp;C Pipeline Holding Company, Polig&#225;s Luj&#225;n S.A.C.I., Oleoducto Trasandino (Chile) S.A., YPF Services USA Corp., Bizoy S.A., Civeny S.A., Bioceres S.A., Energ&#237;a Andina S.A., Compa&#241;&#237;a Minera Argentina S.A., YPF Per&#250; S.A.C and YPF Brasil Comercio de Derivados de Petr&#243;leo Ltda.</font></td>
	</tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top width="3%"><font size="1">(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">As stipulated by shareholders&#146; agreement, joint control
      is held in this company by shareholders.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="1">(7)</font></td>
    <td><font size="1">Company defined as integrated as indicated in Note 2.d).</font></td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="1">(8)</font></td>
    <td><font size="1">Company defined as non-integrated as indicated in Note
      2.d).</font></td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="1">(9)</font></td>
    <td><font size="1">Holding in negative shareholders' equity was disclosed
      in ``Accounts payable'' after adjustments in shareholders' equity to conform
      to YPF accounting methods.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="1">(10)</font></td>
    <td><font size="1">Direct and indirect holding of YPF in these companies amounts
      to 100%.</font></td>
  </tr>
  <tr>
    <td valign=top width="3%"><font size="1">(11)</font></td>
    <td><font size="1">No value is expose as the carrying value is less than 1.</font></td>
  </tr>
</table>

<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%" nowrap>
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ<br>
        </font><font size="2">Director</font></div>
    </td>
  </tr>
</table>
<br>
<p align="center"><font size="2">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_65"></a></font></p>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="right"><font size="2"><b>Exhibit E</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial statements in the English translation.</font></p>
<p><font size="2">In case of discrepancy, the financial statements filed with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>BALANCE SHEET AS OF DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>ALLOWANCES AND ACCRUALS FOR CONTINGENCIES</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos &#150; Note 1.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></b></font></td>
    <td colspan=7  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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=7  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>
    <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 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><b>Amounts at beginning of year</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Increases</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Decreases</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Amounts at end of year</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Amounts at end of year</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Amounts at end of year</b></b></font></div>
    </td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><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>Deducted from current assets:</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=11><font size="2"></font></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">421</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">64</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>
    <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">421</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">407</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">For other doubtful accounts</font></td>
    <td width="8%" align="right"><font size="2">88</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">88</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">88</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">88</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>
    <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"></font></td>
    <td width="8%" align="right"><font size="2">509</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">64</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>
    <td width="8%" align="right"><font size="2">502</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">509</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">495</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>
    <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>Deducted from noncurrent assets:</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=11><font size="2"></font></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">15</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">7</font></td>
    <td width="2%" align="left"><font size="2"></font></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">15</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">16</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">For reduction in value of holdings in long-term
      investments</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">2</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"><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">13</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">26</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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>
    <td width="8%" align="right"><font size="2">&#151;</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>
    <td width="8%" align="right"><font size="2">3</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">For obsolescence of materials and equipment</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">21</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">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 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>
    <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"></font></td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">23</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">130</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">82</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>
    <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      deducted from assets, 2011</font></td>
    <td width="8%" align="right"><font size="2">639</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">87</font></td>
    <td width="2%" align="left"><font size="2"></font></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">632</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      deducted from assets, 2010</font></td>
    <td width="8%" align="right"><font size="2">577</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">114</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">639</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      deducted from assets, 2009</font></td>
    <td width="8%" align="right"><font size="2">635</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">157</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">577</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2"><b>Reserves for losses &#150; current:</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=11><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">For pending lawsuits and various specific
      contingencies (Note 9.a)</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">20</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"><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">81</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">128</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>
    <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"></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">20</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"><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">81</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">128</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>
    <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>Reserves for losses &#150; noncurrent:</b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=11><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">For pending lawsuits and various</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=11><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">specific contingencies (Note 9.a)</font></td>
    <td width="8%" align="right"><font size="2">2,114</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">557</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">563</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,108</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,114</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,608</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>
    <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"></font></td>
    <td width="8%" align="right"><font size="2">2,114</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">557</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">563</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,108</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,114</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,608</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>
    <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      included in liabilities, 2011</font></td>
    <td width="8%" align="right"><font size="2">2,195</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">577</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">563</font></td>
    <td width="2%" align="left"><font size="2"></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 colspan=4><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      included in liabilities, 2010</font></td>
    <td width="8%" align="right"><font size="2">1,736</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,157</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>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,195</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      included in liabilities, 2009</font></td>
    <td width="8%" align="right"><font size="2">1,795</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">910</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">969</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,736</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
</table>

<p>&nbsp;</p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%" nowrap>
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ<br>
        </font><font size="2">Director</font></div>
    </td>
  </tr>
</table>

<br>

<p align="center"><font size="2">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 >
      <div align="right"><font size="2"><b>Exhibit F</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial statements in the English translation.</font></p>
<p><font size="2">In case of discrepancy, the financial statements filed with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>COST OF SALES</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos - Note 1.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></b></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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>
  </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">3,462</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,818</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,095</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Purchases for the year</font></td>
    <td width="8%" align="right"><font size="2">16,445</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">8,660</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,394</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">Production costs (Exhibit H)</font></td>
    <td width="8%" align="right"><font size="2">22,806</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">18,728</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">15,576</font></td>
    <td width="2%" align="left"><font size="2"></font></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">1,016</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">635</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">(42</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">(5,326</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(3,462</font></td>
    <td width="2%" align="left"><font size="2">)</font></td>
    <td width="8%" align="right"><font size="2">(2,818</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of
      sales</font></td>
    <td width="8%" align="right"><font size="2">38,403</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">27,379</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">21,205</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
</table>

<p>&nbsp;</p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="24%" nowrap>
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ<br>
        </font><font size="2">Director</font></div>
    </td>
  </tr>
</table>

<br>

<p align="center"><font size="2">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>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top >
      <div align="right"><font size="2"><b>Exhibit G</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed
  in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), </font><font size="2">except
  for the inclusion of Note 13 to the primary financial statements in the English
  translation.</font></p>
<p><font size="2">In case of discrepancy, the financial statements filed with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>BALANCE SHEET AS OF DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>FOREIGN CURRENCY ASSETS AND LIABILITIES</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million)</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=5  width="8%" align="center"><font size="2"><b><b>Foreign currency
      and amount</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=3><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td colspan=5  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>
    <td colspan=3><font size="2"></font></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><b>2009</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2011</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Exchange rate in pesos as of<br>
        12-31-11</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Book value as of<br>
        12-31-11</b></b></font></div>
    </td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><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>Current Assets</b></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">Cash</font></td>
    <td width="8%" align="right"><font size="2">US$56</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$43</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$72</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">307</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">Investments</font></td>
    <td width="8%" align="right"><font size="2">US$115</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$409</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$51</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">218</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Trade receivables</font></td>
    <td width="8%" align="right"><font size="2">US$452</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$517</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$470</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">2,002</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"></font></td>
    <td width="8%" align="right"><font size="2">&#128;1</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#128;1</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></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">US$405</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$401</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$173</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">737</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"></font></td>
    <td width="8%" align="right"><font size="2">&#128;3</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#128;2</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#128;1</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5.53</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">6</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,270</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></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"><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">Other receivables</font></td>
    <td width="8%" align="right"><font size="2">US$7</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$225</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$15</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.26</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2">64</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent assets</font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">64</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,334</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></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"><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">Accounts payable</font></td>
    <td width="8%" align="right"><font size="2">US$738</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$1,004</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$1,312</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">5,642</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"></font></td>
    <td width="8%" align="right"><font size="2">&#128;27</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#128;48</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#128;48</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5.59</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">268</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Loans</font></td>
    <td width="8%" align="right"><font size="2">US$840</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$1,155</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$1,300</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">5,590</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">Reserves</font></td>
    <td width="8%" align="right"><font size="2">US$11</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$3</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$3</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities</font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">11,513</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></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"><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">Accounts payable</font></td>
    <td width="8%" align="right"><font size="2">US$558</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$705</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$847</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">3,642</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">Loans</font></td>
    <td width="8%" align="right"><font size="2">US$484</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$369</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$1,038</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">4,463</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Reserves</font></td>
    <td width="8%" align="right"><font size="2">US$255</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$314</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">US$256</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4.30</font></td>
    <td width="2%" align="left"><font size="2"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2">1,101</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent liabilities</font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">9,206</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities</font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">20,719</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"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></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">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>

<p>&nbsp;</p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="12%">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ<br>
        </font><font size="2">Director</font></div>
    </td>
  </tr>
</table>

<br>

<p align="center"><font size="2">68</font><br>
<hr noshade align="center" width="100%" size=2>
<p align="center">
<p></p>
<div style="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 >
      <div align="right"><font size="2"><b>Exhibit H</b></font></div>
    </td>
	</tr>
</table>
<p><font size="2">English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (&#147;CNV&#148;), except for the inclusion of Note 13 to the primary financial statements in the English translation.</font></p>
<p><font size="2">In case of discrepancy, the financial statements filed with the CNV prevail over this translation.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2011 AND COMPARATIVE INFORMATION</b></font></td>
	</tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>EXPENSES INCURRED</b></font></td>
	</tr>
</table>
<p><font size="2">(amounts expressed in million of Argentine pesos - Note 1.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></b></font></td>
    <td colspan=9  width="8%" align="center"><font size="2"><b><b>2011</b></b></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2010</b></b></font></div>
    </td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>2009</b></b></font></div>
    </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>
    <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 align="center" valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Production costs</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Administrative expenses</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Selling expenses</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Exploration expenses</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Total</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Total</b></b></font></div>
    </td>
    <td width="2%" align="left">
      <div align="center"><font size="2"></font></div>
    </td>
    <td width="8%" align="right">
      <div align="center"><font size="2"><b><b>Total</b></b></font></div>
    </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>
    <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">Salaries and social security taxes</font></td>
    <td width="8%" align="right"><font size="2">1,342</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">589</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">333</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">63</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,327</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,761</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,327</font></td>
    <td width="2%" align="left"><font size="2"></font></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">202</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">478</font></td>
    <td width="2%" align="left"><font size="2"><sup>(1)</sup></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">5</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">757</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">645</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">514</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 personnel expenses</font></td>
    <td width="8%" align="right"><font size="2">537</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">103</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"><font size="2"></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">685</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">514</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">406</font></td>
    <td width="2%" align="left"><font size="2"></font></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">411</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>
    <td width="8%" align="right"><font size="2">517</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">950</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">819</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">679</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">Royalties and easements</font></td>
    <td width="8%" align="right"><font size="2">3,517</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"><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">18</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,545</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,988</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,544</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">Insurance</font></td>
    <td width="8%" align="right"><font size="2">139</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">6</font></td>
    <td width="2%" align="left"><font size="2"></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">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">137</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">158</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">Rental of real estate and equipment</font></td>
    <td width="8%" align="right"><font size="2">888</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">102</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">992</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">506</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></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">33</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">57</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">42</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 of fixed assets</font></td>
    <td width="8%" align="right"><font size="2">4,995</font></td>
    <td width="2%" align="left"><font size="2"></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">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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">5,237</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,943</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">4,393</font></td>
    <td width="2%" align="left"><font size="2"></font></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">984</font></td>
    <td width="2%" align="left"><font size="2"></font></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">82</font></td>
    <td width="2%" align="left"><font size="2"></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">1,078</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">875</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">683</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">Operation services and other service contracts</font></td>
    <td width="8%" align="right"><font size="2">3,343</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">57</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">181</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,581</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,512</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,085</font></td>
    <td width="2%" align="left"><font size="2"></font></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">3,872</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">97</font></td>
    <td width="2%" align="left"><font size="2"></font></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">4,035</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,945</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,232</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">Contractual commitments</font></td>
    <td width="8%" align="right"><font size="2">88</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">88</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">411</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">139</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">263</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">263</font></td>
    <td width="2%" align="left"><font size="2"></font></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">338</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">Transportation, products and charges</font></td>
    <td width="8%" align="right"><font size="2">1,152</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,558</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,710</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,321</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,980</font></td>
    <td width="2%" align="left"><font size="2"></font></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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></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">&#151;</font></td>
    <td width="2%" align="left"><font size="2"></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">(19</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">109</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">108</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"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">217</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">149</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">139</font></td>
    <td width="2%" align="left"><font size="2"></font></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">1,336</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">83</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">178</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">49</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,646</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,318</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,248</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>
    <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2">22,806</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,619</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">3,403</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>
    <td width="8%" align="right"><font size="2">28,291</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=4><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2010</font></td>
    <td width="8%" align="right"><font size="2">18,728</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">1,259</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,799</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">282</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">23,068</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td colspan=2><font size="2"></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      2009</font></td>
    <td width="8%" align="right"><font size="2">15,576</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">966</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">2,338</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">514</font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">19,394</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=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
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		<td valign=top width="3%"><font size="1">(1)</font></td>
		<td><font size="1">Includes 18 of Directors and Statutory Auditor&#146;s fees.</font></td>
	</tr>
</table>

<p>&nbsp;</p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
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    <td>&nbsp;</td>
    <td width="12%">
      <div align="center"><font size="2">ANTONIO GOMIS S&#193;EZ<br>
        </font><font size="2">Director</font></div>
    </td>
  </tr>
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<br>

<p align="center"><font size="2">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">English translation of the report originally issued in Spanish,
  except for the omission of certain disclosures related to formal legal requirements
  for reporting in Argentina and the addition of the last paragraph &#150; See
  Note 13 to the primary financial statements</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
	<tr>
		<td valign=top ><font size="2"><b>Statutory Audit Committee&#146;s Report</b></font></td>
	</tr>
</table>
<p><font size="2">To the Shareholders of</font></p>
<p><font size="2"><b>YPF SOCIEDAD ANONIMA</b></font></p>
<p><font size="2">Macacha G&#252;emes 515<br>Buenos Aires City<br></font></p>
<p><font size="2">Dear Sirs,</font></p>
<p><font size="2">In accordance with clause 5, article 294 of Law No. 19,550, the requirements of the Buenos Aires Stock Exchange and current professional requirements, we have performed the work mentioned in the following paragraph on the balance sheet of YPF SOCIEDAD ANONIMA as of December 31, 2011 and the related statements of income, changes in shareholders&#146; equity and cash flows for the year then ended and the consolidated balance sheet of YPF SOCIEDAD ANONIMA and its controlled and jointly controlled companies as of December 31, 2011 and the related consolidated statements of income and cash flows for the year then ended, disclosed as supplemental information in Schedule I. These financial statements are the responsibility of the Company&#146;s Board of Directors within the scope of its exclusive functions. Our responsibility is to report on these documents based on the work mentioned in the following paragraph.</font></p>
<p><font size="2">Our work on the accompanying financial statements consisted in assessing the consistency of significant information contained in those statements with the corporate decisions set forth in minutes, and the conformity of those decisions with the law and the Company&#146;s bylaws, insofar as formal and documentary aspects are concerned. In conducting our work, we have principally considered the Independent Auditors&#146; Report issued by the firm Deloitte &amp; Co. S.R.L. dated March 8, 2012, in accordance with generally accepted auditing standards in Argentina for the annual audit of financial statements. We have not performed any management control and, accordingly, we have not assessed the criteria and business decisions in matters of administration, financing, sales and production, because these issues are the responsibility of the Company&#146;s Board of Directors. We consider that our work and the above mentioned external auditor&#146;s report provide a reasonable basis for our report.</font></p>
<p><font size="2">As indicated in Note 11 to the accompanying financial statements, 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 International Financial Reporting Standards (&#147;IFRS&#148;) that will be finally applied, and will be considered definitive only when preparing the financial statements for the year ending on December 31, 2012, which is the year when IFRS will be applied for first time.</font></p>
<p><font size="2">In our opinion, based on our work, the financial statements of YPF SOCIEDAD ANONIMA as of December 31, 2011 referred to in the first paragraph present fairly, in all material respects, the financial position of YPF SOCIEDAD ANONIMA and the consolidated financial position of YPF SOCIEDAD ANONIMA and its controlled and jointly controlled companies as of December 31, 2011, and related results of operations and cash flows for the year then ended, in accordance with generally accepted accounting principles in Argentina.</font></p>
<p><font size="2">In compliance with current legal requirements, and in exercise of the control of lawfulness which is our duty, we also report that during the year we have applied the procedures described in article No. 294 of Law No. 19,550 as we considered necessary in the circumstances, and we have no comments to make in this regard.</font></p>
<p><font size="2">Certain accounting practices of YPF SOCIEDAD ANONIMA used in preparing the accompanying financial statements conform to generally accepted accounting principles in Argentina, but do not conform to generally accepted accounting principles in the countries of users of the financial statements, other than Argentina (see Note 13 to the accompanying financial statements).</font></p>
<p><font size="2">Buenos Aires City, Argentina</font></p>
<p><font size="2">March 8, 2012</font></p>
<p><font size="2">For Statutory Audit Committee<br>
  <br>
  <br>
  </font></p>
<p><font size="2">Juan A. Gelly y Obes<br>
  Statutory Auditor</font></p>
<p align="center"><font size="2">70</font><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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

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

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          March 16, 2012</font></div>
</td>
      <td align="left" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <font style="DISPLAY: inline; FONT-SIZE: 10pt">Guillermo Reda</font></font>&#160;</div>

</div>
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<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Guillermo Reda</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
