<SEC-DOCUMENT>0001208646-12-000207.txt : 20120806
<SEC-HEADER>0001208646-12-000207.hdr.sgml : 20120806
<ACCEPTANCE-DATETIME>20120806152449
ACCESSION NUMBER:		0001208646-12-000207
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120731
FILED AS OF DATE:		20120806
DATE AS OF CHANGE:		20120806

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:		121009646

	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>c107023.htm
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">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-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES
  AND EXCHANGE COMMISSION<br>
  Washington,
    D.C. 20549</font>
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<br>
<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">Report of Foreign Issuer</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: 12pt; FONT-FAMILY: Times New Roman">Pursuant to Rule 13a-16 or 15d-16 of</font></div>

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

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
  the month of August, 2012</font></div>

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

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

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">YPF Sociedad An&#243;nima</font></div>

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

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

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

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

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

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

<div align="center">
<table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form 20-F</font></div>
</td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">X</font></div>
</div>
</td>
<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form 40-F</font></div>
</td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr></table>
</div>

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

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="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>

<div align="center">
<table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Yes</font></div>
</td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">No</font></div>
</td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">X</font></div>
</div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><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-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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<table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Yes</font></div>
</td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">No</font></div>
</td>
<td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">X</font></div>
</div>
</td>
</tr></table>
</div>

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<hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
</div>

<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
<div style="page-break-before:always"></div>

    <div style="WIDTH: 100%; TEXT-ALIGN: center">
<p>&nbsp;</p>
  </div>


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

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

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

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
  <p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TABLE
    OF CONTENTS</font><br>
  </p>
</div>

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

<div align="left">
  <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
    <tr>
      <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item</font></div>
        </div>
      </td>
      <td valign="bottom" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
    </tr>
    <tr>
      <td valign="top" width="8%">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1</font></div>
      </td>
      <td valign="top" width="92%">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Financial
          Statements as of March 31, 2012 and Comparative Information.</div>
      </td>
    </tr>
    <tr>
      <td valign="top" width="8%">&nbsp;</td>
      <td valign="top" width="92%">&nbsp;</td>
    </tr>
  </table>
  <br>
</div>

<hr style="COLOR: black" align="left" noshade size="2" width="100%">
<div style="page-break-before:always"></div>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_1"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Item
        1</b></font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="292" height="119"></font></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>SOCIEDAD
        ANONIMA</b></font></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Financial Statements<br>
        as of March 31, 2012<br>
        and Comparative Information</font></div>
    </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="30%">&nbsp;</td>
    <td width="40%" align="right">&nbsp;</td>
    <td width="30%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><a name="contents"></a></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED
      FINANCIAL STATEMENTS AS OF MARCH 31, 2012 <br>
      AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" colspan="6"><font size="2" face="Arial, Helvetica, sans-serif"><b>Index</b></font></td>
    <td width="8%" align="right">&nbsp; </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" width="3%"><a href="#p4a"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></a></td>
    <td align="left" colspan="4">
      <div style="margin-left:0%"><a href="#p4a"><font size="2" face="Arial, Helvetica, sans-serif">Cover</font></a></div>
    </td>
    <td width="8%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p2a"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></a></td>
    <td align="left" colspan="4">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p2a"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        balance sheets</font></a></div>
    </td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></div>
    </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" width="3%"><a href="#p3b"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></a></td>
    <td align="left" colspan="4">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p3b"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        statements of comprehensive income</font></a></div>
    </td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%" height="16">&nbsp;</td>
    <td align="left" width="3%" height="16"><a href="#p3a"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></a></td>
    <td align="left" colspan="4" height="16">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p3a"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        statements of changes in shareholders&#146; equity</font></a></div>
    </td>
    <td width="8%" align="right" height="16">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></div>
    </td>
    <td width="2%" align="left" height="16">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p5a"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></a></td>
    <td align="left" colspan="4">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p5a"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        statements of cash flows</font></a></div>
    </td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</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" width="3%"><a href="#p6a"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></a></td>
    <td align="left" colspan="4">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p6a"><font size="2" face="Arial, Helvetica, sans-serif">Notes
        to the consolidated financial statements</font></a></div>
    </td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></div>
    </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" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p6b"><font size="2" face="Arial, Helvetica, sans-serif">1)</font></a></td>
    <td align="left" colspan="3">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p6b"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Financial Statements</font></a></div>
    </td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</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" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p6c"><font size="2" face="Arial, Helvetica, sans-serif"><i>a)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p6c"><font size="2" face="Arial, Helvetica, sans-serif"><i>Presentation
        Basis</i></font></a></div>
    </td>
    <td width="8%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></div>
    </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" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p7a"><font size="2" face="Arial, Helvetica, sans-serif"><i>b)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p7a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Adoption
        of International Financial Reporting Standards (IFRS)</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p13a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p13a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Significant
        Accounting Policies</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p13b"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.1)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p13b"><font size="2" face="Arial, Helvetica, sans-serif"><i>Functional
        and reporting currency</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#14a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.2)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#14a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Financial assets</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p14b"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.3)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p14b"><font size="2" face="Arial, Helvetica, sans-serif"><i>Inventories</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p15a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.4)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p15a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Intangible assets</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p15b"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.5)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p15b"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Investments</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p16a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.6)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p16a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Fixed assets</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p18a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.7)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p18a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Provisions</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p18b"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.8)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p18b"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Impairment of fixed assets and intangible assets</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p19a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.9)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p19a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Methodology used in the estimation of recoverable amounts</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p20a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.10)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p20a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Pension plans and Other similar obligations</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p20b"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.11)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p20b"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Revenue recognition criteria</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p21a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.12)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p21a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Recognition of revenues and costs associated with construction contracts</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p22a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.13)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p22a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Leases</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p22b"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.14)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p22b"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Earnings per share</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p22c"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.15)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p22c"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Financial liabilities</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p22d"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.16)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p22d"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Taxes, withholdings and royalties</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p24a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.17)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p24a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Shareholders&#146; equity accounts</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">24</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p25a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c.18)</i></font></a></td>
    <td align="left" width="88%">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p25a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        New standards issued</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p25b"><font size="2" face="Arial, Helvetica, sans-serif"><i>d)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p25b"><font size="2" face="Arial, Helvetica, sans-serif"><i>Accounting
        Estimates and Judgments</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p27a"><font size="2" face="Arial, Helvetica, sans-serif"><i>e)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p27a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Financial
        Risk Management</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p32a"><font size="2" face="Arial, Helvetica, sans-serif">2)</font></a></td>
    <td align="left" colspan="3">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p32a"><font size="2" face="Arial, Helvetica, sans-serif">Analysis
        of the main accounts of the consolidated financial statements</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p32b"><font size="2" face="Arial, Helvetica, sans-serif"><i>a)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p32b"><font size="2" face="Arial, Helvetica, sans-serif"><i>Cash
        and equivalents</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p32c"><font size="2" face="Arial, Helvetica, sans-serif"><i>b)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p32c"><font size="2" face="Arial, Helvetica, sans-serif"><i>Trade
        receivables</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p33a"><font size="2" face="Arial, Helvetica, sans-serif"><i>c)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p33a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Other
        receivables and advances</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p34a"><font size="2" face="Arial, Helvetica, sans-serif"><i>d)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p34a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Inventories</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p34b"><font size="2" face="Arial, Helvetica, sans-serif"><i>e)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p34b"><font size="2" face="Arial, Helvetica, sans-serif"><i>Investments
        in companies</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p34c"><font size="2" face="Arial, Helvetica, sans-serif"><i>f)</i></font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p34c"><font size="2" face="Arial, Helvetica, sans-serif"><i>Composition
        and evolution of intangible assets</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">34</font></div>
    </td>
    <td colspan=1 width="2%">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_3"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" colspan="5"><font size="2" face="Arial, Helvetica, sans-serif"><b>Index</b></font></td>
    <td width="8%" align="right">&nbsp; </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" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p35a"><font size="2" face="Arial, Helvetica, sans-serif"><i>g)</i></font></a></td>
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p35a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Composition
        and evolution of fixed assets</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%" height="20">&nbsp;</td>
    <td align="left" width="3%" height="20">&nbsp;</td>
    <td align="left" width="3%" height="20">&nbsp;</td>
    <td align="left" width="3%" height="20"><a href="#p37a"><font size="2" face="Arial, Helvetica, sans-serif"><i>h)</i></font></a></td>
    <td align="left" height="20">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p37a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Accounts
        payable</i></font></a></div>
    </td>
    <td width="8%" align="left" height="20">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></div>
    </td>
    <td colspan=1 height="20">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p38a"><font size="2" face="Arial, Helvetica, sans-serif"><i>i)</i></font></a></td>
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p38a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Loans</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p39a"><font size="2" face="Arial, Helvetica, sans-serif"><i>j)</i></font></a></td>
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p39a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Provisions</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">39</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p40a"><font size="2" face="Arial, Helvetica, sans-serif"><i>k)</i></font></a></td>
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p40a"><font size="2" face="Arial, Helvetica, sans-serif"><i>Revenues,
        cost of sales and expenses</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p41a"><font size="2" face="Arial, Helvetica, sans-serif">3)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p41a"><font size="2" face="Arial, Helvetica, sans-serif">Provisions
        for pending lawsuits, claims and environmental liabilities</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">41</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p52a"><font size="2" face="Arial, Helvetica, sans-serif">4)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p52a"><font size="2" face="Arial, Helvetica, sans-serif">Capital
        Stock</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">52</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p54a"><font size="2" face="Arial, Helvetica, sans-serif">5)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p54a"><font size="2" face="Arial, Helvetica, sans-serif">Investments
        in Companies and Joint Ventures and Other Agreements</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">54</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p55a"><font size="2" face="Arial, Helvetica, sans-serif">6)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p55a"><font size="2" face="Arial, Helvetica, sans-serif">Balances
        and Transactions with Related Parties</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">55</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p56a"><font size="2" face="Arial, Helvetica, sans-serif">7)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p56a"><font size="2" face="Arial, Helvetica, sans-serif">Benefit
        Plans and Other Similar Obligations</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">56</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p58a"><font size="2" face="Arial, Helvetica, sans-serif">8)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p58a"><font size="2" face="Arial, Helvetica, sans-serif">Operating
        Leases</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">58</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p58b"><font size="2" face="Arial, Helvetica, sans-serif">9)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p58b"><font size="2" face="Arial, Helvetica, sans-serif">Earnings
        per Share</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">58</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p58c"><font size="2" face="Arial, Helvetica, sans-serif">10)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p58c"><font size="2" face="Arial, Helvetica, sans-serif">Income
        Tax</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">58</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p59a"><font size="2" face="Arial, Helvetica, sans-serif">11)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p59a"><font size="2" face="Arial, Helvetica, sans-serif">Contingent
        Liabilities and Contractual Commitments</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">59</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p59b"><font size="2" face="Arial, Helvetica, sans-serif"><i>a)</i></font></a></td>
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p59b"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Contingent liabilities</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">59</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p67a"><font size="2" face="Arial, Helvetica, sans-serif"><i>b)</i></font></a></td>
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p67a"><font size="2" face="Arial, Helvetica, sans-serif"><i>
        Contractual Commitments</i></font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">67</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p71a"><font size="2" face="Arial, Helvetica, sans-serif">12)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p71a"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Business Segment Information</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">71</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p72a"><font size="2" face="Arial, Helvetica, sans-serif">13)</font></a></td>
    <td align="left" colspan="2">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p72a"><font size="2" face="Arial, Helvetica, sans-serif">Subsequent
        Events</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">72</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><a href="#p73a"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></a></td>
    <td align="left" colspan="3">
      <div style="margin-left:0%; text-indent:-0%"><a href="#p73a"><font size="2" face="Arial, Helvetica, sans-serif">Exhibits
        to Consolidated Financial Statements</font></a></div>
    </td>
    <td width="8%" align="left">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">73</font></div>
    </td>
    <td colspan=1>&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_53"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF SOCIEDAD ANONIMA</b><br>
  Macacha G&#252;emes 515 &#150; Ciudad Aut&#243;noma de Buenos Aires, Argentina</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FISCAL
      YEAR NUMBER 36<br>
      BEGINNING ON JANUARY 1, 2012</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED
      FINANCIAL STATEMENTS AS OF MARCH 31, 2012 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Principal business of the
  Company: exploration, development and production of oil, 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; production of electric
  power from hydrocarbons; rendering telecommunications services, as well as the
  production, industrialization, processing, marketing, preparation services,
  transportation and storage of grains and its derivatives.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Date of registration with
  the Public Commerce Register: June 2, 1977.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Duration of the Company:
  through June 15, 2093.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Last amendment to the bylaws:
  April 14, 2010.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Optional Statutory Regime
  related to Compulsory Tender Offer provided by Decree No. 677/2001 art. 24:
  not incorporated.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Capital
      structure as of March 31, 2012<br>
      </b>(expressed in Argentine pesos)</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="21%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Subscribed,
        paid-in and authorized for stock exchange listing</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
      of Common Stock, Argentine pesos 10 par value, 1 vote per share</font></td>
    <td width="21%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,933,127,930</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="21%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">1</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_54"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p2a"></a>CONSOLIDATED
      BALANCE SHEET AS OF MARCH 31, 2012, DECEMBER 31, 2011 <br>
      AND JANUARY 1, 2011<br>
      </b></font><font size="1" face="Arial, Helvetica, sans-serif">(amounts expressed
      in millions of Argentine pesos &#150; Note 1.c.1)</font></td>
  </tr>
</table>
<br>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Note</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31, <br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31, <br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1, <br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Assets</b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Intangible
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.f</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,345</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">927</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fixed
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.g</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">43,788</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34,775</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.e</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,901</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,839</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
      income tax assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables and advances</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.c</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">861</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,554</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.b</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;<b>Total
      Non-current Assets</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48,993</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48,035</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">39,123</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Assets</b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.d</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,006</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,748</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables and advances</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.c</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,770</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,788</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,756</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.b</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,219</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,315</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,163</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.a</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">902</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,326</font></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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;Total
      Current Assets</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,996</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13,221</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,993</font></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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;Total
      Assets</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61,989</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61,256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">51,116</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      equity</b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Shareholders&#146;
      contributions</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,674</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,674</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Reserves
      and unappropriated retained earnings</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14,708</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,746</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,834</font></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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total
      Shareholders&#146; equity (per corresponding statements)</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25,382</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23,420</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22,688</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Liabilities</b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provisions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.j</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,632</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,206</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,088</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
      income tax liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,884</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,724</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,048</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      taxes payable</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">136</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">137</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">41</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.i</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,435</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.h</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">329</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">326</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">176</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;Total
      Noncurrent Liabilities</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17,115</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,865</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,008</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Liabilities</b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provisions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.j</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">967</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">965</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">857</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax liability</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">606</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,748</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      taxes payable</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,050</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">511</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">621</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">489</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">537</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">390</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.i</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,853</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,763</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,829</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.h</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,195</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,975</font></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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;Total
      Current Liabilities</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,492</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,971</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,420</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;Total
      Liabilities</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">36,607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37,836</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28,428</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;Total
      Liabilities and Shareholders&#146; equity</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61,989</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61,256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">51,116</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  13 and the accompanying exhibits I, II and III are an integral part of these
  statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%" nowrap>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">2</font><font face="Arial, Helvetica, sans-serif"><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_55"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p3b"></a>CONSOLIDATED
      STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS <br>
      ENDED MARCH 31, 2012 AND 2011<br>
      </b></font><font size="1" face="Arial, Helvetica, sans-serif">(amounts expressed
      in millions of Argentine pesos, except for per share amounts in Argentine
      pesos &#150; Note 1.c.1)</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Note</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </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" face="Arial, Helvetica, sans-serif">Revenues</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.k</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14,850</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,616</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cost of
      sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.k</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(10,414</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(8,421</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;Gross
      profit</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,436</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,195</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.k</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,228</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,296</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Administrative
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.k</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(479</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(385</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploration
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.k</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(114</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(57</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      expenses, net</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(116</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(20</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      on investments in companies</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">131</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;Operating
      income</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,502</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,568</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Financial
      income (expense), net:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Gain (losses)
      on assets</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" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">(Losses)
      gains 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" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Interests</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(365</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(199</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Exchange
      differences</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">160</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">214</font></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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;Net
      income before income tax</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,347</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,606</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,053</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,010</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;Net
      income for the period<sup>(1)</sup></b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,596</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;Earnings
      per share basic and diluted</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.06</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      comprehensive income</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Translation
      differences from investments in companies</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(24</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(26</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Translation
      differences from YPF S.A.</font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">692</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">450</font></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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;Total
      other comprehensive income for the period</b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">424</font></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"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;&nbsp;&nbsp;Total
      comprehensive income for the period<sup>(1)</sup></b></font></td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,962</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,020</font></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"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Entirely assigned to
      YPF&#146;s shareholders.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  13 and the accompanying exhibits I, II and III are an integral part of these
  statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%" nowrap>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">3</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_56"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p3a"></a>CONSOLIDATED
      STATEMENTS OF CHANGES IN SHAREHOLDERS&#146; EQUITY <br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2012 AND 2011<br>
      </b></font><font size="1" face="Arial, Helvetica, sans-serif">(amounts expressed
      in millions of Argentine pesos &#150; Note 1.c.1)</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      contributions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Suscribed
      capital</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Adjustement
      to<br>
      contributions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Issuance
      premiums</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the beginning of year</b></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">3,933</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">6,101</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">640</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">10,674</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Other
      comprehensive income for the period</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the end of period</b></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">3,933</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">6,101</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">640</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">10,674</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>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="2%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="2%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="2%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="2%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Legal<br>
      reserve</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Reserve
      <br>
      for future<br>
      dividends</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Other<br>
      comprehensive<br>
      income</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Retained<br>
      earnings</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total<br>
      Shareholders&#146;<br>
      equity<sup>(2)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total<br>
      Shareholders&#146;<br>
      equity<sup>(2)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,007</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,057</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,864</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,818</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23,420</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22,688</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,596</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      comprehensive income for the period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">668</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">424</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Balances
      at the end of period</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,007</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,057</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,532<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25,382</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">24,708</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 2,666 corresponding
      to the effect of the translation of YPF&#146;s financial statements and
      of the investment in companies with dollar as functional currency and (134)
      corresponding to the effect of the translation of investment in companies
      with functional currency different to dollar, as detailed in Note 1.c.1.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Entirely assigned to
      YPF&#146;s shareholders.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  13 and the accompanying exhibits I, II and III are an integral part of these
  statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">4</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_57"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p5a"></a>CONSOLIDATED
      STATEMENT OF CASH FLOWS <br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2012 AND 2011<br>
      </b></font><font size="1" face="Arial, Helvetica, sans-serif">(amounts expressed
      in millions of Argentine pesos &#150; Note 1.c.1)</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      flows from operating activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,596</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Adjustments
      to reconcile net income to cash flows provided by operating activities:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      from investments in companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(131</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,597</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Amortization
      of intangible assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Consumption
      of materials and fixed assets and intangible assets retired, net of provisions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">209</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Income
      tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,053</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,010</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Net
      increase in provisions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">560</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">176</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Changes
      in assets and liabilities</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Trade
      receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(175</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Other
      receivables and advances</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">181</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(48</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(99</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(882</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Accounts
      payable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(105</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(465</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Other
      taxes payables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">518</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Salaries
      and social security</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(45</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(131</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Decrease
      in provisions from payment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(237</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(156</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Interest,
      exchange differences and other<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">84</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Dividends
      from investments in companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax payments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(200</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(479</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<b>Net
      cash flows provided by operating activities</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,158</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,107</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      flows used in investing activities<sup>(2)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Payments
      for investments:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      of fixed assets and intangible assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,818</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,854</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<b>Net
      cash flows used in investing activities</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,818</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,854</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cash
      flows (used in) provided by financing activities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Payments
      of loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7,629</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,899</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Payments
      of interest</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(185</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(91</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Proceeds
      from loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,251</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,030</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>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<b>Net
      cash flows (used in) provided by financing activities</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,563</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Effect
      of changes in exchange rates on cash and equivalents</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">43</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>(Decrease)
      increase in cash and equivalents</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(210</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">336</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the beginning of year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,326</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the end of period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">902</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,662</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>(Decrease)
      increase in cash and equivalents</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(210</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">336</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>COMPONENTS
      OF CASH AND EQUIVALENTS AT THE END OF PERIOD</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&#150;&nbsp;&nbsp;Cash</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">480</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">414</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&#150;&nbsp;&nbsp;Other
      financial assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">422</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,248</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>TOTAL
      CASH AND EQUIVALENTS AT THE END OF PERIOD</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">902</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,662</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Does not include translation
      differences generated by cash and equivalents, which is exposed separately
      in the statement.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">The main investing
      and financing activities that have not affected cash and equivalents correspond
      to unpaid acquisitions of fixed assets at the end of period.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Notes 1 to
  13 and the accompanying exhibits I, II and III are an integral part of these
  statements.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%" nowrap>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">5</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, 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><font size="1" face="Arial, Helvetica, sans-serif">English
  translation of the financial statements originally filed in Spanish with the
  Argentine Securities Commission (&#147;CNV&#148;).<br>
  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" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p6a"></a>NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>
      FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2012 AND 2011</b></font></td>
  </tr>
  <tr>
    <td valign=top ><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in millions of Argentine pesos, except where otherwise indicated
      &#150; Note 1.c.1)</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p6b"></a>1.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED FINANCIAL
      STATEMENTS</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p6c"></a>1.a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Presentation Basis</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Application of International
      Financial Reporting Standards</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The consolidated
      interim financial statements of YPF S.A. (hereinafter &#147;YPF&#148;) and
      its controlled companies (hereinafter an all together, the &#147;Group&#148;
      or the &#147;Company&#148;) for the three-month period ended March 31, 2012
      are presented for first time in accordance with International Accounting
      Standard (&#147;IAS&#148;) No. 34, &#147;Interim Financial Reporting&#148;.
      The adoption of such standard, as well as all the International Financial
      Reporting Standards (&#147;IFRS&#148;), as issued by the International Accounting
      Standards Board (&#147;IASB&#148;) was determined by the Technical Resolution
      No. 26 (ordered text) issued by Argentine Federation of Professional Councils
      in Economic Sciences (&#147;FACPCE&#148;) and the Regulations of the Argentine
      Securities Commission (&#147;CNV&#148;). Application of IFRS is mandatory
      for YPF, according to the accounting professional standards and the regulatory
      standards mentioned above, as from the year beginning on January 1, 2012.
      The effects of the changes originated by the application of IFRS are presented
      in section 1.b) of this Note. As the current interim period is part of the
      first year in which the Company presents its financial statements under
      IFRS, the Company does&#324;t have a set of financial statements as of the
      immediately preceding year-end (December 31, 2011) containing all the complementary
      information required by the mentioned accounting standards. Consequently,
      these interim consolidated financial statements, which are presented in
      accordance with IAS 34, include information in excess to the required by
      such standard, so that the reader has available all the information necessary
      for its proper interpretation.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The amounts
      and other information corresponding to the year ended on December 31, 2011
      and as of January 1, 2011 (the latter is the date of transition to IFRS)
      and for the three-month period ended March 31, 2011, are an integral part
      of the interim consolidated financial statements mentioned above and are
      intended to be read only in relation to these statements.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Use of estimations</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The preparation
      of the consolidated financial statements in accordance with IFRS, which
      is the Compan&#253;s Board of Directors responsibility, requires certain
      accounting estimates to be made and that the Board of Directors and Management
      make judgments when applying accounting standards. Areas of greater complexity
      or that require further judgment, or those where assumptions and estimates
      are significant are detailed in Note 1.d, &#147;Accounting Estimates and
      Judgments&#148;.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Consolidation policies</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">For purpose
      of presenting the interim consolidated financial statements, the full consolidation
      method was used with respect to those subsidiaries in which the Company
      holds, either directly or indirectly, control, understood as the ability
      to establish/manage the financial and operating policies of a company to
      obtain benefits from its activities. This capacity is, in general but not
      exclusively, obtained by the ownership, directly or indirectly of more than
      50% of the voting shares of a company.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Interest
      in joint operations and other agreements which give the Company a percentage
      contractually established over the rights of the assets and obligations
      that emerge from the contract (&#147;joint operations&#148;), have been
      consolidated line by line on the basis of the mentioned participation over
      the assets, liabilities, income and expenses related to each contract.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">6</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_7"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Assets,
      liabilities, income and expenses of joint operations are presented in the
      consolidated balance sheet and the consolidated statement of comprehensive
      income in accordance with their respective nature.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Paragraph
      a) of the Exhibit I details the controlled companies which were consolidated
      using the full consolidation method and Exhibit II details the main joint
      operations which were proportionally consolidated.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In the
      consolidation process, balances, transactions and profits between consolidated
      companies have been eliminated.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146;s
      consolidated financial statements are based on the most recent available
      financial statements of the companies in which YPF holds control, taking
      into consideration, where necessary, significant subsequent events and transactions,
      information available to the Company&#146;s management and transactions
      between YPF and such controlled companies, which could have produced changes
      to their shareholders&#146; equity. The date of the financial statements
      of such controlled companies used in the consolidation process may be different
      from the date of the YPF&#146;s financial statements due to several administrative
      factors. The accounting principles and procedures used by subsidiaries have
      been homogenized, where appropriate, with those used by YPF in order to
      present the consolidated financial statements based on uniform accounting
      and presentation policies. The financial statements of controlled companies
      whose functional currency is different from the presentation currency are
      translated using the procedure set out in Note 1.c.1.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">YPF, directly
      and indirectly holds 100% of capital of the consolidated companies. Consequently,
      there are no material non-controlling interests to be disclosed, as required
      by IFRS 12 &#147;Disclosure of Interests in Other Entities&#148;.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p7a"></a>1.b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Adoption of International
      Financial Reporting Standards (IFRS)</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In accordance with IFRS
  1, <i>&#147;First-Time Adoption of International Financial Reporting Standards&#148;</i>,
  adopted by General Resolution No. 562/09 of the CNV, the information provided
  below has been prepared based on the IFRS 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, March 31 and December 31, 2011, and the Net income for the
  year ended December 31, 2011 and for the three-month period ended March 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 1, the date
  of transition to IFRS is January 1, 2011 (the &#147;transition date&#148;).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">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" face="Arial, Helvetica, sans-serif">I.</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Fixed assets and Intangible
      assets have been measured at the transition date in the functional currency
      defined by YPF according to the following:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">a)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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: the value of
      these assets valued according to the accounting standards outstanding in
      Argentina before the adoption of IFRS (&#147;Previous Argentine GAAP&#148;)
      have been adopted as deemed cost as of March 1, 2003 and remeasured into
      U.S. dollars using the exchange rate in effect on that date;</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">b)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">II.</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">IFRS 9 (2010), &#147;Financial
      Instruments&#148;, IFRS 10, &#147;Consolidated Financial Statements&#148;;
      IFRS 11, &#147;Joint Arrangements&#148; and IFRS 12, &#147;Disclosure of
      Interest in Other Entities&#148; have been applied as from the transition
      date.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">III.
      </font></td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The cumulative
      translation differences generated by investments in foreign companies as
      of the transition date were reclassified to retained earnings. Under the
      previous Argentine GAAP, these differences were recorded under shareholders&#146;
      equity as deferred earnings.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">7</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_8"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Set forth below is a reconciliation
  of Shareholders&#146; equity as of January 1, March 31 and December 31, 2011.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Reconciliations
      of Shareholders&#146; equity as of January 1, March 31 and December 31,
      2011: </b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      January 1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      March 31,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      December 31,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      equity according to previous Argentine GAAP</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,811</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18,735</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><font size="2" face="Arial, Helvetica, sans-serif">1.&nbsp;&nbsp;&nbsp;Effect
        of application of the functional and reporting currency:</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:3%; text-indent:0%"><font size="2" face="Arial, Helvetica, sans-serif">a)&nbsp;&nbsp;&nbsp;Adjustment
        to fixed assets and Intangible assets</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,040</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,403</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,438</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:3%; text-indent:-0%"><font size="2" face="Arial, Helvetica, sans-serif">b)&nbsp;&nbsp;&nbsp;Adjustment
        to Inventories</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">137</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">174</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">266</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:3%; text-indent:-0%"><font size="2" face="Arial, Helvetica, sans-serif">c)&nbsp;&nbsp;&nbsp;Other</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">283</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">272</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">327</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:0%; text-indent:-0%"><font size="2" face="Arial, Helvetica, sans-serif">2.&nbsp;&nbsp;&nbsp;Income
        tax effect</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,812</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,952</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,346</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Shareholders&#146;
      equity according to IFRS</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22,688</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">24,708</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23,420</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="101%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>1.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Effect of application
      of the functional and reporting currency:</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Under previous Argentine
      GAAP, considering CNV regulations until December 31, 2011, the financial
      statements were 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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Under IFRS, companies
      should determine their functional currency according to the criteria established
      by IAS 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, March 31 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.</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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 period
      in which they arise. With respect to investments in companies under control
      and investments in companies in which Company&#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 period or year.</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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 have been translated
      to the reporting currency, at the closing exchange rate, income and expenses
      have been 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 have been reported in Other Comprehensive Income for the
      year.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">8</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_9"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">1.a)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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, 5,403
      and 6,438 as of January 1, March 31 and December 31, 2011, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">1.b)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">In addition, the adjustment
      referred to above in fixed assets and intangible 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 and certain intangible assets is part of their cost. Since such depreciation
      has been affected by the adjustment referred to above in fixed assets and
      intangible assets, the Company proceeded to increase the value of its inventories
      in 137, 174 and 266 as of January 1, March 31 and December 31, 2011, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">1.c)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>2.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Income Tax effect:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Corresponds
      to the income tax effect of the valuation differences referred to in paragraphs
      1.a and 1.b.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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 were recognized.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The 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 1 above, with respect to the book value under the previous
      Argentine GAAP, resulted in a decrease in Shareholders&#146; equity of 1,764,
      1,891 and 2,253 as of January 1, March 31 and December 31, 2011, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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, 61 and 93 as of
      January 1, March 31 and December 31, 2011, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">9</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_10"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Reconciliation of
      Net income for the three month period ended March 31, 2011 and for the year
      ended December 31, 2011:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2011<br>
      (3 months)</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
      2011<br>
      (12 months</b></font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      income for the period/year according to previous Argentine GAAP</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,774</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">1.&nbsp;&nbsp;&nbsp;Exchange
        differences</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">265</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,113</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">2.&nbsp;&nbsp;&nbsp;Depreciation
        of fixed assets and amortization of intangible assets</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(247</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,120</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">3.&nbsp;&nbsp;&nbsp;Income
        Tax effect</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(140</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(534</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">4.&nbsp;&nbsp;&nbsp;Other</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(56</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(310</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      income for the period/year according to IFRS</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,596</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,445</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">5.&nbsp;&nbsp;&nbsp;Translation
        adjustment</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">424</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,864</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">6.&nbsp;&nbsp;&nbsp;Actuarial
        losses &#150; Pension Plan</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(12</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Comprehensive
      income for the period/year according to IFRS</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,020</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,297</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>1.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Exchange differences:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">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></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>2.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Depreciation of
      fixed assets and amortization of intangible assets:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Corresponds to the difference
  in depreciations and amortizations charged to expense in the period/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></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>3.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Deferred Income
      Tax:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Corresponds to the effect
  of income tax in accordance with the requirements of IAS 12 &#147;Income Taxes&#148;.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>4.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Other:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Mainly includes the effect
  in net income of the valuation of inventories under IFRS and the adjustments
  resulting from the application of functional currency concept as defined by
  IFRS, to long term investments valued using the equity method that defined the
  U.S. dollar as its functional currency.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>5.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Translation adjustment:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">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></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Translation into U.S.
      dollars of financial information corresponding to investments in companies
      where the functional currency differs from the Company&#146;s functional
      currency;</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">10</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_11"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The main items that accounted
  for the conversion differences referred to above are:</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" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      March 31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      December 31,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fixed
      assets and intangible assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">615</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,596</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">78</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">367</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Monetary
      Assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">116</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">433</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Monetary
      Liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(201</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,049</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslation
      of net monetary liabilities in pesos</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(191</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(578</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total
      translation adjustment</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">424</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,864</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>6.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Actuarial losses
      &#150; Pension Plans:</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As disclosed in Note 1.c.10.III,
  YPF Holdings Inc., controlled company which has operations in the United States
  of America, has non-contributory defined-benefit pension plans and postretirement
  and postemployment benefits (&#147;pension plans&#148;).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Under previous Argentine
  GAAP, the actuarial losses arising from the remeasurement of the defined benefit
  liability of pension plans were charged to the &#147;Other expense, net&#148;
  account of the statement of income.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Under IFRS, according to
  the provisions of IAS 19, &#147;Employee benefits&#148; remeasurements of the
  net defined benefit liability are recognized in Other Comprehensive Income,
  and shall not be reclassified to profit or loss in a subsequent period. However,
  the entity may transfer those amounts recognized in Other Comprehensive Income
  within equity.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Summarized
      consolidated statement of cash flows</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The cash and equivalents
  at the beginning and end of year ended December 31, 2011 and of the three-month
  period ended March 31, 2011, and the summarized consolidated statements of cash
  flows for the year and period then ended, remeasured into U.S. dollar and translated
  into Argentine pesos under IFRS, after giving effect to the adjustments detailed
  above and the elimination of the proportional consolidation, referred to under
  the caption &#147;Investments in Joint Arrangements&#148;, are presented below:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month period ended March 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%"><b>For
      the year ended December 31,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" width="8%"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net cash
      flow provided by operating activities</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,107</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%">12,687</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net cash
      flow used in investing activities</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,854</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%">(12,159</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net cash
      flow used in financing activities</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%">(1,844</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" width="8%">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Increase/(decrease)
      in cash and equivalents</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">293</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%">(1,316</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" width="8%">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the beginning of years</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,326</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%">2,326</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exchange
      differences from cash and equivalents</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">43</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%">102</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" width="8%">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents at the end of the period/year</font></td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,662</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif" width="8%">1,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="10%" align="right"><font size="2" width="8%">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146; statements
  of cash flow for the three-month period ended March 31, 2011 and the year ended
  December 31, 2011 were modified, mainly as a result of the deconsolidation of
  joint ventures, referred to under the caption &#147;Investments in Joint Arrangements&#148;,
  which generated a decrease in cash and equivalents at the beginning and of the
  year of 201 and a decrease in cash and equivalents at the end of period/year
  of 355 and 336, respectively, a decrease in the net cash flows provided by operating
  activities of 240, a decrease in the net cash flow used in investing activities
  of 42 and a decrease in the net cash flow used in financing activities of 1,
  for the three-month period ended March 31, 2011, and a </font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">11</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_12"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">decrease in cash flows provided
  by operating activities of 539, a decrease in cash flows used in investing activities
  of 119 and a decrease in cash flows used in financing activities of 183, for
  the year ended on December 31, 2012. Additionally, interests paid in relation
  with financing operations which under previous Argentine GAAP were disclosed
  as cash flows provided by operations, were disclosed as cash flows used in financing
  activities.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      reclassifications</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally the main concepts
  that originated reclassifications as a result of the first-time adoption of
  IFRS are listed below:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>1.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Effect of the application
      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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The Argentine Hydrocarbons
      Law permits the executive branch of the Argentine government to award 35-year
      concessions for the transportation of oil, gas and petroleum products following
      submission of competitive bids. The term of a transportation concession
      may be extended for an additional ten-year term. Pursuant to Law No. 26,197,
      provincial governments have the same powers. Holders of production concessions
      are entitled to receive a transportation concession for the oil, gas and
      petroleum products that they produce. The holder of a transportation concession
      has the right to:</font></td>
  </tr>
</table>

<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">transport oil, gas
      and petroleum products; and</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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>
<font size="2" face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The Privatization Law
      granted YPF a 35-year transportation concession with respect to the pipelines
      operated by Yacimientos Petrol&#237;feros Fiscales S.A. at the time. The
      main pipelines related to such transport concessions are:</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">La Plata / Dock Sud</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Puerto Rosales / La
      Plata</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Monte Cristo / San
      Lorenzo</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Puesto Hern&#225;ndez
      / Luj&#225;n de Cuyo</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Luj&#225;n de Cuyo
      / Villa Mercedes</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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 were disclosed as fixed assets.</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The net book value
      of the pipelines and related facilities falling under the scope of IFRIC
      12 amounted to 669, 662 and 804 as of January 1, March 31 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" face="Arial, Helvetica, sans-serif"><b>2.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Effects of the application
      of IFRS 6, &#147;Exploration for and Evaluation of Mineral Resources&#148;:</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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
      were considered fixed assets under previous Argentine GAAP.</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Net book value of exploration
      assets corresponding to mineral interests falling under the scope of IFRS
      6 amounted to 154, 195 and 345 as of January 1, March 31 and December 31,
      2011, respectively.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">12</font><font face="Arial, Helvetica, sans-serif"><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_13"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>3.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Investments in Joint
      Arrangements</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Under previous Argentine
      GAAP, considering CNV regulations, YPF has proportionally consolidated,
      net of intercompany transactions, the corresponding assets, liabilities,
      revenues, income, costs and expenditures of investees and agreements in
      which joint control is held.</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Under the provisions
      of IFRS 11, &#147;Joint Arrangements&#148;, and IAS 28 (Revised 2011), &#147;Investments
      in Associates and Joint Ventures&#148;, investments in which two or more
      parties have joint control (defined as a &#147;Joint Arrangement&#148;)
      shall be classified as either a Joint Operation (when the parties that have
      joint control have rights to the assets and obligations for the liabilities
      relating to the Joint Arrangement) or a Joint Venture (when the parties
      that have joint control have rights to the net assets of the Joint Arrangement).
      Considering this classification, Joint Operations shall be proportionally
      consolidated and Joint Ventures shall be accounted for under the equity
      method.</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Upon the analysis of
      the contracts of the Joint Arrangements in which the Company is involved,
      Management has determined that the investees defined under previous Argentine
      GAAP as under joint control (and consequently proportionally consolidated
      under previous Argentine GAAP) shall be classified under IFRS as Joint Ventures,
      while the Company&#146;s interest in oil and gas exploration and production
      agreements shall be classified under IFRS as Joint Operations.</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The effect derived
      from the deconsolidation of the investments classified as Joint Ventures
      generated a decrease of 934, 1,066 and 1,207 in total consolidated assets
      and total consolidated liabilities as of January 1, March 31 and December
      31, 2011, respectively, and a decrease of 412 and 2,312 in consolidated
      net sales for the three-month period ended March 31, 2011 and for year ended
      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" face="Arial, Helvetica, sans-serif"><b>4.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Hydrocarbons export
      withholding</b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Hydrocarbons export
      withholdings that under previous Argentine GAAP were disclosed under the
      caption &#147;Net sales&#148; of the income statement, are disclosed according
      to IFRS in the caption &#147;Taxes, charges and contributions&#148; as detailed
      in Note 2.k).</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p13a"></a>1.c)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Significant Accounting
      Policies</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p13b"></a>1.c.1)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Functional and
      Reporting Currency</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Functional
      Currency</u></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">As mentioned
      in Note 1.b), based on parameters set out in IAS 21, YPF has defined the
      U.S. dollar as its functional currency. Assets, liabilities and income and
      expenses related to controlled companies and investments in companies are
      measured using their respective functional currency. The effects of translating
      into U.S. dollars the financial information of companies with a functional
      currency different from the U.S. dollar are recognized in &#147;Other comprehensive
      income&#148; for the period or year.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Transactions
      in currencies other than the functional currency of YPF are deemed to be
      &#147;foreign currency transactions&#148; and are remeasured into functional
      currency by applying the exchange rate prevailing at the date of the transaction
      (or, for practical reasons and when exchange rates do not fluctuate significantly,
      the average exchange rate for each month). At the end of each period or
      year or at the time of cancellation the balances of foreign currency monetary
      assets and liabilities are measured at the exchange prevailing at such date
      and the exchange differences arising from such measurement are recognized
      as &#147;Financial income (expense)&#148; in the consolidated statement
      of comprehensive income for the period or year in which they arise.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Reporting
      Currency</u></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">According
      to General Resolution No. 562 of the CNV, the Company must file its financial
      statements in pesos. Accordingly, the financial statements prepared by YPF
      in its functional currency have to be converted into reporting currency,
      following the criteria described below:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Assets and liabilities
      of each balance sheet presented are translated at the closing exchange rate
      outstanding at the date of each balance sheet presented;</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">13</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_14"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Items of the statement
      of comprehensive income are translated at the exchange rate prevailing at
      the date of each transaction (or, for practical reasons and when exchange
      rates do not fluctuate significantly, the average exchange rate of each
      month); and</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The exchange differences
      resulting from this process are reported in &#147;Other comprehensive income&#148;.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Tax
      effect on other comprehensive income:</u></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Results
      accounted for in &#147;Other comprehensive income&#148; related to exchange
      differences arising from investments in companies with functional currencies
      other than U.S. dollars and also as a result of the translation of the financial
      statements of YPF to its reporting currency (pesos) have no effect on the
      current or deferred income tax because as of the time that such transactions
      were generated, they had no impact on net income nor taxable income.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      the Company&#146;s management believes that the deferred tax asset generated
      by the cumulative actuarial losses related to the pension plans of YPF Holdings
      Inc., will not be recoverable based on estimated taxable income generated
      in the jurisdiction in which they are produced.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p14a"></a>1.c.2)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Financial assets</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      classifies its financial assets when they are initially recognized and reviews
      their classification at the end of each year or period, according to IFRS
      9, &#147;Financial Instrument&#148;, which the Company has applied prior
      to its effective date (January 1, 2013).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">A financial
      asset is initially recognized at its fair value. Transaction costs that
      are directly attributable to the acquisition or issuance of a financial
      asset are capitalized upon initial recognition of the asset, except for
      those assets designated as financial assets at fair value through profit
      or loss.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Following
      their initial recognition, the financial assets are measured at its amortized
      cost if both of the following conditions are met: (i) the asset is held
      with the objective of collecting the related contractual cash flows (i.e.,
      it is held for non-speculative purposes); and (ii) the contractual terms
      of the financial asset give rise, on specified dates, to cash flows that
      are solely payments of principal and interest on its outstanding amount.
      If either of the two criteria is not met, the financial instrument is classified
      at fair value through profit or loss.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">A financial
      asset or a group of financial assets measured at its amortized cost is impaired
      if there is objective evidence that the Company will not be able to recover
      all amounts according to its (or their) original terms. The amount of the
      loss is measured as the difference between the asset&#146;s carrying amount
      and the present value of the estimated cash flows discounted at the effective
      interest rate computed at its initial recognition, and the resulting amount
      of the loss is recognized in the consolidated statement of comprehensive
      income. Additionally, if in a subsequent period the amount of the impairment
      loss decreases, the previously recognized impairment loss is reversed to
      the extent of the decrease. The reversal may not result in a carrying amount
      that exceeds the amortized cost that would have been determined if no impairment
      loss had been recognized at the date the impairment was reversed.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      writes off a financial asset when the contractual rights on the cash flows
      of such financial asset expire, or the financial asset is transferred.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In cases
      where current accounting standards require the valuation of receivables
      at discounted values, the discounted value does not differ significantly
      from their face value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p14b"></a>1.c.3)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Inventories</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Inventories
      are valued at the lower of their cost and their net realizable value. Cost
      includes acquisition costs (less trade discount, rebates and other similar
      items), transformation and other costs which have been incurred when bringing
      the inventory to its present location and condition.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In the
      case of refined products, costs are allocated in proportion to the selling
      price of the related products (isomargin method) due to the difficulty of
      recognizing the conversion costs (product) of every product.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">14</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_15"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      assesses the net realizable value of the inventories at the end of each
      period or year and recognizes in profit or loss in the consolidated statement
      of comprehensive income the appropriate valuation adjustment if the inventories
      are overstated. When the circumstances that previously caused impairment
      no longer exist or when there is clear evidence of an increase in the inventories&#146;
      net realizable value because of changes in economic circumstances, the amount
      of a write-down is reversed.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Raw materials,
      packaging and others are valued at their acquisition cost.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p15a"></a>1.c.4)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Intangible assets</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      initially recognizes intangible assets at their acquisition or development
      cost, considering the criteria adopted by the Company in the transition
      to IFRS referred to in Note 1.b). This cost is amortized on a straight-line
      basis over the useful lives of these assets (see Note 2.f). At the end of
      each period or year, these assets are measured at cost less any accumulated
      amortization and any accumulated impairment losses.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The main
      intangible assets of the Company are as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">I.</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Service concessions
      arrangements: </i>includes transportation and storage concessions as mentioned
      in Note 1.b.These assets are valued at their acquisition cost considering
      the criteria adopted by the Company in the transition to IFRS referred to
      in Note 1.b), net of accumulated amortization. They are depreciated using
      the straight-line method during the course of the concession period.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">II.</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Exploration rights:
      </i>the Company recognizes exploration rights as intangible assets, which
      are valued at their cost considering the criteria adopted by the Company
      in the transition to IFRS referred to in Note 1.b), net of the related impairment,
      if applicable. Investments related to unproved properties are not depreciated.
      These investments are reviewed for impairment at least once a year or whenever
      there are indicators that the assets may have become impaired. Any impairment
      loss or reversal is recognized in profit or loss in the consolidated statement
      of comprehensive income. Exploration costs (geological and geophysical expenditures,
      expenditures associated with the maintenance of unproved reserves and other
      expenditures relating to exploration activities), excluding exploratory
      drilling expenditures, are charged to expense in the consolidated statement
      of comprehensive income as incurred (see Note 1.c.8 for additional information).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">III.</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Other intangible
      assets: </i>mainly includes costs relating to computer software development
      expenditures, as well as assets that represent the rights to use technology
      and knowledge (&#147;know how&#148;) for the manufacture and commercial
      exploitation of equipment related to oil extraction. These items are valued
      at their acquisition cost considering the criteria adopted by the Company
      in the transition to IFRS referred to in Note 1.b), net of the related depreciation
      and impairment, if applicable. These assets are amortized on a straight-line
      basis over their useful lives, which range between 3 and 14 years. Management
      reviews annually the mentioned estimated useful life.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      has no intangible assets with indefinite useful lives as of March 31, 2012,
      December 31, 2011 and January 1, 2011.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p15b"></a>1.c.5)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Investments</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in affiliated companies and joint ventures are valued using the equity method.
      Affiliated companies are considered those in which the Company has significant
      influence, understood as the power to participate in the financial and operating
      policy decisions of the investee but does not have control or joint control
      over those policies. Significant influence is presumed when the Company
      has an interest of 20% or more in a company. Additionally, according to
      the definition of IFRS 11, agreements or companies where the parties have
      joint control (defined as the capacity that the paties have to take jointly-agreed
      decisions about the relevant activities of the entity) and have rights to
      the net assets of the company or the agreement are considered joint ventures.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">15</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_16"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The equity
      method consists in the incorporation in the balance sheet line &#147;Investments
      in companies&#148;, of the value of net assets and goodwill, if any, of
      the participation in the affiliated company or joint venture. The net income
      or expense for each period or year corresponding to the interest in these
      companies is reflected in the statement of comprehensive income in the &#147;Income
      (expense) on investments in companies&#148; line.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in companies have been valued based upon the latest available financial
      statements of these companies as of the end of each period or year, taking
      into consideration, if applicable, significant subsequent events and transactions,
      available management information and transactions between YPF and the related
      company which have produced changes on the latter&#146;s shareholders&#146;
      equity. The dates of the financial statements of such related companies
      used in the consolidation process may be different from the date of the
      Company&#146;s financial statements due to several administrative factors.
      The accounting principles and procedures used by affiliated companies have
      been homogenized, where appropriate, with those used by YPF in order to
      present the consolidated financial statements based on uniform accounting
      and presentation policies. The financial statements of affiliated companies
      whose functional currency is different from the presentation currency are
      translated using the procedure set out in Note 1.c.1.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In paragraph
      b) of the Exhibit I are detailed the affiliated companies and joint ventures.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p16a"></a>1.c.6)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Fixed Assets</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><i>i. General
      criteria:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Fixed assets
      are valued at their acquisition cost, plus all the costs directly related
      to the location of such assets for their intended use, considering the criteria
      adopted by the Company in the transition to IFRS referred to in Note 1.b).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Borrowing
      costs of assets that require a substantial period of time to be ready for
      their intended use are capitalized as part of the cost of these assets.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Major inspections,
      necessary to restore the service capacity of the related asset (&#147;overhauls&#148;),
      are capitalized and depreciated on a straight-line basis over the period
      until the next overhaul is scheduled.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The costs
      of renewals, betterments and enhancements that extend the useful life of
      properties and/or improve their service capacity are capitalized. As fixed
      assets are retired, the related cost and accumulated depreciation are eliminated
      from the balance sheet.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Repair
      and maintenance expenses are recognized in the statement of comprehensive
      income as incurred.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">These assets
      are reviewed for impairment at least once a year or whenever there are indicators
      that the assets may have become impaired.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The carrying
      value of the fixed assets of each cash generating unit, as defined in Note
      1.c.8, does not exceed their estimated recoverable value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><i>ii. Depreciation:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Fixed assets,
      other than those related to oil and gas exploration and production activities,
      are depreciated using the straight-line method, over the years of estimated
      useful life of the assets, as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Years
      of Estimated Useful Life</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">Buildings
        and other constructions</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">Refinery
        equipment and petrochemical plants</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20-25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">Transportation
        equipment</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20-25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">Furniture,
        fixtures and installations</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">Selling
        equipment</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">
      <div style="margin-left:5%; text-indent:-5%"><font size="2" face="Arial, Helvetica, sans-serif">Other
        property</font></div>
    </td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">16</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_17"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Land is
      classified separately from the buildings or facilities that may be located
      on it and is deemed to have an indefinite useful life. Therefore, it is
      not depreciated.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      reviews annually the estimated useful life of each class of assets.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><i>iii.
      Oil and gas exploration and production activities:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      recognizes oil and gas exploration and production transactions using the
      &#147;successful-efforts&#148; method. The costs incurred in the acquisition
      of new interests in areas with proved and unproved reserves are capitalized
      as incurred under Mineral properties, wells and retired equipment associated
      with proved reserves or unproved reserves, as appropriate. Costs related
      to exploration permits are classified as intangible assets (see Notes 1.c.4
      and 2.f).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Exploration
      costs, excluding the costs associated to exploratory wells, are charged
      to expense as incurred. Costs of drilling exploratory wells, including stratigraphic
      test wells, are capitalized pending determination as to whether the wells
      have found proved reserves that justify commercial development. If such
      reserves are 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. 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 company is making sufficient progress assessing
      the reserves as well as the economic and operating viability of the project.
      If any of the mentioned conditions are not met, cost of drilling exploratory
      wells is charged to expense. As of the issuance date of these financial
      statements, there are no exploratory wells in evaluation for more than one
      year following the completion of the drilling.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Intangible
      drilling costs applicable to productive wells and to developmental dry holes,
      as well as tangible equipment costs related to the development of oil and
      gas reserves, have been capitalized.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The capitalized
      costs described above are depreciated as follows:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">a)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The capitalized costs
      related to productive activities have been depreciated by field on a unit-of-production
      basis by applying the ratio of produced oil and gas to estimated recoverable
      proved and developed oil and gas reserves.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">b)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The capitalized costs
      related to the acquisition of property and the extension of concessions
      with proved reserves have been depreciated by field on a unit-of-production
      basis by applying the ratio of produced oil and gas to proved oil and gas
      reserves.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Revisions
      in oil and gas proved reserves are considered prospectively in the calculation
      of depreciation. Revisions in estimates of reserves are performed at least
      once a year. Additionally, estimates of reserves are audited by independent
      petroleum engineers on a three-year rotation plan.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><i>iv. Costs
      related to hydrocarbon wells abandonment obligations:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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, current
      costs incurred in plugging activities are used for estimating the plugging
      activities costs of the wells pending abandonment. Current costs incurred
      are the best source of information in order to make the best estimate of
      asset retirement obligations. Future changes in the costs above mentioned,
      as well as changes in regulations related to abandonment obligations, which
      are not possible to be predicted at the date of issuance of these financial
      statements, could affect the value of the abandonment obligations and, consequently,
      the related asset, affecting the results of future operations.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">17</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_18"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><i>v. Environmental
      tangible assets:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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 assets); (b) the expenditure prevents or limits
      environmental pollution at operating facilities; or (c) the expenditure
      is incurred to prepare assets for sale and do not raise the assets carrying
      value above their estimated recoverable value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The environmental
      tangible assets and the related accumulated depreciation are disclosed in
      the consolidated financial statements together with the other elements that
      are part of the corresponding assets which are classified according to their
      accounting nature.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p18a"></a>1.c.7)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Provisions</u></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" face="Arial, Helvetica, sans-serif">The Company
      makes a distinction between:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">a)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Provisions: represent
      legal or assumed obligations, arising from past events, the settlement of
      which is expected to give rise to an outflow of resources and which amount
      and timing are uncertain. Provisions are recognized when the liability or
      obligation giving rise to an indemnity or payment arises, to the extent
      that its amount can be reliably estimated and that the obligation to settle
      is probable or certain. Provisions include both obligations whose occurrence
      does not depend on future events (such as provisions for environmental liabilities
      and provision for hydrocarbon wells abandonment obligations), as well as
      those obligations that are probable and can be reasonably estimated whose
      realization depends on the occurrence of a future events that are out of
      the control of the Company (such as provisions for contingencies). The amount
      recorded as provision corresponds to the best estimate of expenditures required
      to settle the obligation, taking into consideration the relevant risks and
      uncertainties; and</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">b)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Contingent liabilities:
      represent possible obligations that arise from past events and whose existence
      will be confirmed only by the occurrence or non-occurrence of one or more
      future events not wholly within the control of the Company, or present obligations
      arising from past events, the amount of which cannot be estimated reliably
      or whose settlement is not likely to give rise to an outflow of resources
      embodying future economic benefits. Contingent liabilities are not recognized
      in the consolidated financial statements, but rather are disclosed to the
      extend they are significant, as required by IAS 37, &#147;Provisions, contingent
      liabilities and contingent assets&#148; (see Note 11).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">When a
      contract qualifies as onerous, the related unavoidable liabilities are recognized
      in the consolidated financial statements as provisions net of the related
      benefits.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Except
      with respect to provisions for hydrocarbon wells abandonment obligations,
      where the timming of settlement is estimated on the basis of the work plan
      of the Company, and considering the estimated production of each field (and
      therefore its abandonment) and the provisions for pension plans, it is not
      possible to reasonably estimate a specific schedule of settlement of the
      provisions considering the characteristics of the concepts included.</font></td>
  </tr>
</table>
<br>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p18b"></a>1.c.8)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Impairment of
      fixed assets and intangible assets</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">For the
      purpose of evaluating the impairment of fixed assets and intangible assets,
      the Company compares their carrying value with their recoverable value at
      the end of each year, or more frequently, if there are indicators that the
      carrying amount of an asset may not be recoverable. In order to assess impairment,
      assets are grouped into cash-generating units (&#147;CGUs&#148;), whereas
      the asset does not generate cash flows that are independent of those generated
      by other assets or CGUs, considering regulatory, economic, operational and
      commercial conditions. Considering the above mentioned, and specifically
      in terms of assets corresponding to the Upstream, they have been grouped
      into four CGUs (one of them grouping the assets of fields with oil reserves,
      and three units that group assets of fields with reserves of natural gas
      considering the country&#146;s basins -Neuquina, Noroeste and Austral basins-),
      which are the best reflect of how the Company currently manage them in order
      to generate independent </font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">18</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_19"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">cash flows.
      Downstream assets are grouped into the following CGUs: Refining and Marketing,
      which groups the assets assigned to the refining of crude oil and marketing
      of such products, and Chemical, which groups the assets related to that
      activity.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The recoverable
      amount is the higher of fair value less costs to sell and value in use.
      In assessing the value in use, the estimated future cash flows are discounted
      to their present value using a rate that reflects the weighted average capital
      cost employed for each CGU.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">If the
      recoverable amount of an asset (or a CGU) is estimated to be less than its
      carrying amount, the carrying amount of the asset (or the CGU) is reduced
      to its recoverable amount, and an impairment loss is recognized as an expense
      under &#147;Impairment losses recognized and losses on disposal of fixed
      assets/intangible assets&#148; in the consolidated statement of comprehensive
      income.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Any impairment
      loss is allocated to the assets comprising the CGU on a pro-rata basis based
      on their carrying amount. Consequently, the basis for future depreciation
      or amortization will take into account the reduction in the value of the
      asset as a result of any accumulated impairment losses.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Upon the
      occurrence of new events or changes in existing circumstances, which prove
      that an impairment loss previously recognized could have disappeared or
      decreased, a new estimate of the recoverable value of the corresponding
      asset is calculated to determine whether a reversal of the impairment loss
      recognized in previous periods needs to be made.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In the
      event of a reversal, the carrying amount of the asset (or the CGU) is increased
      to the revised estimate of its recoverable amount so that the increased
      carrying amount does not exceed the carrying amount that would have been
      determined in case no impairment loss had been recognized for the asset
      (or the CGU) in the past.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">There were
      no impairment charges or reversals for the three-month periods ended on
      March 31, 2012 and 2011.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="4%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p19a"></a>1.c.9)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Methodology for
      estimating recoverable amounts</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The recoverable
      amount of fixed assets and intangible assets is generally estimated on the
      basis of their value in use, calculated on the basis of future expected
      cash flows derived from the use of the assets, discounted at a rate that
      reflects the weighted average capital cost.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In the
      assessment of the value in use, cash flow forecasts based on the best estimate
      of income and expense available for each CGU using sector inputs, past results
      and future expectations of business evolution and market development are
      utilized. The most sensitive aspects included in the cash flows used in
      all the CGUs are the purchase and sale prices of hydrocarbons, estimation
      of cost increase, employee costs and investments.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The cash
      flows from the exploration and production assets are generally projected
      for a period that covers the economically productive useful lives of the
      oil and gas fields and is limited by the contractual expiration of the concessions,
      permits, agreements or exploitation contracts. The estimated cash flows
      are based on production levels, commodity prices and estimates of the future
      investments that will be necessary in relation to undeveloped oil and gas
      reserves, production costs, field decline rates, market supply and demand,
      contractual conditions and other factors. The unproved reserves are weighted
      with risk factors, on the basis of the type of each one of the exploration
      and production assets.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The cash
      flows of the refining and marketing businesses are estimated on the basis
      of the projected sales trends, unit contribution margins, fixed costs and
      investment or divestment flows, in line with the expectations regarding
      the specific strategic plans of each business. However, cash inflows and
      outflows relating to planned restructurings or productivity enhancements
      are not considered.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The reference
      prices considered are based on a combination of market prices available
      in those markets where the Company operates, also taking into consideration
      specific circumstances that could affect different products the Company
      markets, also taking into consideration management&#146;s estimations and
      judgments.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Estimated
      net future cash flows are discounted to its present value using a rate that
      reflect the average capital cost for each CGU. The rates used as of December
      31, 2011 for the different business segments ranged between 7.68% and 14.48%.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">19</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_20"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="5%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p20a"></a>1.c.10)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Pension plans
      and other similar obligations</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%" height="15"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top height="15"><font size="2" face="Arial, Helvetica, sans-serif"><i>i. </i></font><font size="2" face="Arial, Helvetica, sans-serif"><i>Retirement
      plan:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Effective
      March 1, 1995, YPF established a defined contribution retirement plan that
      provides benefits for each employee who elects to join the plan. Each plan
      member will pay an amount between 2% and 9% of his monthly compensation
      and YPF will pay an amount equal to that contributed by each member.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The plan
      members will receive YPF&#146;s contributed funds before retirement only
      in the case of voluntary termination under certain circumstances or dismissal
      without cause and, additionally, in case of death or incapacity. YPF has
      the right to discontinue this plan at any time, without incurring termination
      costs.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The total
      charges recognized under the Retirement Plan amounted to approximately 6
      and 4 for the three-month periods ended March 31, 2012 and 2011, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><i>ii. Performance
      Bonus Programs:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">These programs
      cover certain YPF and its controlled companies&#146; personnel. These bonuses
      are based on compliance with business unit objectives and performance. They
      are calculated considering the annual compensation of each employee, certain
      key factors related to the fulfillment of these objectives and the performance
      of each employee and will be paid in cash.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The amount
      charged to expense related to the Performance Bonus Programs was 75 and
      25 for the three-month periods ended March 31, 2012 and 2011, respectively.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><i>&nbsp;</i></font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><i>iii.
      Pension Plans and other Post-retirement and Post-employment benefits</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings
      Inc., which has operations in the United States of America, has certain
      defined benefit plans and post-retirement and post-employment benefits.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The funding
      policy related to the defined benefit plan, is to contribute amounts to
      the plan sufficient to meet the minimum funding requirements under governmental
      regulations, plus such additional amounts as management may determine to
      be appropriate.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition,
      YPF Holdings Inc. provides certain health care and life insurance benefits
      for eligible retired employees, and also certain insurance, and other post-employment
      benefits for eligible individuals in the event 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 post-retirement and post-employment
      benefits, and consequently, payments related to them are funded as claims
      are received.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The plans
      mentioned above are valued at their net present value, are accrued based
      on the years of active service of the participating employees and are disclosed
      as noncurrent liabilities in the &#147;Salaries and social security&#148;
      account. The actuarial gains/losses arising from the remeasurment of the
      defined benefit liability of pension plans are recognized in Other Comprehensive
      Income as a component of shareholders&#146; equity, and are transfer directly
      to the retained earnings. YPF Holdings Inc. updates its actuarial assumptions
      at the end of each fiscal year.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additional
      disclosures related to the pension plans and other post-retirement and post-employment
      benefits, are included in Note 7.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="5%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p20b"></a>1.c.11)</b></font></td>
    <td width="93%"><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Revenue
      recognition criteria</u></b></font></td>
  </tr>
</table>

<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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 following
      the conditions described below:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">the Company has transferred
      to the buyer the significant risks and rewards of ownership of the goods;</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">the Company does not
      retain neither continuing managerial involvement to the degree usually associated
      with ownership nor effective control over the goods sold;</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">20</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_21"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">the amount of revenue
      can be measured reliably;</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">it is probable that
      the economic benefits associated with the transaction will flow to the Company;
      and</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">the costs incurred
      or to be incurred in respect of the transaction can be measured reliably.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><u>Grants
      for capital goods</u></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Argentine
      tax authorities provide a tax incentive for investment in capital goods,
      computers and telecommunications for domestic manufacturers through a fiscal
      bonus, provided that manufacturers have industrial establishments located
      in Argentina, a requirement that is satisfied by the controlled company
      A-Evangelista S.A. The Company recognizes such incentive when the formal
      requirements established by Decrees 379/01 and 502/01 of the National Government
      and Resolution 23 of the Ministry of Energy are satisfied, to the extend
      there is reasonable certainty that the grants will be received.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The bonus
      received may be computed as a tax credit for the payment of national taxes
      (i.e., Income Tax, Tax on Minimum Presumed Income, Value Added Tax and Domestic
      Taxes) and may also be transferred to third parties.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top><font size="2" face="Arial, Helvetica, sans-serif"><u>Grants
      for Petroleum and Refining Plus Programs</u></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Refining
      and Petroleum Plus Programs. Decree No. 2,014/2008 of the Department of
      Federal Planning, Public Investment and Services of November 25, 2008, created
      the &#147;Refining Plus&#148; and the &#147;Petroleum Plus&#148; programs
      to encourage (a) the production of diesel fuel and gasoline and (b) the
      production of crude oil and the increase of reserves through new investments
      in exploration and production. The programs entitle refining companies that
      undertake the construction of a new refinery or the expansion of their refining
      and/or conversion capacity and production companies that increase their
      production and reserves within the scope of the program to receive export
      duty credits to be applied to exports withholdings. In order to be eligible
      for the benefits of both programs, companies&#146; plans must be approved
      by the Argentine Secretariat of Energy.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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 were
      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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The reasons
      alleged for such suspension are that the programs were created in a context
      where domestic prices were lower than currently prevailing prices and that
      the objectives of those programs have already been achieved. Considering
      the mentioned notes the Company has written-off the outstanding balances
      corresponding to these programs as of December 31, 2011, which resulted
      in a net loss in the comprehensive income of such year. YPF has challenged
      judicially the mentioned resolutions.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The mentioned
      grants were included in &#147;Revenue&#148; in the consolidated statement
      of comprehensive income in the period in which the conditions that gave
      rise to the grant were fulfilled.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="5%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p21a"></a>1.c.12)</b></font></td>
    <td width="93%"><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Recognition
      of revenue and costs associated with construction contracts</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Revenues
      and costs related to construction activities performed by A-Evangelista
      S.A., controlled company, are accounted for in the consolidated statement
      of comprehensive income for the period or year using the percentage of completion
      method, considering the final contribution margin estimated for each project
      at the date of issuance of the financial statements, which arises from technical
      studies on sales and total estimated costs for each of them, as well as
      their physical progress.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The adjustments
      in contract values, changes in estimated costs and anticipated losses on
      contracts in progress are reflected in earnings in the period or year when
      they become evident.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">21</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_22"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The table
      below details information related to the construction contracts in progress
      during the three-month periods ended on March 31, 2012 and 2011.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Revenues
      of the period</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Costs
      incurred and accumulated recognized profits</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Advances
      received</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross
      amount due to customers</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contracts
      in progress as of March 31, 2012</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">163</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">225</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="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=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contracts
      in progress as of March 31, 2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">279</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">247</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">62</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=2>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="5%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p22a"></a>1.c.13)</b></font></td>
    <td width="93%"><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Leases</u></b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Operating
      leases</u></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">A lease
      is classified as an operating lease when the lessor does not transfer substantially
      to the lessee the entire risks and rewards incidental to ownership of the
      asset.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Costs related
      to operating leases are recognized on a straight-line basis in &#147;Rental
      of real estate and equipment&#148; and &#147;Operation services and other
      service contracts&#148; of the consolidated statement of comprehensive income
      for the period in which they arise.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Finance
      Leases</u></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">There are
      no finance leases as they are defined by IFRS.</font></td>
  </tr>
</table>
<br>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="5%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p22b"></a>1.c.14)</b></font></td>
    <td width="93%"><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Earnings
      per share</u></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" face="Arial, Helvetica, sans-serif">Basic earnings
      per share are calculated by dividing the net income for the period attributable
      to YPF&#146;s shareholders by the weighted average of shares of YPF outstanding
      during the period.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      diluted earnings per share are calculated by dividing the net income for
      the period attributable to YPF&#146;s shareholders by the weighted average
      of ordinary shares of YPF outstanding during the period adjusted by the
      weighted average of ordinary shares of YPF that would be issued on the conversion
      of all the dilutive potential ordinary shares into YPF ordinary shares.
      As of the date of the issuance of these financial statements there are no
      instruments outstanding that imply the existence of potential ordinary shares,
      thus the basic earnings per share matches the diluted earnings per share.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="5%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p22c"></a>1.c.15)</b></font></td>
    <td width="93%"><font size="2" face="Arial, Helvetica, sans-serif"><b><u>Financial
      liabilities</u></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" face="Arial, Helvetica, sans-serif">Financial
      liabilities (loans and account payables) are initially recognized at their
      fair value less the transaction costs incurred. Since the Company does not
      have financial liabilities whose characteristics require the recognition
      at their fair value, according to IFRS, after their initial recognition,
      financial liabilities are measured at amortized cost. Any difference between
      the financing received (net of transaction costs) and the repayment value
      is recognized in the consolidated statement of comprehensive income over
      the life of the related debt instrument, using the effective interest rate
      method.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">&#147;Accounts
      payable&#148; and &#147;Other liabilities&#148; are recognized at their
      face value since their discounted value does not differ significantly from
      their face value.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      derecognizes financial liabilities when the related obligations are settled
      or expire.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>&nbsp;</b></font></td>
    <td valign=top width="5%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p22d"></a>1.c.16)</b></font></td>
    <td width="93%"><font size="2" face="Arial, Helvetica, sans-serif"><b> <u>Taxes,
      withholdings and royalties</u></b></font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">22</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, 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 ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Income
      tax and tax on minimum presumed income</i></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company recognizes the
  income tax applying the liability method, which considers the effect of the
  temporary differences between the financial and tax basis of assets and liabilities
  and the tax loss carry forwards and other tax credits, which may be used to
  offset future taxable income, at the current statutory rate of 35%.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, the Company
  calculates tax on minimum presumed income applying the current 1% tax rate to
  taxable assets as of the end of each year. This tax complements income tax.
  The Company&#146;s tax liability will coincide with the higher between the determination
  of tax on minimum presumed income and the Company&#146;s tax liability related
  to income tax, calculated applying the current 35% income tax rate to taxable
  income for the year. However, if the tax on minimum presumed income exceeds
  income tax during one tax year, such excess may be computed as prepayment of
  any income tax excess over the tax on minimum presumed income that may be generated
  in the next ten years.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">For the year ended December
  31, 2011, 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.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, the Company
  expects that during the current year, the amounts determined as current income
  tax will be higher than tax on minimum presumed income and consequently the
  Company has not accrued any amount related to the tax on minimum presumed income.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Personal
      assets tax &#150; Substitute responsible</i></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Individuals and foreign
  entities, as well as their undistributed estates, regardless of whether they
  are domiciled or located in Argentina or abroad, are subject to personal assets
  tax of 0.5% of the value of any shares or ADSs issued by Argentine entities,
  held at December 31 of each year. The tax is levied on the Argentine issuers
  of such shares or ADSs, such as YPF, which must pay this tax in substitution
  of the relevant shareholders, and is based on the equity value (following the
  equity method), or the book value of the shares derived from the latest financial
  statements at December 31 of each year. Pursuant to the Personal Assets Tax
  Law, the Company is entitled and expects, to seek reimbursement of such paid
  tax from the applicable shareholders, including by foreclosing on the shares,
  or by withholding dividends.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Royalties
      and withholding systems for hydrocarbon exports</i></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">A 12% royalty is payable
  on the estimated value at the wellhead of crude oil production and the commercialized
  natural gas volumes. The estimated value is calculated based upon the approximate
  sale price of the crude oil and gas produced, less the costs of transportation
  and storage. To calculate 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 extraordinary
  Production Royalty (see Note 11).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Royalty expense and the
  extraordinary production royalties are accounted for as a production cost.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Law No. 25,561 on Public
  Emergency and Exchange System Reform, issued in January 2002, established duties
  for hydrocarbon exports for a five-year period. In January 2007, Law No. 26,217
  extended this export withholding system for an additional five-year period and
  also established specifically that this regime is also applicable to exports
  from &#147;Tierra del Fuego province&#148;, 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></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">23</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_24"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The withholding rate determined
  as indicated above also currently applies to diesel, gasoline and other crude
  derivative products. In addition, the procedure for the calculation mentioned
  above applies to other crude derivatives and lubricants, based upon different
  withholding rates, reference prices and prices allowed to producers. Furthermore,
  in March 2008, Resolution No. 127/2008 of the MEP increased the natural gas
  export withholding rate to 100% of the highest price from any natural gas import
  contract. This resolution has also established a variable withholding system
  applicable to liquefied petroleum gas, similar to the one established by the
  Resolution No. 394/2007.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">During December 2011, Law
  26,732 extended the mentioned regime for 5 years, after its expiration.</font><font face="Arial, Helvetica, sans-serif"><br>
  </font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p24a"></a>1.c.17)
      <u>Shareholders&#146; equity accounts:</u></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Shareholders&#146; equity
  accounts have been prepared in accordance with accounting principles in effect
  as of the transition date. The transactions that affect shareholders&#146; equity
  accounts were accounted for in accordance with the decisions taken by the Shareholders&#146;
  meetings, and legal standards or regulations, even though such accounts would
  have had a different outstanding balance had IFRS been applied instead.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Capital
      stock and adjustments to contributions</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Consists of the shareholders&#146;
  contributions represented by shares and includes the outstanding shares at face
  value. The capital stock account has remained at its historical value and the
  adjustment required previous Argentine GAAP to state this account in constant
  Argentine pesos is disclosed in the adjustments to contributions account.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The adjustment to contributions
  cannot be distributed in cash or in kind, but is allowed its capitalization
  by issuing shares. Also, this item may be used to compensate accumulated losses,
  considering the absorption order stated in the paragraph &#147;Retained earnings&#148;.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Issuance
      premiums</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Is the difference between
  the amount of the increase of subscribed capital and the corresponding face
  value of the shares issued.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Legal
      reserve</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In accordance with the provisions
  of Law No. 19,550, the Company has to appropriate to the legal reserve no less
  than 5% of the algebraic sum of net income, prior year adjustments, transfers
  from other comprehensive income to retained earnings and accumulated losses
  from previous years, until such reserve reaches 20% of the subscribed capital
  plus adjustment to contributions. As of March 31, 2012, the legal reserve has
  been fully integrated amounting 2,007.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Reserve
      for future dividends</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Corresponds to the allocation
  made by the Company&#146;s Shareholders&#146; meeting, whereby a specific amount
  is transferred to the reserve for future dividends.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Other
      comprehensive income</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Includes income and expenses
  recognized directly in equity accounts and the transfer of such items from equity
  accounts to the income statement of the year or to retained earnings, as defined
  by IFRS.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>Retained
      earnings</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Includes accumulated gains
  or losses without an specific assignation, that being positive can be distributed
  upon the decision of the Shareholders&#146; meeting, while not subject to legal
  restrictions, as referred to in above paragraphs. It includes the net income
  of previous years that was not distributed, the amounts transferred from other
  comprehensive income and adjustments to income of previous years produced by
  the application of new accounting standards.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, pursuant to
  the regulations on the CNV, when the net balance of other comprehensive income
  account were positive, it might not be distributed, capitalized nor used to
  compensate accumulated losses, but when the net balance of these results at
  the end of a year or period were negative, a restriction on the distribution
  of retained earnings for the same amount would be imposed.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Under Law No. 25,063, dividends
  distributed, either in cash or in kind, in excess of accumulated taxable income
  as of the end of the year immediately preceding the dividend payment or distribution
  date, shall be subject to a 35% income tax withholding as a sole and final payment,
  except for those distributed to shareholders resident in countries benefited
  from treaties for the avoidance of double taxation, which will be subject to
  a minor tax rate.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">24</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_25"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p25a"></a>1.c.18)
      <u>New standards issued</u></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of the issuance date
  of these financial statements, the standards, interpretations and related amendments
  published by the IASB and endorsed by the FACPCE and the CNV that are not yet
  in force, either because their effective date is subsequent to the date of these
  consolidated financial statements, or because the Company has decided not to
  apply them in advance to the effective date, when allowed, are the following:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>IFRS
      13 &#147;Fair Value Measurement&#148;</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In May 2011, the IASB issued
  IFRS 13 &#147;Fair value measurement&#148; which is effective for fiscal years
  beginning on or after January 1, 2013, with early application permitted.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The IFRS 13 sets out a single
  framework for measuring fair value when required by other IFRSs. The IFRS applies
  to financial or non-financial items measured at fair value.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The fair value is measured
  as &#147;the price that would be received to sell an asset or paid to transfer
  a liability in an orderly transaction between market participants at the measurement
  date&#148;.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>IAS
      19 &#147;Employee Benefits&#148;</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2011, the IASB issued
  an amendment to IAS 19 &#147;Employee benefits&#148;, which is effective for
  fiscal years beginning on or after January 1, 2013, with early application permitted.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The amendment to the IAS
  19 eliminates the option to defer the recognition of actuarial gains and losses
  in the measurement of defined benefit plans, which implies the recognition of
  all these differences in other comprehensive income.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><u>IAS
      1 &#147;Presentation of Financial Statements&#148;</u></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2011, the IASB issued
  an amendment to IAS 1 &#147;Presentation of Financial Statements&#148;, which
  is effective for fiscal years beginning on or after July 1, 2012, with early
  application permitted.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The amendments to IAS 1
  improve the presentation of items included in the Statement of comprehensive
  income, classifying by nature and grouping items that may be reclassified to
  profit and loss section of the income statement in the subsequent periods, when
  conditions are met, and the items that will not be reclassified.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Adoption of the amendment
  to IAS 1 will not have an impact on the operating income or the financial position
  of the Company, implying only new revelations on the statement of comprehensive
  income.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of the issuance date
  of these financial statements the Company is evaluating the impact that the
  adoption of the standards and interpretations or amendments mentioned in the
  previous paragraphs will have on the financial statements.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In addition to IFRS 9 &#147;Financial
  Instruments&#148;, IFRS 10 &#147;Consolidated Financial Statements&#148;, IFRS
  11 &#147;Joint Arrangements&#148;, and IFRS 12 &#147;Disclosure of Interests
  in Other Entities&#148;, which have been early applied as of the date of transition,
  the Company has not applied early any other standard or interpretation permitted
  by the IASB.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p25b"></a>1.d)
      Accounting Estimates and Judgments</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The preparation of financial
  statements in accordance with IFRS requires Management to make assumptions and
  estimates that affect the amounts of the assets and liabilities recognized,
  the presentation of contingent assets and liabilities at the end of each period
  and the income and expenses recognized during the period. Future results may
  differ depending on the estimates made by Management.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The items in the financial
  statements and areas which require the highest degree of judgment and estimates
  in the preparation of the financial statements are: (1) crude oil and natural
  gas reserves; (2) provisions for litigation and other contingencies; (3) impairment
  test of assets (see Note 1.c.9), (4) provisions for environmental liabilities
  and hydrocarbon wells abandonment obligations (see Note 1.c.6, paragraph iv),
  and (5) the calculation of income tax and deferred income tax.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">25</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_26"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Crude
      oil and gas reserves</i></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Estimating crude oil and
  gas reserves is an integral part of the Company&#146;s decision-making process.
  The volume of crude oil and gas reserves is used to calculate the depreciation
  using unit of production ratio and to assess the impairment of the capitalized
  costs related to the exploration and production assets (see Notes 1.c.8 and
  1.c.9).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company prepares its
  estimates of crude oil and gas reserves in accordance with the rules and regulations
  established for the oil and gas industry by the U.S. Securities and Exchange
  Commission (&#147;SEC&#148;).</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Provisions
      for litigation and other contingencies</i></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The final costs arising
  from litigation and other contingencies may vary from Management&#180;s estimates
  due to different interpretations of laws, opinions and final assessments of
  the amount of the claims. Changes in the facts or circumstances related to these
  types of contingencies can have, as a consequence, a significant effect on the
  amount of the provisions for litigation and other contingencies recorded.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Provisions
      for environmental costs</i></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Given the nature of its
  operations, 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. YPF 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></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company periodically
  conducts new studies to increase its knowledge of the environmental situation
  in certain geographic areas where it operates in order to establish the status,
  cause and remedy of a given environmental issue and, depending on its years
  of existence, analyze the Argentine Government&#146;s possible responsibility
  for any environmental issue existing prior to December 31, 1990. The Company
  cannot estimate what additional costs, if any, will be required until such studies
  are completed and evaluated; however, provisional remedial or other measures
  may be required.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In addition to the hydrocarbon
  wells abandonment legal obligation for 6,712 as of March 31, 2012, the Company
  has accrued 1,230 corresponding to environmental remediation which evaluations
  and/or remediation works are probable and can 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, these potential changes and ongoing studies could materially
  affect the Company&#146;s future results of operations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, certain environmental
  contingencies in the United States of America were assumed by Tierra and Maxus,
  indirect controlled companies through YPF Holdings Inc. The detail of these
  contingencies is disclosed in Note 3.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Income
      tax and deferred income tax assets and liabilities</i></b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The proper assessment of
  income tax expenses depends on several factors, including interpretations related
  to tax treatment for transactions and/or events that are not expressly provided
  for by current tax law, as well as estimates of the timing and realization of
  deferred income taxes. The actual collection and payment of income tax expenses
  may differ from these estimates due to, among others, changes in applicable
  tax regulations and/or their interpretations, as well as unanticipated future
  transactions impacting the Company&#146;s tax balances.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">26</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_27"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p27a"></a>1.e)
      Financial Risk Management</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146;s activities
  involve various types of financial risks: market, liquidity and credit. The
  Company maintains an organizational structure and systems that allow the identification,
  measurement and control of the risks to which it is exposed.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In addition, the table below
  details the classes of financial instruments of the Company classified in accordance
  to IFRS 9:</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" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Financial
      Assets</b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b><i>&nbsp;&nbsp;&nbsp;At
      amortized cost</i></b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and
      equivalents<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">551</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">886</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">852</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      receivables and advances<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,609</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,529</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,213</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
      receivables<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,246</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,337</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,191</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b><i>&nbsp;&nbsp;&nbsp;At
      fair value through profit or loss</i></b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents<sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">351</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">226</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,474</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Financial
      Liabilities</b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b><i>&nbsp;&nbsp;&nbsp;At
      amortized cost</i></b></font></td>
    <td width="8%" align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      payable<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,586</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,065</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans<sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,967</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,198</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,350</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">534</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">500</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">655</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Fair value does not
      differ significantly from their book value.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Corresponds to investments
      in mutual funds with price quotation. The fair value was determined based
      on unadjusted quoted prices (Level 1) in the markets where those financial
      instruments trade. The results for the three-month periods ended March 31,
      2012 and 2011 for these instruments are shown in &#147;Interest on assets&#148;
      account in the Statements of Comprehensive Income.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Their fair value, considering
      unadjusted quoted prices (Level 1) for Negotiable Obligations and interest
      rates offered to the Company (Level 3) for the other financial loans, at
      the end of period or year, as appropriate, amounted to 11,015, 12,264 and
      7,423 as of March 31, 2012, December 31, 2011 and January 1, 2011, respectively.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Market
      Risk</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The market risk to which
  the Company is exposed is the possibility that the valuation of the Company&#146;s
  financial assets or financial liabilities as well as certain expected cash flows
  may be adversely affected by changes in interest rates, exchange rates or certain
  other price variables.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The following is a description
  of these risks as well as a detail of the extent to which the Company is exposed
  and a sensitivity analysis of possible changes in each of the relevant market
  variables.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i><u>Exchange
      Rate Risk</u></i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The value of financial assets
  and liabilities denominated in a currency different from the Company&#146;s functional
  currency is subject to variations resulting from fluctuations in exchange rates.
  Since YPF&#146;s functional currency is the U.S. dollar, the currency that generates
  the greatest exposure is the Argentine peso, the Argentine legal currency. The
  Company does not use derivatives as a hedge against exchange rate fluctuations.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">27</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_28"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The following table provides
  a breakdown of the effect a variation of 5% in the prevailing exchange rates
  on the Company&#146;s net income and equity, taking into consideration the exposure
  of financial assets and liabilities denominated in pesos as of March 31, 2012:</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" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Currency
      appreciation (+) /<br>
      depreciation (-)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Impact
      on net income before income tax corresponding to financial assets and liabilities</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">+5%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">214</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">-5%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(214</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom" bgcolor="#cccccc">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Impact
      on Shareholders&#146; and equity</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">+5%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(335)</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">-5%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">335</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i><u>Interest
      Rate Risk</u></i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company is exposed to
  the risk associated with fluctuations in the interest rates which depend on
  the currency and maturity date of its loans or of the currency it has invested
  in financial assets.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146;s short-term
  financial liabilities as of March 31, 2012 include negotiable obligations, pre-financing
  of exports and import&#347; financing arrangements, local bank credit lines
  and financial loans with local and international financial institutions. As
  of March 31, 2012, approximately 63% (4,312) of such financial liabilities is
  denominated in U.S. dollars and the rest in Argentine pesos and other foreign
  currency. These loans are basically used for working capital and investments.
  Financial assets mainly include, in addition to trade receivable which have
  low exposure to interest rate risk, bank deposits, fixed-interest deposits and
  investments in mutual funds such as &#147;money market&#148; or short-term fixed
  interest rate instruments.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Long-term financial liabilities
  include negotiable obligations, imports financing arrangements and financial
  loans with local and international financial institutions.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Historically, the strategy
  for hedging interest rates is based on the fragmentation of financial counterparts,
  the diversification of the types of loans taken and, essentially, the maturities
  of such loans, taking into consideration the different levels of interest along
  the yield curve in pesos or U.S. dollars, and the amount of the loans based
  on future expectations and the timing of the future investment outlays to be
  financed. Consideration that, and after the process which concluded with the
  change of shareholders mentioned in Note 4, the Company is now focused in rebuilding
  the maturity of its debt, in order to facilitate the day to day operation and
  to allow the proper assumption of planned investments.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company does not use
  derivative financial instruments to hedge the risks associated with interest
  rates. Changes in interest rates may affect the interest income or expenses
  derived from financial assets and liabilities tied to a variable interest rate.
  Additionally, the fair value of financial assets and liabilities that accrue
  interests based on fixed interest rates may also be affected.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The table below provides
  information about the financial assets and liabilities as of March 31, 2012
  that accrue interest considering the applicable rate:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td  width="0%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="0%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Financial
      <br>
      Assets<sup>(1)</sup></b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Financial<br>
      Liabilities<sup>(2)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</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" face="Arial, Helvetica, sans-serif">Fixed
      interest rate</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">7,101</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Variable
      interest rate</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">325</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,866</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=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Total</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">422</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">10,967</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>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes only short-term
      investments. Does not include trade receivables which book value does not
      differ significantly from fair value, and mostly do not accrue interest.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes only financial
      loans. Does not include accounts payable which book value does not differ
      significantly from fair value, and mostly do not accrue interest.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The portion of liabilities
  which accrues variable interest rate is mainly exposed to the fluctuations in
  LIBOR and BADLAR. Approximately 303 accrue variable interest of BADLAR plus
  2.60%, and 3,563 accrues variable interest of LIBOR plus a spread between 3.35%
  and 4.50%.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">28</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_29"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In addition, as of March
  31, 2012, approximately 36% of the Company&#146;s financial liabilities were
  agreed with local financial institutions subject, among others, to risk and
  regulations of the Argentine market, and approximately 64% were agreed with
  international financial institutions.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The table below shows the
  estimated impact on the consolidated comprehensive income that an increase or
  decrease of 100 basis points in the interest rate would have.</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="15%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Increase
      (+) / decrease (-) in the<br>
      interest rates (basis points)</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Impact
      on the net income after income tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">+100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(6</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">-100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i><u>Other
      Price Risks</u></i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company is not significantly
  exposed to commodity price risks, as a result, among other reasons, of the existing
  regulatory, economic and government policies, which determines that local prices
  charged for gasoline, diesel and other fuels are not affected in the short-term
  by fluctuations in the price of such products in international and regional
  markets.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, the Company
  is reached by certain regulations that affect the determination of export prices
  received by the Company, such as those mentioned in Note 1.c.16 and 11.b, which
  consequently limits the effects of short-term price volatility in the international
  market.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012 and
  December 31, 2011, the Company has not used derivative financial instruments
  to hedge risks related to fluctuations in commodity prices.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Liquidity
      Risk</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Liquidity risk is associated
  with the possibility of a mismatch between the need of funds (related, for example,
  to operating and financing expenses, investments, debt payments and dividends)
  and the sources of funds (such as net income, disinvestments and credit line
  agreements by financial institutions).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As mentioned in previous
  paragraphs, YPF pretends to align the maturity profile of its financial debt
  to be related to its ability to generate enough cash flows for its payment,
  as well as to finance the projected expenditures for each period. As of March
  31, 2012 the availability of liquidity reached 1,262, considering cash for 480,
  other liquid financial assets for 422 and bank financing and available credit
  lines for 360. Additionally, YPF has the ability to issue debt under the negotiable
  obligations global program approved by the Shareholders meeting in 2008 (see
  Note 2.i).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">After the process which
  concluded with the change of shareholders mentioned in Note 4, the Company is
  focused in structuring more efficiently the maturity of its debt, in order to
  facilitate the day to day operations and to allow the proper assumption of planned
  investments.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The table below sets forth
  the maturity dates of the Company&#146;s financial liabilities as of March 31,
  2012:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Maturity
      date</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Less
      than 1 year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>1
      &#150; 2 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2
      &#150; 3 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>3
      &#150; 4 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>4
      &#150; 5 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>More
      than 5 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Financial
      Liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=13>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable<sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">36</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,586</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,853</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">572</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">497</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">434</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">445</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,967</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provisions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">264</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">79</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">534</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">The amounts shown are
      the contractual, undiscounted cash flows associated to the financial liabilities
      given that they do not differ significantly from their face values.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">29</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_30"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The major part of the Company&#146;s
  financial debt contains usual covenants for contracts of this nature. With respect
  to a significant portion of it, which totaled 10,967 as of March 31, 2012, the
  Company has agreed, among other things and subject to certain exceptions, not
  to establish liens or charges on assets. Additionally, approximately 25% of
  the financial debt as of March 31, 2012 is subject to financial covenants related
  to the leverage ratio and debt service coverage ratio of the Company.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">A portion of the Company&#146;s
  financial debt provides that certain changes in the Company&#146;s control and/or
  nationalization may constitute an event of default. Moreover, the Company&#146;s
  financial debt also contains cross-default provisions and/or cross acceleration
  provisions that could cause all of the financial debt to be accelerated if the
  debt having changes in control and/or nationalization events provisions is defaulted.
  Since the Expropriation Law was enacted, the Company has received a payment
  order by Repsol YPF Tesorer&#237;a y Gesti&#243;n Financiera S.A. (a company
  controlled by Repsol) in relation to a financial loan of US$ 125 million, which
  was duly settled and clarifying that YPF does not share the interpretation nor
  application of the provisions relied on by the creditor and that the payment
  was made giving priority to the global interests of YPF, although the lender
  has not complied with the formalities required for notices given under the agreement.
  In addition, the Company has recently repurchased, without being obliged to,
  approximately US$ 79 million corresponding to the bond with maturity in 2028.
  Moreover, the Company has obtained formal waivers by financial creditors totaling
  US$ 296 million. Consequently, approximately US$ 866 million of our debt is
  subject to acceleration clauses as of the date of issuance of these financial
  statements (US$ 1,680 million as of March 31, 2012). Regarding the amount above
  mentioned, as of the date of issuance of these financial statements, Management
  is actively pursuing formal waivers from the corresponding financial creditors.
  In case those waivers are not obtained and immediate repayment is required,
  the Company could face short-term liquidity problems. However Management expects
  that in such case it could obtain financing from several sources, including
  the Company&#146;s operating cash flows and available credit lines. In this
  way, the total debt subject to this type of clauses will be reclassified to
  current liabilities in the Company&#146;s next financial statements, if the Management
  does not obtain the waivers above mentioned.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Credit
      Risk</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Credit risk is defined as
  the possibility of a third party not complying with its contractual obligations,
  thus negatively affecting results of operations of the Company.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Credit risk in the Company
  is measured and controlled on an individual customer basis. The Company has
  its own systems to conduct a permanent evaluation of credit performance of all
  of its debtors and customers, and the determination of risk limits with respect
  to customers, in line with best practices using for such end internal customer
  records and external data sources.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Financial instruments that
  potentially expose the Company to a concentration of credit risk consist primarily
  of cash and equivalents, trade receivables and other receivables and advances.
  The Company invests excess cash primarily in high liquid investments with financial
  institutions with a strong credit rating both in Argentina and abroad. 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 regarding its
  clients. As of the date of these financial statements, the Company&#146;s customer
  portfolio is diversified.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The allowances for doubtful
  accounts are measured by the following criteria:</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The aging of the receivable;<br>
      </font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">The analysis of the
      customer&#146;s capacity to return the credit granted, also taking into
      consideration special situations such as the existence of a voluntary reorganization
      petition, bankruptcy and arrears, guarantees, among others.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">30</font><font face="Arial, Helvetica, sans-serif"><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_31"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The maximum exposure to
  credit risk of the Company based on the type of its financial instruments and
  without excluding the amounts covered by guarantees and other arrangements mentioned
  below, as of March 31, 2012, is set forth below:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Maximum
      exposure <br>
      as of March 31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">902</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      financial assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,855</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Following is the breakdown
  of the financial assets past due as of March 31, 2012. At such date, the provision
  for doubtful trade receivables amounted to 467 and the provisions for other
  doubtful receivables amounted to 24. These allowances are the Company&#146;s
  best estimate of the incurred losses in relation with accounts receivables.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      trade receivable</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      current receivables and advances</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Less than
      three months past due</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">495</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">119</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Between
      three and six months past due</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">More than
      six months past due</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">388</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">892</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">203</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Guarantee
      Policy</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As collateral of the credit
  limits granted to customers, YPF has several types of guarantees received from
  them. In the service stations and distributors market, where generally long-term
  relationships with customers are established mortgages prevail. For foreign
  customers prevail the joint and several bonds from their parent companies. In
  the industry and transport market, bank guarantees prevail. With a lower presence,
  YPF also has other guarantees obtained as credit insurances, surety bonds, guarantee
  customer &#150; supplier, car pledges, etc.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company has effective
  guarantees granted by third parties for a total amount of 1,858 as of March
  31, 2012.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">During the three-month period
  ended March 31, 2012, YPF executed guarantees received for an amount of 1. During
  2011, YPF executed guarantees received for an amount of 6.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">31</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_32"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p32a"></a>2.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>ANALYSIS OF THE
      MAIN ACCOUNTS OF THE CONSOLIDATED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Details regarding the significant
  accounts included in the consolidated financial statements are as follows:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Consolidated
      Balance Sheet as of March 31, 2012 and Comparative Information</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p32b"></a>2.a)
      Cash and equivalents:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">480</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">777</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">518</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Short-term
      investments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">71</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">109</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">334</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Financial
      assets at fair value through profit or loss</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">351</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">226</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,474</font></td>
    <td width="2%" align="left">&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">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">902</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,326
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p32c"></a>2.b)
      Trade receivables:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <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"><hr noshade size=1></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      receivable</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,979</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,046</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,135</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties (Note 6)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">707</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">723</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">493</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for doubtful trade receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(467</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(454</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(465</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,219</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,315</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,163</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Changes
      in the provision for doubtful trade receivables</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      provision for doubtful trade receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td  width="12%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="0%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="0%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month <br>
      period ended <br>
      March 31, 2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month <br>
      period ended <br>
      March 31, 2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the year <br>
      ended<br>
      December 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">454</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">465</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">465</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Increases
      charged to expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">63</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decreases
      charged to income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(73</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Amounts
      incurred</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(6</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslation
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Reclassifications
      and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at end of period/year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">467</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">493</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">454</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="12%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">32</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_33"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p33a"></a>2.c)
      Other receivables and advances:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&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"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">187</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">178</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tax credit,
      export rebates and production incentives</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">834</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,022</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">813</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,582</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trust
      contributions &#150; Obra Sur</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties (Note 6)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">299</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">322</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">291</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">185</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">163</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans
      to clients</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Collateral
      deposits</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">232</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">176</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Prepaid
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">274</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">161</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Advances
      and loans to employees</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Advances
      to suppliers</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">379</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">344</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">242</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Receivables
      with partners in joint operations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">263</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">64</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">94</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">414</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">440</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">94</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">271</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">869</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,865</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">891</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,881</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,570</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,849</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for other doubtful accounts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(95</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(93</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(93</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for valuation of other receivables to their estimated realizable value</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(8</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(9</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(16</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </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" face="Arial, Helvetica, sans-serif">861</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,770</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">882</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,788</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,554</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,756</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Changes
      in the provisions of other receivables and advances</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month period ended <br>
      March 31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month period ended <br>
      March 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the year ended <br>
      December 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td  width="9%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="0%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="9%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td  width="9%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="0%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="9%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><font size="2"><b> </b></font></td>
    <td  width="9%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="0%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="9%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for valuation of other receivables to their estimated realizable value</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for other doubtful accounts</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for valuation of other receivables to their estimated realizable value</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for other doubtful accounts</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for valuation of other receivables to their estimated realizable value</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for other doubtful accounts</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at beginning of year</b></font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Increases
      charged to expenses</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decreases
      charged to income</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Amounts
      incurred</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslation
      differences</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Reclassifications
      and others</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at end of period/year</b></font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">33</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_34"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p34a"></a>2.d)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Inventories</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cost</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for reduction in value</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of March 31, 2012</b></font></td>
    <td width="9%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refined
      products</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,466</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,466</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Crude
      oil and natural gas</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,006</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,006</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Products
      in process</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">68</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">68</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Construction
      works in progress</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">227</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Raw materials
      and packaging materials</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">338</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">338</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <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="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,105</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,105</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of December 31, 2011</b></font></td>
    <td width="9%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refined
      products</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,608</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,608</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Crude
      oil and natural gas</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,733</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,733</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Products
      in process</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">68</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">68</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Construction
      works in progress</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Raw materials
      and packaging materials</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">341</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">341</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <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="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,006</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,006</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of January 1, 2011</b></font></td>
    <td width="9%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refined
      products</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,256</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Crude
      oil and natural gas</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Products
      in process</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Construction
      works in progress</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Raw materials
      and packaging materials</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <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="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,748</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,748</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p34b"></a>2.e)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Investments in companies:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31, <br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="9%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in companies (Exhibit I)</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,934</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,070</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,919</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for reduction in value of investments in companies</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(33</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(57</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(80</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <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="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,901</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,839</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p34c"></a>2.f)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Composition and
      evolution of intangible assets</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="9%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net book
      value of intangible assets</font></td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,345</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">927</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <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="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,345</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">927</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="9%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">34</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_35"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cost</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at<br>
      beginning<br>
      of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increases</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Traslation
      effect</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      decreases, reclassifications and transfers</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at the end of period</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Service
      concessions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,344</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,396</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploration
      rights</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">345</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">367</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      intangibles</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,035</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,175</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
      2012</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,724</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">178</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,938</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,128</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,213</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>

  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=13  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>

  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amortization</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accumulated
      at beginning of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      decreases, reclassifications and transfers</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Depreciation
      rate</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increases</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Traslation
      effect</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accumulated
      at the end of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Net<br>
      book<br>
      value<br>
      03-31</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Net<br>
      book<br>
      value<br>
      03-31</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Net<br>
      book<br>value<br>
      12-31</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Net<br>
      book<br>value<br>
      01-01</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Service
      concessions</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,540</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4-5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,582</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">662</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">804</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">669</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploration
      rights</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">367</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">195</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">345</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">154</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      intangibles</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">884</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7-33</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,011</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">104</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">&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>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
      2012</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,424</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">138</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,593</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,345</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&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 colspan=6>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
      2011</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,201</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,255</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"><font size="2" face="Arial, Helvetica, sans-serif">958</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">927</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">&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">&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>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company does not have
  intangible assets with indefinite useful lives as of March 31, 2012, and March
  31, December 31 and January 1, 2011.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p35a"></a>2.g)
      Composition and evolution of fixed assets</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net book
      value of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,938</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">43,911</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34,893</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for obsolescence of materials and equipments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(124</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(123</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(115</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for improductive exploratory drilling</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr 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">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">43,788</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34,775</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">35</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_36"></a></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Cost</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      account</b></font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at<br>
      beginning<br>
      of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increases</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Traslation
      effect</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      decreases, reclassifications and transfers</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at the end of period</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Land and
      buildings</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,275</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,385</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mineral
      property, wells and related equipment</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">99,032</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,893</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101,603</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refinery
      equipment and petrochemical plants</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13,864</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">244</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">121</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14,229</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation
      equipment</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">769</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">786</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Materials
      and equipment in warehouse</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,076</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">531</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(341</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,285</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Drilling
      and work in progress</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,418</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,380</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(578</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,371</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploratory
      drilling in progress<sup>(4)</sup></font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">419</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">198</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(43</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">582</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>

  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Furniture,
      fixtures and installations</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,303</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,328</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      equipment</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,227</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">39</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,279</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      property</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,501</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(89</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,462</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      2012</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">135,884</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,132</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,501</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(207)</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">140,310</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      2011</font></td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">113,648</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,816</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,219</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(152)</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">117,531</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="3%">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=13  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=13  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=11  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Depreciation</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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>
    <td colspan=7>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
      account</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accumulated
      at beginning of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      decreases, reclassifications and transfers</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Depreciation
      rate</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Increases</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Traslation
      effect</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accumulated
      at the end of year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      book value <br>
      03-31</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      book value <br>
      03-31</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      book value <br>
      12-31</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Net
      book value <br>
      01-01</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Land and
      buildings</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,729</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,778</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,546</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,442</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mineral
      property, wells and related equipment</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">75,254</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,523</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.323</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">78,100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23,503</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,195</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23,778</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,114</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Refinery
      equipment and petrochemical plants</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,112</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4-5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">170</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">177</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,459</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,770</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,624</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,752</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,563</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation
      equipment</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">574</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4-5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">192</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">177</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">195</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">125</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Materials
      and equipment in warehouse</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,285</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,537</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,076</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,412</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Drilling
      and work in progress</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,371</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,763</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,418</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,510</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Exploratory
      drilling in progress<sup>(4)</sup></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">582</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">419</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">253</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Furniture,
      fixtures and installations</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,146</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">182</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">261</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">199</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">209</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Selling
      equipment</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,766</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,818</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">461</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">369</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">461</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">307</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      property</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,434</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,477</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">985</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">909</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,067</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">958</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="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">&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=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      2012</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">91,973</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,610</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95,372</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,938</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&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">&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 colspan=6>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
      2011</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">78,755</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(6)</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,597</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,586</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">81,932</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"><font size="2" face="Arial, Helvetica, sans-serif">35,599</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">43,911</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34,893</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="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">&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">&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>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 1 and 5 of
      net book value charged to fixed assets provisions for the three-month periods
      ended March 31, 2012 and 2011, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Depreciation has been
      calculated according to the unit of production method. (Note 1.c.6).</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 1,569, 1,109,
      1,601 and 1,129 of mineral property as of March 31, 2012, March 31, December
      31 and January 1, 2011, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">As of March 31, 2012,
      there are 32 exploratory wells in progress. During the three-month period
      ended on such date, 5 wells were drilled, 2 wells were charged to exploratory
      expenses and none was transfer to proved properties which are included in
      the account Mineral property, wells and related equipment.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">36</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back to Contents</a></font></p><p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_37"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As described in Note 1.c.6,
  YPF capitalizes the financial cost as a part of the cost of the assets. For
  the three-month periods ended as of March 31, 2012 and 2011 the annual average
  rate of capitalization were 7.16% and 6.07% and the capitalized amount were
  61 and 24, respectively, for the periods mentioned above.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Set forth below is the evolution
  of the provision for obsolescence of materials and equipment for the three-month
  periods ended as of March 31, 2012 and 2011 and for the year ended as of December
  31, 2011:</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" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month period <br>
      ended March 31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month period <br>
      ended March 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the year ended <br>
      December 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      a beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">123</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">115</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Increases
      charged to expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decreases
      charged to income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Amounts
      incurred</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(26</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslations
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Reclassifications
      and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      at end of period/year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">124</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">116</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">123</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p37a"></a>2.h)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts payable:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&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"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,593</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,064</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,996</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties (Note 6)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">637</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">430</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">372</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investments
      in companies with negative shareholders&#146; equity</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Extension
      of Concessions &#150; Province of Mendoza</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">341</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">451</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">From joint
      ventures and other agreements</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">639</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">714</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">409</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">317</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">293</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">536</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">193</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </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" face="Arial, Helvetica, sans-serif">329</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,527</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">326</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,195</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">176</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,975</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">37</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_38"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p38a"></a>2.i)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&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 width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Interest
      rate<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Principal
      maturity</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Negotiable
      Obligations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.00-18.37</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2012-2028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">384</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">627</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">626</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Related
      parties (Note 6)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.82</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">547</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">538</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      financial debts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.40-27.00</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2012-2017</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,183<sup>(3)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,226<sup>(3)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,219</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,450</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">798</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,010</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&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 width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,853</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,435</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,763</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,521</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,829</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Annual interest rate
      as of March 31, 2012.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Disclosed net of 55,
      75 and 52, corresponding to YPF&#146;s outstanding Negotiable Obligations
      repurchased through open market transactions as of March 31, 2012, December
      31 and January 1, 2011, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes approximately
      7,158 corresponding to loans agreed in U.S. dollars, which accrue interest
      at rates between 1.40% and 7.74%.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Details regarding the Negotiable
  Obligations of the Company are as follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td colspan=8  align="left">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>(in
        million)</b></font></div>
    </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" face="Arial, Helvetica, sans-serif"><b>Book
      Value</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td colspan=4  align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td colspan=3  width="5%" align="center"><font size="2">
      <hr noshade size=1>
      </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"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td 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 colspan=4  align="left">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>M.T.N.
        Program</b></font></div>
    </td>
    <td colspan=3  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Issuance</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" face="Arial, Helvetica, sans-serif"><b>March
      31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" width="2%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="7%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </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 width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Year</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Amount</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Year</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Principal
      Value</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Interest
      Rate<sup>(1)</sup></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Principal<br>
      Maturity</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">1997</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1998</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10.00%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">384</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">377</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">348</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2008</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2009</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">$
      205</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">205</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2008</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2010</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">$
      143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">144</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2008</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2010</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.00%</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">307</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">278</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2008</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">US$
      1,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2011</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">$
      300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18.37%</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2012</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">302</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">301</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" 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">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" 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" face="Arial, Helvetica, sans-serif">384</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">627</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">678</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">313</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">626</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">361</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="7%" 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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Annual interest rate
      as of March 31, 2012.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Accrues interest at
      a variable interest rate of BADLAR plus 2.60%.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">For additional information
  about covenants assumed by the Company and maturity of loans see Note 1.e) Financial
  risk management.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Shareholder&#146;s meeting
  held on January 8, 2008, approved a Notes Program for an amount up to US$ 1,000
  million. Proceeds from this offering shall be used exclusively to invest in
  fixed assets and working capital in Argentina.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">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 March 31,
  2012, 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></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">38</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_39"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p39a"></a>2.j)
      Provisions:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provisions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for pensions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for pending <br>
      lawsuits and contingencies</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for environmental liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for hydrocarbon<br>
      wells abandonment obligations</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=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  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      as of December 31, 2011</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,167</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">118</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">567</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">581</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,329</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">252</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Increases
      charged to expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">240</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">196</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">113</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decrease
      charged to income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decrease
      from payments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(61</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(55</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(68</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(47</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslations
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Reclassifications
      and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(46</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(50</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(47</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">47</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      as of March 31, 2012</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">144</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,371</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">662</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">568</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,455</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">257</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provisions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for pensions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for pending lawsuits <br>
      and contingencies</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for environmental liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for hydrocarbon <br>
      wells abandonment obligations</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=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  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      as of January 1, 2011</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,186</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">543</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">503</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,228</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Increases
      charged to expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">133</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decrease
      charged to income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(77</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decrease
      from payments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(6</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(15</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(56</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(35</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(43</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslations
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">56</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Reclassifications
      and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(17</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(29</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      as of March 31, 2011</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,259</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">486</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">494</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,410</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">173</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provisions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=15  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for pensions</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for pending lawsuits and contingencies</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for environmental liabilities</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Provision
      for hydrocarbon wells abandonment obligations</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=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  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=5>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      as of January 1, 2011</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,186</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">543</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">503</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,228</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Increases
      charged to expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">459</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">247</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">122</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">165</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">224</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decrease
      charged to income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Decrease
      from payments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(18</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(579</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(175</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(122</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(224</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslations
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">241</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Reclassifications
      and others</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(77</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">695</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      as of December 31, 2011</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,167</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">118</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">567</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">581</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(3)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,329</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">252
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Correspond to the annual
      revision of hydrocarbons well abandonment costs, which has counterpart in
      fixed assets.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Include provisions
      for environmental liabilities of YPF Holdings Inc. for 341, 277 and 346,
      as of March 31, 2012, March 31, 2011 and December 31, 2011.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Include provisions
      for environmental liabilities of YPF Holdings Inc. for 264, 222 and 278,
      as of March 31, 2012, March 31, 2011 and December 31, 2011.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">39</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_40"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p40a"></a>2.k)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Revenues, cost of
      sales and expenses</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month periods ended March 31, 2012 and 2011</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Revenues<br>
      </b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Three-month
      periods ended March 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,202</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,700</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
      from construction contracts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">163</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">279</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Turnover
      tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(515</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(363</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14,850</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,616</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Cost
      of sales</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories
      at beginning of year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,006</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,748</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Purchases
      for the period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,260</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,651</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Production
      costs</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,153</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,572</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslation
      effect</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Inventories
      at end of period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(6,105</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(4,630</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cost of
      sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,414</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,421</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Expenses</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Three-month
      periods ended March 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Production
      costs</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Administrative
      <br>
      expenses</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Selling
      expenses</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exploration
      expenses</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security taxes</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">695</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">162</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">98</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">969</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">744</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fees and
      compensation for services</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">160</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">260</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">165</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      personnel expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">182</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">225</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">177</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Taxes,
      charges and contributions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">416</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">552</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">757</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Royalties
      and easements</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,044</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,054</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">845</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Insurance</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">55</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">66</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Rental
      of real estate and equipment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">288</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">323</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">204</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Survey
      expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,732</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">24</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,597</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Amortization
      of intangible assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Industrial
      inputs, consumable materials and supplies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">288</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">316</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">243</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operation
      services and other service contracts</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">650</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">735</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">665</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Preservation,
      repair and maintenance</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,151</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,208</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">786</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Contractual
      commitments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">32</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Unproductive
      exploratory drillings</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Transportation,
      products and charges</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">419</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">430</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">849</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">620</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for doubtful trade receivables</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Publicity
      and advertising expenses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fuel,
      gas, energy and miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">380</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">31</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">476</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">335</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Total
      2012</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,153</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">479</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,228</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">114</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,974</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Total
      2011</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,572</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">385</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,296</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,310</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Include approximately
      292 and 491 corresponding to hydrocarbon export withholdings for the three-
      month periods ended March 31, 2012 and 2011, respectively.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes 4 of Directors
      and Statutory Auditor&#146;s fees.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The expense recognized in
  the statement of income related to research and development activities during
  the three-month periods ended March 31, 2012 y 2011 amounted to 8 and 7, respectively.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">40</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_41"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p41a"></a>3.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>PROVISIONS FOR PENDING
      LAWSUITS, CLAMIS AND ENVIRONMENTAL LIABILITIES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company is party to
  a number of labor, commercial, civil, tax, criminal, environmental and administrative
  proceedings that, either alone or in combination with other proceedings, could,
  if resolved in whole or in part adversely against it, result in the imposition
  of material costs, fines, judgments or other losses. While the Company believes
  that such risks have been provisioned 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 the Company, could significantly exceed the recorded
  provisions.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, the Company
  is subject to various provincial and national laws and regulations relating
  to the protection of the environment. These laws and regulations may, among
  other things, impose liability on companies for the cost of pollution clean-up
  and environmental damages resulting from operations. Management believes that
  the Company&#146;s operations are in substantial compliance with Argentine laws
  and regulations currently in force relating to the protection of the environment
  as such laws have historically been interpreted and enforced.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">However, the Company is
  periodically conducting new studies to increase its knowledge concerning the
  environmental situation in certain geographic areas where the Company operates
  in order to establish their status, causes and necessary remediation and, based
  on the aging of the environmental issue, to analyze the possible responsibility
  of Argentine Government, in accordance with the contingencies assumed by the
  Argentine Government for liabilities existing 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></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The most significant pending
  lawsuits and contingencies provisioned are described in the following paragraphs.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Pending lawsuits: 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 recorded a provision considering its best
      estimation, based on the information available as of the date of the issuance
      of these consolidated financial statements, including counsel fees and judicial
      expenses.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Liabilities and contingencies
      assumed by the Argentine Government: The YPF Privatization Law provided
      for the assumption by the Argentine Government of certain liabilities of
      the predecessor as of December 31, 1990. In certain lawsuits related to
      events or acts that took place before December 31, 1990, YPF has been required
      to advance the payment established in certain judicial decisions. YPF has
      the right to be reimbursed for these payments by the Argentine Government
      pursuant to the above-mentioned indemnity.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Natural gas market:</i>
  Pursuant to Resolution No. 265/2004 of the Secretariat of Energy, the Argentine
  Government created a program of &#147;useful&#148; curtailment of natural gas
  exports and their associated transportation service. Such program was initially
  implemented by means of Regulation No. 27/2004 of the Under-Secretariat of Fuels,
  which was subsequently substituted by the Program of Rationalization of Gas
  Exports and Use of Transportation Capacity (the &#147;Program&#148;) approved
  by Resolution No. 659/2004 of the Secretariat of Energy. Additionally, Resolution
  No. 752/2005 of the Secretariat of Energy provided that industrial users and
  thermal generators (which according to this resolution will have to request
  volumes of gas directly from the producers) could also acquire the natural gas
  from the cutbacks on natural gas exports through the Permanent Additional Injections
  mechanism created by this Resolution. By means of the Program and/or the Permanent
  Additional Injection, the Argentine Government requires natural gas exporting
  producers to deliver additional volumes to the domestic market in order to satisfy
  natural gas demand of certain consumers of the Argentine market (&#147;Additional
  Injection Requirements&#148;). Such additional volumes are not contractually
  committed by YPF, who is thus forced to affect natural gas exports, which execution
  has been conditioned. The mechanisms established by the Resolutions No. 659/2004
  and 752/2005 have been adapted by the Secretariat of Energy Resolution No. 599/2007,
  modifying the conditions for the imposition of the requirements, depending on
  whether the producers have signed or not the proposed agreement, ratified by
  such resolution, between the Secretariat of Energy and the Producers. Also,
  through Resolution No. 1410/2010 of the National Gas Regulatory Authority (&#147;ENARGAS&#148;)
  approved the procedure which sets new rules for natural gas dispatch applicable
  to all participants in the natural gas </font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">41</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_42"></a></font></p>
<p>&nbsp;</p>
<p><font size="2" face="Arial, Helvetica, sans-serif">industry, imposing new and
  more severe regulations to the producers&#146; availability of natural gas (&#147;Procedimiento
  para Solicitudes, Confirmaciones y Control de Gas&#148;). Additionally, the
  Argentine Government, through instructions made using different procedures,
  has ordered limitations over natural gas exports (in conjunction with the Program
  and the Permanent Additional Injection, named the &#147;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 and the commitments undertaken by natural gas producers
  under the Agreement 2007-2011, until new legislation replaces the Resolution
  previously mentioned. This Resolution was appealed on February 17, 2012 by filing
  a motion for reconsideration with the Secretariat of Energy.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As a result of the Restrictions,
  in several occasions since 2004, YPF has been forced to suspend, either totally
  or partially, its natural gas deliveries to some of its export clients, with
  whom YPF has undertaken firm commitments to deliver natural gas.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF has challenged the Program,
  the Permanent Additional Injection and the Additional Injection Requirements,
  established by Resolution of the Secretariat of Energy No. 599/2007, 172/2011
  and Resolution ENARGAS No. 1,410/2010, 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 YPF from any liability and/or penalty for the failure to deliver
  the contractual volumes. These clients have rejected the force majeure argument
  invoked by YPF, 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></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Among them, on June 25,
  2008, AES Uruguaiana Emprendimientos S.A. (&#147;AESU&#148;) claimed damages
  in a total amount of US$ 28.1 million for natural gas &#147;deliver or pay&#148;
  penalties for cutbacks accumulated from September 16, 2007 through June 25,
  2008, and also claimed an additional amount of US$ 2.7 million for natural gas
  &#147;deliver or pay&#148; penalties for cutbacks accumulated from January 18,
  2006 until December 1, 2006. YPF has rejected both claims. On September 15,
  2008, AESU notified YPF the interruption of the fulfillment of its commitments
  alleging delay and breach of YPF obligations. YPF 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 YPF 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.(&#147;TGM&#148;)
  desisted from and abandoned their respective arbitrations, and all the matters
  claimed in the three proceedings are to be solved in &#147;YPF vs. AESU&#148;
  arbitration. During December 2011, evidence production hearings took place.
  On January 13, 2012 the parties submitted the corresponding arguments closing
  the evidence production period previously mentioned. The Arbitration Tribunal
  has indicated that it will reach a resolution by July 31, 2012. On April 29
  and 24, 2012, AESU and Sulgas presented new evidence claiming their admission
  in the arbitration process. YPF and TGM made their observations about the evidence
  on April 27, 2012. On May 1, 2012, the Arbitration Tribunal denied the admission
  of such evidence and resolved that the evidence would be accepted if the Tribunal
  considered it necessary.</font></p>
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  </font>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_43"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Furthermore, there are certain
  claims in relation with payments of natural gas transportation contracts associated
  with exports of such hydrocarbon. Consequently, one of the parties, Transportadora
  de Gas del Norte S.A. (&#147;TGN&#148;), commenced mediation proceedings in
  order to determine the merits of such claims. The mediation proceedings did
  not result in an agreement and YPF was notified of the lawsuit filed against
  it, in which TGN is claiming the fulfillment of contractual obligations and
  the payment of unpaid invoices, according to their arguments, while reserving
  the right to claim for damages, which were claimed in a note addressed to YPF
  during November 2011. The total amount claimed by TGN amounts to approximately
  US$ 207 million as of the date of these consolidated financial statements. YPF
  has answered the mentioned claims, rejecting them based in the legal impossibility
  for TGN to render the transportation service and in the termination of the transportation
  contract determined by YPF and notified with a complaint initiated before ENARGAS.
  Additionally, the plaintiff notified YPF that it was terminating the contract
  invoking YPF&#146;s fault, basing its decision on the alleged lack of payment
  of transportation fees, reserving the right to claim for damages. During September
  2011, YPF was notified of the resolution of the Court of Appeals rejecting YPF&#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 No. 24,076, before ENARGAS, claiming the payment of certain transportation
  charges in an approximate amount of 339. YPF answered the claim raising ENARGAS&#146;
  lack of jurisdiction (as the Company did in the proceeding against TGN) and
  rejecting the claim based on the theory of legal impossibility. On April 12,
  2012, ENARGAS resolved in favor of Naci&#243;n Fideicomisos S.A. On May 12,
  2012 YPF filed an appeal against such resolution to the National Court of Appeals
  in the Federal Contentious Administrative. 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></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Regarding this issue, on
  April 8, 2009, YPF had filed a complaint against TGN with ENARGAS, seeking the
  termination of the natural gas transportation contract with TGN in connection
  with the natural gas export contract entered with AESU and other parties. The
  termination of the contract with that company is based on: (a) the impossibility
  for YPF to receive the service and for TGN to render the transportation service,
  due to (i) the termination of the natural gas contract with 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></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, the
  Company has provisioned 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></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>La Plata
      and Quilmes environmental claims:</i></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>La Plata: </i>In relation
  with the operation of the refinery that YPF 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, YPF submitted a presentation before
  the Environmental Secretariat of the Province of Buenos Aires which put forward
  for consideration the performance of a study for the characterization of environmental
  associated risks. As previously mentioned, YPF has the right of indemnity for
  events and claims prior to January 1, 1991, according to Law No. 24,145 and
  Decree No. 546/1993. Besides, there are certain claims that could result in
  the requirement to make additional investments connected with the operations
  of La Plata refinery.</font><font face="Arial, Helvetica, sans-serif"><br>
  </font> </p>
<p><font size="2" face="Arial, Helvetica, sans-serif">On January 25, 2011, YPF
  entered into an agreement with the environmental agency of the Government of
  the Province of Buenos Aires (Organismo Provincial para el Desarrollo Sostenible
  (&#147;OPDS&#148;)), within the </font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">43</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
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<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_44"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">scope of the Remediation,
  Liability and Environmental Risk Control Program, created by Resolution 88/10
  of the OPDS. Pursuant to the agreement, the parties agreed to jointly perform
  an eight-year work program in the channels adjacent to the La Plata refinery,
  including characterization and risk assessment studies of the sediments. The
  agreement provides that, in the case that a required remediation action is identified
  as a result of the risk assessment studies, the different alternatives and available
  techniques will be considered, as well as the steps needed for the implementation.
  Dating studies will also be performed pursuant to the agreement, in order to
  determine responsibilities of the Argentine Government in accordance with its
  obligation to hold YPF harmless in accordance with the article 9 of the Privatization
  Law No. 24,145. YPF has provisioned the estimated cost of the characterization
  and risk assessment studies mentioned above. The cost of the remediation actions,
  if required, will be recorded in those situations where the loss is probable
  and can be reasonably estimated.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Quilmes:</i> Citizens
  which allege to be residents of Quilmes, Province of Buenos Aires, have filed
  a lawsuit in which they have requested remediation of environmental damages
  and also the payment of 47 plus interests as a compensation for supposedly personal
  damages. They base their claim mainly on a fuel leak in the poliduct running
  from La Plata to Dock Sud, currently operated by YPF, which occurred in 1988
  as a result of an illicit detected at that time, being at that moment YPF a
  state-owned company. Fuel would have emerged and became perceptible on November
  2002, which resulted in remediation works that are being performed by the Company
  in the affected area, supervised by the environmental authority of the Province
  of Buenos Aires. The Argentine Government has denied any responsibility to indemnify
  YPF for this matter, and the Company has sued the Argentine Government to obtain
  a declaration of invalidity of such decision. The award is still pending. On
  November 25, 2009, the proceedings were transferred to the Federal Court on
  Civil and Commercial Matters No. 3, Secretariat No. 6 in Buenos Aires City and
  on March 4, 2010, YPF answered the complaint and requested the citation of the
  Argentine Government. In addition, other 36 judicial claims related to similar
  matters have been brought against YPF amounting to approximately 19. Additionally,
  YPF is aware of the existence of other out of court claims which are based on
  similar allegations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In relation to environmental
  obligations, and in addition to the hydrocarbon wells abandonment legal obligations
  for 6,712 as of March 31, 2012, the Company has provisioned 1,230 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></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Within mentioned in the
  preceding paragraphs, laws and regulations relating to health and environmental
  quality in the United States of America affect nearly all the operations of
  YPF Holdings Inc. (hereinafter mentioned as &#147;YPF Holdings Inc.&#148; or
  &#147;YPF Holdings&#148;). These laws and regulations set various standards
  regulating certain aspects of health and environmental quality, provide for
  penalties and other liabilities for the violation of such standards and establish
  in certain circumstances remedial obligations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings Inc. believes
  that its policies and procedures in the area of pollution control, product safety
  and occupational health are adequate to prevent 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" face="Arial, Helvetica, sans-serif">YPF Holdings Inc. cannot
  predict what environmental legislation or regulations will be enacted in the
  future or how existing or future laws or regulations will be administered or
  enforced. Compliance with more stringent law regulations, as well as more vigorous
  enforcement policies of the regulatory agencies, could in the future require
  material expenditures by YPF Holdings Inc. for the installation and operation
  of systems and equipment for remedial measures, possible dredging requirements,
  among other things. Also, certain laws allow for recovery of natural resource
  damages from responsible parties and ordering the implementation of interim
  remedies to abate an imminent and substantial endangerment to the environment.
  Potential expenditures for any such actions cannot be reasonably estimated.</font></p>
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  </font>
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<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_45"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In the following discussion,
  references to YPF Holdings Inc. include, as appropriate and solely for the purpose
  of this information, references to Maxus and Tierra.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In connection with the sale
  of Maxus&#146; former chemical subsidiary, Diamond Shamrock Chemicals Company
  (&#147;Chemicals&#148;) to Occidental Petroleum Corporation (&#147;Occidental&#148;)
  in 1986, Maxus agreed to indemnify Chemicals and Occidental from and against
  certain liabilities relating to the business or activities of Chemicals prior
  to the selling date, September 4, 1986 (the &#147;selling date&#148;), including
  environmental liabilities relating to chemical plants and waste disposal sites
  used by Chemicals prior to the selling date.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The most significant contingencies
  recorded by the controlled company YPF Holdings Inc. are described in the following
  paragraphs. YPF Holdings Inc.&#146;s Management believes it has adequately provisioned
  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 provisions in the future.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Newark, New Jersey. </i>A
  consent decree, previously agreed upon by the U.S. Environmental Protection
  Agency (&#147;EPA&#148;), the New Jersey Department of Environmental Protection
  and Energy (&#147;DEP&#148;) and Occidental, as successor to Chemicals, was
  entered in 1990 by the United States District Court of New Jersey and requires
  implementation of a remedial action plan at Chemical&#146;s former Newark, New
  Jersey agricultural chemicals plant. The interim remedy has been completed and
  paid for by Tierra. This project is in the operation and maintenance phase.
  YPF Holdings Inc. has provisioned approximately 59 in connection with such activities.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Passaic River, New Jersey.
  </i>Maxus, complying with its contractual obligation to act on behalf of Occidental,
  negotiated an agreement with the EPA (the &#147;1994 AOC&#148;) under which
  Tierra has conducted testing and studies near the Newark plant site, adjacent
  to the Passaic River. While some work remains, the work under the 1994 AOC was
  substantially subsumed by the remedial investigation and feasibility study (&#147;RIFS&#148;)
  being performed and funded by Tierra and a number of other entities of the lower
  portion of the Passaic River pursuant to a 2007 administrative settlement agreement
  (the &#147;2007 AOC&#148;). The parties to the 2007 AOC are 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. This group is called the Cooperative Parties Group
  (the &#147;CPG&#148;). The 2007 AOC is being coordinated with a joint federal,
  state, local and private sector cooperative effort designated as the Lower Passaic
  River Restoration Project (&#147;PRRP&#148;). As of March 31, 2012, approximately
  70 entities, including Tierra, have agreed to participate in the RIFS in connection
  with the PRRP.</font><font face="Arial, Helvetica, sans-serif"><br>
  </font> </p>
<p><font size="2" face="Arial, Helvetica, sans-serif">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 signed with the EPA, on behalf of Occidental,
  an Administrative Settlement Agreement and Order on Consent for Combined Sewer
  Overflow/Storm Water Outfall Investigation (&#147;CSO AOC&#148;), which became
  effective in September 2011. Besides providing for a study of combined sewer
  overflows in the Passaic River, the CSO AOC confirms that there will be no further
  obligations to be performed under the 1994 AOC. Tierra estimates that the total
  cost to implement the CSO AOC is approximately US$ 5 million and will take approximately
  2 years to complete.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2003, the DEP issued
  Directive No. 1 to Occidental and Maxus and certain of their respective related
  entities as well as other third parties. Directive No. 1 seeks to address natural
  resource damages allegedly resulting from almost 200 years of historic industrial
  and commercial development along a portion of the Passaic River and a part of
  its watershed. Directive No. 1 asserts that the named entities are jointly and
  severally liable for the alleged natural resource damages without regard to
  fault. The DEP has asserted jurisdiction in this matter even though all or part
  of the lower Passaic River is subject to the PRRP. Directive No. 1 calls for
  the following actions: interim compensatory restoration, injury identification,
  injury quantification and value determination. Maxus and Tierra responded to
  Directive No. 1 setting forth good faith defenses. Settlement discussions between
  the DEP and the named entities have been held; however, no agreement has been
  reached or is assured.</font></p>
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  </font>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_46"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2004, the EPA and Occidental
  entered into an administrative order on consent (the &#147;2004 AOC&#148;) pursuant
  to which Tierra (on behalf of Occidental) has agreed to conduct testing and
  studies to characterize contaminated sediment and biota and evaluate remedial
  alternatives in the Newark Bay and a portion of the Hackensack, the Arthur Kill
  and Kill van Kull rivers. The initial field work on this study, which includes
  testing in the Newark Bay, has been substantially completed. Discussions with
  the EPA regarding additional work that might be required are underway. EPA has
  issued General Notice Letters to a series of additional parties concerning the
  contamination of Newark Bay and the work being performed by Tierra under the
  2004 AOC. Tierra proposed to the other parties that, for the third stage of
  the RIFS undertaken in Newark Bay, the costs be allocated on a per capita basis.
  As of the date of issuance of these consolidated financial statements, the parties
  have not agreed to 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" face="Arial, Helvetica, sans-serif">In December 2005, the DEP
  issued a directive to Tierra, Maxus and Occidental directing said parties to
  pay the State of New Jersey&#146;s cost of developing a Source Control Dredge
  Plan focused on allegedly dioxin-contaminated sediment in the lower six-mile
  portion of the Passaic River. The development of this plan was estimated by
  the DEP to cost approximately US$ 2 million. The DEP has advised the recipients
  that (a) it is engaged in discussions with the EPA regarding the subject matter
  of the directive, and (b) they are not required to respond to the directive
  until otherwise notified.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2007, EPA released
  a draft Focused Feasibility Study (the &#147;FFS&#148;) that outlines several
  alternatives for remedial action in the lower eight miles of the Passaic River.
  These alternatives range from no action, which would result in comparatively
  little cost, to extensive dredging and capping, which according to the draft
  FFS, EPA estimated could cost from US$ 900 million to US$ 2,300 million 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" face="Arial, Helvetica, sans-serif">In August 2007, the National
  Oceanic Atmospheric Administration (&#147;NOAA&#148;) sent a letter to a number
  of entities it alleged have a liability for natural resources damages, including
  Tierra and Occidental, requesting that the group enters into an agreement to
  conduct a cooperative assessment of natural resources damages in the Passaic
  River and Newark Bay. In November 2008, Tierra and Occidental entered into an
  agreement with the NOAA to fund a portion of the costs it has incurred and to
  conduct certain assessment activities during 2009. Approximately 20 other PRRP
  members have also entered into similar agreements. In November 2009, Tierra
  declined to extend this agreement.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2008, the EPA, Occidental,
  and Tierra entered into an AOC (&#147;Removal AOC&#148;), pursuant to which
  Tierra (on behalf of Occidental) will undertake a removal action of sediment
  from the Passaic River in the vicinity of the former Diamond Alkali facility.
  This action will result in the removal of approximately 200,000 cubic yards
  (153,000 cubic meters) of sediment, which will be carried out in two different
  phases. The first phase, which 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 provisioned
  US$ 80 million with respect to this matter. As of March 31, 2012, US$ 52 million
  has been contributed to the fund. During 2010, the Company issued, with EPA
  approval, US$ 20 million in letters of credit to provide assurance, rather than
  paying additional funds into the trust. A final payment of US$ 8 million to
  the fund is expected to be made in September 2012 in order to complete the amount
  of US$ 80 million established by the signed agreement. The total amount of required
  financial assurance may be increased or decreased over time if the anticipated
  cost of completing the removal work contemplated by the Removal AOC changes.
  Tierra may request modification of the form and timing of financial assurance
  for the Removal AOC. Construction of the facilities required for the agreed
  </font></p>
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  </font>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_47"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">works were completed in
  the first quarter of 2012, dredging and de-watering activities were completed
  in the second quarter of 2012. During the removal action, contaminants which
  may have come from sources other than the former Diamond Alkali plant will necessarily
  be removed. YPF Holdings Inc. and its subsidiaries may seek cost recovery from
  the parties responsible for such contamination, provided contaminants&#146;
  origins were not from the Diamond Alkali plant. The removal action is expected
  to be completed by the end of the third quarter of 2012. However, as of the
  date of issuance of these consolidated financial statements, it is not possible
  to make any prediction regarding the likelihood of success or the funds potentially
  recoverable in a cost-recovery action.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, there
  is a total amount of 390 provisioned comprising the estimated costs for studies,
  the YPF Holdings Inc.&#146;s best estimate of the cash flows it could incur
  in connection with remediation activities considering the studies performed
  by Tierra, the estimated costs related to the Removal AOC agreement, and in
  addition certain other matters related to Passaic River and the Newark Bay.
  However, it is possible that other works, including interim remedial measures,
  may be ordered. In addition, the development of new information on the imposition
  of natural resource damages, or remedial actions differing from the scenarios
  that YPF Holdings Inc. has evaluated, could result in additional costs to the
  amount currently provisioned.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Passaic River &#150;
  Mile 10.9 &#150; Removal Action.</i> In February 2012, the EPA issued to the
  CPG a draft Administrative Settlement Agreement and order on Consent (&#147;AOC
  RM 10.9&#148;) for Removal Action and Pilot Studies to address high levels of
  contamination of TCDD dioxin, PCBs, mercury and other contaminants of concern
  in the vicinity of the Passaic River&#146;s mile 10.9, comprised of a sediment
  formation (&#147;mud flat&#148;) of approximately 8.9 acres. In connection with
  this AOC RM 10.9, the EPA is asking the CPG that approximately 16,000 cubic
  yards of sediments be removed and that pilot scale studies be conducted to evaluate
  ex situ decontamination beneficial reuse technologies, innovative capping technologies,
  and in situ stabilization technologies for consideration and potential selection
  as components of the remedial action to be evaluated in the 2007 AOC and the
  FFS and selected in one or more subsequent records of decision. The CPG&#146;s
  technical consultants are negotiating a Scope of Work with the EPA and the CPG
  internally has retained an allocation consultant to assist in developing a proposed
  plan for allocation of the cost of the AOC RM 10.9. Tierra currently does not
  have sufficient information regarding either the Scope of Work or the cost allocation
  to estimate with any degree of certainty what would be Tierra&#146;s financial
  responsibility under the AOC RM 10.9. During april the CPG agreed that the costs
  of consultants previously mentioned will be distributed on per capita basis
  among the 72 parties of the CPG. On June 18, 2012, the EPA announced that it
  had signed an AOC RM 10.9 with 70 parties. Occidental, Maxus and Tierra declined
  to sign such AOC. After the parties of the CPG voted the amendment to the agreement,
  the parties gave to Maxus the choice of either: i) pariticipate in the removal
  action at an interim allocated share of 41.1%; ii) terminate his participation
  in the CPG. Maxus decided to terminate his participation in the CPG. The EPA
  has asked YPF Holdings to state its position regarding its involvement in the
  remediation (to cooperate in it). One cooperation alternative expected by EPA
  would be that Maxus affronts the cost of maintaining the dewatering facility
  currently in place in the remediation pursuant to the 2008 AOC. Occidental,
  Maxus and Tierra resigned to the CPG, effective May 29, 2012, under protest
  and subject to a reservation of rights. Based on the information available to
  the Company as of the issuance date of these financial statements, considering
  the results of the studies and discoveries to be produced, the existence of
  72 parties involved in the matter, with its consequent potential allocation
  of removal costs, and also considering the opinion of external and internal
  counsels, it is not possible to reasonably estimate a loss or range of losses
  on these outstanding matters. Therefore, no amount has been accrued for this
  litigation by YPF Holdings Inc.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>New Jersey &#150; Litigation
  with DEP.</i> In December 2005, the DEP sued YPF Holdings Inc., Tierra, Maxus
  and several other companies, besides to Occidental, alleging a contamination
  supposedly related to dioxin and other &#147;hazardous substances&#148; discharged
  from Chemicals&#146; former Newark plant and the contamination of the lower
  portion of the Passaic River, Newark Bay, other nearby waterways and surrounding
  areas. The DEP seeks remediation of natural resources damaged and punitive damages
  and other matters. The defendants have made responsive pleadings and filings.
  In March 2008, the Court denied motions to dismiss by Occidental Chemical Corporation,
  Tierra and Maxus. The DEP filed its Second Amended Complaint in April 2008.
  YPF filed a motion to dismiss for lack of personal jurisdiction. The motion
  mentioned previously was denied in August 2008, and the denial was confirmed
  by the Court of Appeal. Notwithstanding, the Court denied to plaintiffs&#146;
  motion to bar third party practice and allowed defendants to file third-party
  complaints.</font></p>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_48"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">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.
  The Special Master called for and held a settlement conference in November 2011
  between the State of New Jersey, on the one hand, and Repsol, YPF and Maxus,
  on the other hand to discuss the parties&#146; respective positions, but no
  agreement was reached.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In February 2012, plaintiffs
  and Occidental filed motions for partial summary judgment, seeking summary adjudication
  that Maxus has liability under the Spill Act of New Jersey. In the first quarter
  of 2012 Maxus, Occidental and plaintiffs submitted their respective briefs.
  Oral arguments were heard on May 15 and 16, 2012. The Judge held that Maxus
  and Tierra have direct liability for the contamination generated into the Passaic
  River. However, volume, toxicity and cost of the contamination were not verified
  (these issues will be determined in a later phase of the trial). Maxus and Tierra
  have the right to appeal such decision.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, 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" face="Arial, Helvetica, sans-serif">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 provisioned for this litigation by YPF Holdings Inc.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Hudson County, New Jersey.</i>
  Until 1972, Chemicals operated a chromite ore processing plant at Kearny, New
  Jersey (&#147;Kearny Plant&#148;). According to the DEP, wastes from these ore
  processing operations were used as fill material at a number of sites in and
  near Hudson County. DEP has identified over 200 sites in Hudson and Essex Counties
  alleged to contain chromite ore processing residue either from the Kearny Plant
  or from plants operated by two other chromium manufacturers.</font></p>
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  </font>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_49"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The DEP, Tierra and Occidental,
  as successor to Chemicals, signed an administrative consent order with the DEP
  in 1990 for investigation and remediation work at 40 chromite ore sites in Hudson
  and Essex Counties alleged to be impacted by the Kearny Plant operations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Tierra, on behalf of Occidental,
  is presently performing the work and funding Occidental&#146;s share of the
  cost of investigation and remediation of these sites. In addition, financial
  assurance has been provided in the amount of US$ 20 million for performance
  of the work. The ultimate cost of remediation is uncertain. Tierra submitted
  its remedial investigation reports to the DEP in 2001, and the DEP continues
  to review the report.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, in May 2005,
  the DEP took two actions in connection with the chrome sites in Hudson and Essex
  Counties. First, the DEP issued a directive to Maxus, Occidental and two other
  chromium manufacturers directing them to arrange for the cleanup of chromite
  ore residue at three sites in New Jersey City and the conduct of a study by
  paying the DEP a total of US$ 20 million. While YPF Holdings Inc. believes that
  Maxus is improperly named and there is little or no evidence that Chemicals&#146;
  chromite ore residue was sent to any of these sites, the DEP claims these companies
  are jointly and severally liable without regard to fault. Second, the State
  of New Jersey filed a lawsuit against Occidental and two other entities seeking,
  among other things, cleanup of various sites where chromite ore processing residue
  is allegedly located, recovery of past costs incurred by the state at such sites
  (including in excess of US$ 2 million allegedly spent for investigations and
  studies) and, with respect to certain costs at 18 sites, treble damages. The
  DEP claims that the defendants are jointly and severally liable, without regard
  to fault, for much of the damages alleged. In February 2008, the parties reached
  an agreement 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, subject to the terms of a Consent Judgment
  between and among DEP, Occidental and two other parties, which was published
  in the New Jersey Register in June 2011, and became final and effective as of
  September 2011. Pursuant to the Consent Judgment, the US$ 5 million payment
  was made in October 2011 and a master schedule was delivered to DEP in February
  2012 for the remediation during a ten-year period, of the three orphan sites
  plus the remaining chromite ore sites (approximately 28 sites) under the Kearny
  ACO. DEP indicated that it could not approve a ten-year term; consequently,
  Maxus submitted a revised eight-year schedule and is awaiting DEP&#146;s comments.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In November 2005, several
  environmental groups sent a notice of intent to sue the owners of the properties
  adjacent to the former Kearny Plant (the &#147;adjacent property&#148;), including
  among others Tierra, under the Resource Conservation and Recovery Act. The stated
  purpose of the lawsuit, if filed, would be to require the noticed parties to
  carry out measures to abate alleged endangerments to health and the environment
  emanating from the Adjacent Property. The parties have entered into an agreement
  that addresses the concerns of the environmental groups, and these groups have
  agreed, at least for now, not to file suit.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In March 2008, the DEP approved
  an interim response action plan for work to be performed at the Kearny Plant
  by Tierra and the adjacent property by Tierra in conjunction with other parties.
  As of the date of issuance of these consolidated financial statements, work
  on the interim response action has begun. This adjacent property was listed
  by EPA on the National Priority List in 2007. In July 2010, EPA notified Tierra,
  along with three other parties, which are considered potentially responsible
  for this adjacent property and requested to conduct a RIFS for the 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" face="Arial, Helvetica, sans-serif">Pursuant to a request of
  the DEP, in the second half of 2006, the PRG tested the sediments in a portion
  of the Hackensack River near the former Kearny Plant. A report of those test
  results was submitted to the DEP. DEP requested additional sampling, and the
  PRG submitted to DEP work plans for additional sampling in January 2009. In
  March 2012, the PRG received a Notice of Deficiency (&#147;NOD&#148;) letter
  from DEP. In the NOD, DEP seeks to expand the scope of work that would be required
  in the Hackensack River under the SRIWP to add both additional sample locations/core
  segments and parameters. While the PRG acknowledges that it is required to investigate
  and prevent chrome releases from certain upland sites into the river, the PRG
  contends that it is has no obligation under the governing ACOs and Consent Judgment
  to investigate chrome contamination in the river generally. Negotiations between
  the PRG and the DEP are ongoing.</font></p>
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  </font>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_50"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, there
  are approximately 40 provisioned in connection with the foregoing chrome-related
  matters. The study of the levels of chromium has not been finalized, and the
  DEP is still reviewing the proposed actions. The cost of addressing these chrome-related
  matters could increase depending upon the final soil actions, the DEP&#146;s
  response to Tierra&#146;s reports and other developments.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Painesville, Ohio.</i>
  In connection with the 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 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 provisioned.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Over fifteen years ago,
  the former Painesville Works site was proposed for listing on the national Priority
  List under the Comprehensive Environmental Response, Compensation and Liability
  Act of 1980, as amended (&#147;CERCLA&#148;); however, the EPA has stated that
  the site will not be listed so long as it is satisfactorily addressed pursuant
  to the Director&#146;s Order and OEPA&#146;s programs. As of the date of issuance
  of these consolidated financial statements, the site has not been listed. As
  of March 31, 2012, YPF Holdings Inc. has provisioned a total of 62 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 provision as may be necessary.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Other Sites.</i> Pursuant
  to settlement agreements with the Port of Houston Authority and other parties,
  Tierra and Maxus are participating (on behalf of Chemicals) in the remediation
  of property required Chemicals&#146; former Greens Bayou facility where DDT
  and certain other chemicals were manufactured. Additionally, in 2007 the parties
  have reached an agreement with the Federal and State Natural Resources Trustees
  concerning natural resources damages. In 2008, the Final Damage Assessment and
  Restoration Plan/Environmental Assessment was approved, specifying the restoration
  projects to be implemented. During the first semester of 2011, Tierra negotiated,
  on behalf of Occidental, a draft Consent Decree with governmental agencies of
  the United States and Texas addressing natural resource damages at the Greens
  Bayou Site. This Consent Decree, when signed, will incorporate by reference
  the Final Damage Assessment and Restoration Plan/Environmental Assessment which
  specifies the restoration projects to be implemented. The Consent Decree is
  expected to be signed in the second quarter of 2012. Although the primary work
  was largely finished in 2009, some follow-up activities and operation and maintenance
  remain pending. As of March 31, 2012, YPF Holdings Inc. has provisioned 18 for
  its estimated share of remediation activities associated with Greens Bayou facility.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In June 2005, the EPA designated
  Maxus as a PRP at the Milwaukee Solvay Coke &amp; Gas site in Milwaukee, Wisconsin.
  The basis for this designation is Maxus alleged status as the successor to Pickands
  Mather &amp; Co. and Milwaukee Solvay Coke Co., companies that the EPA has asserted
  are former owners or operators of such site.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">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" face="Arial, Helvetica, sans-serif">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 March 31, 2012 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" face="Arial, Helvetica, sans-serif">Maxus has agreed to defend
  Occidental, as successor to Chemicals, in respect of the Malone Services Company
  Superfund site in Galveston County, Texas. This site is a former waste disposal
  site where Chemicals is alleged to have sent waste products prior to September
  1986. The potentially responsible parties, including Maxus on behalf of Occidental,
  formed a PRP Group to finance and perform an AOC RIFS. </font></p>
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<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_51"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">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 20, 2009. The PRP Group expects to
  sign a Consent Decree in the second quarter of 2012 and commence the required
  remediation work in mid-2012. As of March 31, 2012 YPF Holdings has provisioned
  6 in connection with its obligations for this matter.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Chemicals has also been
  designated as a PRP with respect to a number of third party sites where hazardous
  substances from Chemicals&#146; plant operations allegedly were disposed or
  have come to be located. At several of these, Chemicals has no known relationship.
  Although PRPs are typically jointly and severally liable for the cost of investigations,
  cleanups and other response costs, each has the right of contribution from other
  PRPs and, as a practical matter, cost sharing by PRPs is usually effected by
  agreement among them. As of March 31, 2012, YPF Holdings Inc. has provisioned
  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" face="Arial, Helvetica, sans-serif"><i>Black Lung Benefits Act
  Liabilities</i>. The Black Lung Benefits Act provides monetary and medical benefits
  to miners disabled with a lung disease, and also provides benefits to the dependents
  of deceased miners if black lung disease caused or contributed to the miner&#146;s
  death. As a result of the operations of its coal-mining subsidiaries, YPF Holdings
  Inc. is required to provide insurance of this benefit to former employees and
  their dependents. As of March 31, 2012, YPF Holdings Inc. has provisioned 13
  in connection with its estimate of these obligations.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><i>Legal Proceedings.</i>
  In 2001, the Texas State Controller assessed Maxus approximately US$ 1 million
  in Texas state sales taxes for the period of September 1, 1995 through December
  31, 1998, plus penalty and interest.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">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, additionally, settlement negotiations are
  ongoing.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In 2002, Occidental sued
  Maxus and Tierra in state court in Dallas, Texas seeking a declaration that
  Maxus and Tierra have the obligation under the agreement pursuant to which Maxus
  sold Chemicals to Occidental to defend and indemnify Occidental from and against
  certain historical obligations of Chemicals, notwithstanding the fact that said
  agreement contains a twelve-year cut-off for defense and indemnity obligations
  with respect to most litigation. Tierra was dismissed as a party, and the matter
  was tried in May 2006. The trial court decided that the twelve-year cut-off
  period did not apply and entered judgment against Maxus. This decision was affirmed
  by the Court of Appeals in February 2008. Maxus has petitioned the Supreme Court
  of Texas for review. This lawsuit was denied. This decision will require Maxus
  to accept responsibility of various matters which it has refused indemnification
  since 1998 which could result in the incurrence of costs in addition to YPF
  Holdings Inc.&#146;s current provisions for this matter. Maxus has paid approximately
  US$ 17 million to Occidental, and remains in discussions with Occidental regarding
  additional costs for US$ 0.3 million. Most of the claims that had been rejected
  by Maxus based on the twelve-year cut-off period, were related to &#147;Agent
  Orange&#148;. All pending Agent Orange litigation was dismissed in December
  2009, and although it is possible that further claims may be filed by unknown
  parties in the future, no further significant liability is anticipated. Additionally,
  the remaining claims received and refused consist primarily of claims of potential
  personal injury from exposure to vinyl chloride monomer (&#147;VCM&#148;), and
  other chemicals, although they are not expected to result in significant liability.
  However, the declaratory judgment includes liability for claims arising in the
  future, if any, related to this matters, which are currently unknown as of the
  date of issuance of these consolidated financial statements, and if such claims
  arise, they could result in additional liabilities for Maxus. As of March 31,
  2012 YPF Holdings Inc. has provisioned approximately 1 in respect to these matters.</font></p>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_52"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In March 2005, Maxus agreed
  to defend Occidental, as successor to Chemicals, in respect of an action seeking
  the contribution of costs incurred in connection with the remediation of the
  Turtle Bayou waste disposal site in Liberty County, Texas. The plaintiffs alleged
  that certain wastes attributable to Chemicals found their way to the Turtle
  Bayou site. Trial for this matter was bifurcated, and in the liability phase
  Occidental and other parties were found severally, and not jointly, liable for
  waste products disposed of at this site. Trial in the allocation phase of this
  matter was completed in the second quarter of 2007, and following post judgment
  motions, the court entered a decision setting Occidental&#146;s liability at
  15.96% of the past and future costs to be incurred by one of the plaintiffs.
  Maxus appealed this matter. In June 2010, the Court of Appeals ruled that the
  District Court had committed errors in the admission of certain documents, and
  remanded the case to the District Court for further proceedings. Maxus took
  the position that the exclusion of the evidence should reduce 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
  semester of 2011. The U.S. Court of Appeals for the Fifth Circuit affirmed the
  District Court&#146;s ruling in March 2012. Maxus paid to the plaintiff, on
  behalf of Occidental, US$ 2 million in June 2012 covering past costs. Is still
  pending the obligation to pay some future costs. As of March 31, 2012, YPF Holdings
  Inc. has provisioned 17 in respect of this matter.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In May 2008, Ruby Mhire
  and others (&#147;Mhire&#148;) brought suit against Maxus and other third parties,
  alleging that various parties including a predecessor of Maxus had contaminated
  certain property in Cameron Parish, Louisiana, during oil and gas activities
  on the property. Maxus&#146; predecessor operated on the property from 1969
  to 1989. The Mhire plaintiffs have demanded remediation and other compensation
  in excess of US$ 159 million basing themselves on plaintiff&#146;s experts study.
  During June 2012, the parties in the case held a court-ordered mediation. Maxus
  and two parties have made an offer to the plaintiffs by an amount of US$ 15
  million. Such offer was rejected by the plaintiffs. 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 first quarter of 2013.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings Inc., including
  its subsidiaries, is a party to various other lawsuits and environmental situations,
  the outcomes of which are not expected to have a material adverse effect on
  YPF&#146;s financial condition or its future results of operations. YPF Holdings
  Inc. provisioned legal contingences and environmental situations that are probable
  and can be reasonably estimated.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><i>Tax
      claims:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      has received several claims from the Administraci&#243;n Federal de Ingresos
      P&#250;blicos (&#147;AFIP&#148;) and from provincial and municipal fiscal
      authorities, which are not individually significant, and which have been
      provisioned based on the best information available as of the date of the
      issuance of these financial statements.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p52a"></a>4.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>CAPITAL STOCK</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company&#146;s subscribed
  capital as of March 31, 2012, is 3,933 and is represented by 393,312,793 shares
  of common stock and divided into four classes of shares (A, B, C and D), with
  a par value of Argentine pesos 10 and one vote per share. These shares are fully
  subscribed, paid-in and authorized for stock exchange listing.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, Repsol,
  S.A. (&#147;Repsol&#148;) had a participation in the Company, directly and indirectly,
  of approximately 57.43% shareholding while Petersen Energ&#237;a S.A. (&#147;PESA&#148;)
  and its affiliates exercised significant influence through a 25.46% shareholding.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, there
  are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding,
  the affirmative vote of Argentine Government is required for: 1) mergers, 2)
  acquisitions of more than 50% of YPF shares in an agreed or hostile bid, 3)
  transfers of all the YPF&#146;s production and exploration rights, 4) the voluntary
  dissolution of YPF or 5) change of corporate and/or tax address outside the
  Argentine Republic. Items 3) and 4) will also require prior approval by the
  Argentine Congress.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">52</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_53"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Decree No. 530/12 of the
  National Executive Power (the &#147;Decree&#148;), established the temporary
  intervention of the Company for a period of thirty (30) days (which was extended
  up to the Shareholders&#146; meeting on June 4, 2012, by the Decree No. 732/12)
  with the aim of securing the continuity of its business, the preservation of
  its assets and capital, fuel provision and the satisfaction of the country&#146;s
  needs, and guaranteeing that the goals of the legislative initiative undertaken
  by said Executive Power were reached. Additionally, such Decree suspended the
  attributions of the Board of Directors, and consequently its Audit Committee,
  which were assumed by the Intervenor named by the Argentine Government (the
  &#147;Intervenor&#148;).</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Law No. 26,741 enacted on
  May 4, 2012, changed the Company&#146;s shareholding structure. The mentioned
  Law declared as national public interest and subject to expropriation the Class
  D Shares of the Company owned by Repsol, its controlled or controlling entities,
  representing the 51% of the Company&#146;s equity. According to Law 26,741,
  achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation,
  industrialization, transportation and sale of hydrocarbons, is thereby declared
  a national public interest and a priority for Argentina, with the goal of guaranteeing
  socially equitable economic development, the creation of jobs, the increase
  of the competitiveness of various economic sectors and the equitable and sustainable
  growth of the provinces and regions. The expropriated shares will be distributed
  as follows: 51% for the Argentine federal government and 49% for certain Argentine
  Provinces.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">On May 7, 2012, pursuant
  to Resolution 16,808 of CNV, a General Ordinary and Special Shareholders meeting
  was called on June 4, 2012. This meeting approved: (i) the removal of Class
  A and Class D Directors and members of the Statutory Audit Committee; (ii) determination
  of the number of Directors and members of the Statutory Audit Committee in 17
  and 3, respectively; (iii) election of Class A and Class D Directors and members
  of the Statutory Audit Committee; and (iv) determination of the term of their
  designation.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">On June 4, 2012, the Ordinary
  Shareholders&#146; meeting named the new Board of Directors of the Company,
  consequently the period of intervention of the Company was concluded.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">On March 21, 2012, the Board
  of Director&#146;s meeting in force at such date had agreed the following proposals
  to the shareholders of YPF: (i) to transfer the amount of 1,057, which is currently
  included in the Reserve for future dividends, which has not been used, to Unappropriated
  retained earnings; (ii) to carry out a capital increase in the amount of 5,789;
  (iii) to assign the amount of 299 to meet the restriction imposed by the CNV
  regulation concerning the distribution of profits in connection with deferred
  negative earnings; and (iv) to assign the amount of 265, which represents 5%
  of the fiscal year net income, to partially meet the increase in the legal reserve
  which will be required when such capital increase is carried out. In spite of
  the previously mentioned, the Board of Directors&#146; meeting dated June 15,
  2012, stated that, in relation to the proposal of appropriation of earnings
  made by the Board of Directors in force prior to the enactment of Law 26,741,
  the Board of Directors in its present composition and taking into consideration
  the Company&#146;s interest considers that such proposal did not adjust to the
  current Company&#146;s conditions after the enactment of the mentioned Law.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">On April 23, 2012, the Intervenor
  decided to suspend, until further notice, the call notice for the General Ordinary
  Shareholders&#146; Meeting of YPF S.A. to be held on April 25, 2012, in order
  to guarantee the normality of the meeting and protect the interests of the Company
  and its shareholders and the transparency in the market. On June 15, 2012, the
  Board of Directors decided to finalize with the suspension of the call notice
  for the General Ordinary Shareholders&#146; meeting of April 25, 2012, established
  by the Intervenor according to the attributions assigned by the Decree No. 530/2012
  of the National Executive Power, providing a new call notice for July 17, 2012.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">On July 17, 2012, the General
  Shareholders&#146; meeting was held, and decided the following in relation with
  the distribution of earnings of fiscal year ended as of December 31, 2011: (i)
  the reversal of the Reserve for future dividends in an amount of 1,057 and its
  appropriation to Retained earnings, in addition to the net income of the year,
  accumulating a total amount of 6,353; (ii) to appropriate the amount of 299
  to meet the restriction imposed by the CNV regulation concerning the distribution
  of profits in connection with deferred negative earnings, which will be affected
  in accordance with the accounting principles; (iii) to assign the amount of
  5,751 to constitute a reserve for investment in accordance with the art. 70,
  third paragraph of the Law No. 19.550 of Argentine Corporations and its modifications;
  and (iv) the appropriation to a reserve for future dividends in an amount of
  303, empowering the Board of Directors to determine the opportunity of payment
  which should not exceed the ending of the present fiscal year.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">53</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p><div style="page-break-before:always"></div><font size="2" face="Arial, Helvetica, sans-serif"><page></font>

<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_54"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p54a"></a>5.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>INVESTMENTS IN COMPANIES
      AND JOINT VENTURES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The following table shows
  in aggregate, considering that none of the companies are individually material,
  the amount of investments in affiliated companies and joint ventures as of March
  31, 2012, December 31, 2011 and January 1, 2011:</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" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
      2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Amount
      of investments in affiliated companies valued using the equity method</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">632</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">637</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">605</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Amount
      of investments valued at cost</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sub-Total
      participations affiliated companies</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">644</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">650</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">617</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Amount
      of investments in joint ventures valued using the equity method</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.290</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.420</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.302</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sub-Total
      participations in joint ventures</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.290</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.420</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.302</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provision
      for reduction in value of holdings in companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(33</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(57</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(80</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.901</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.839</font></td>
    <td width="2%" align="left">&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" face="Arial, Helvetica, sans-serif">The main changes that affect
  the amount of the investments previously mentioned, during the three-month periods
  ended as of March 31, 2012 and 2011 and the year ended as of December 31, 2011,
  are 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 width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-<br>
      month period<br>
      ended as of<br>
      March 31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-<br>
      month period<br>
      ended as of<br>
      March 31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For<br>
      the year<br>ended as of<br>December 31,<br>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amount
      at the beginning of year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.013</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.839</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.839</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      and contributions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Disinvestment</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Result
      of investments valued using the equity method</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">131</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">685</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Dividends</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(130</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(86</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(602</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Traslation
      difference</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">89</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amount
      at the end of period/year</b></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.901</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1.887</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2.013</font></td>
    <td width="2%" align="left">&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>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Exhibit I.b provides information
  of investments in companies.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The following table shows
  the main magnitudes of income/(expenses) from the investments in companies of
  the Company, calculated according to the interest held by the Company in such
  companies, for the three-month periods ended as of March 31, 2012 and 2011 (see
  Exhibit I). YPF has made adjustments, where applicable, to the amounts reported
  by such companies in order to conform the accounting principles used by such
  companies to those used by YPF:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Affiliated
      companies</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Joint
      ventures</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      March 31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      March 31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      March 31,<br>
      2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      March 31,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income
      (expense)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(13</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">112</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      comprehensive income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Comprehensive
      income for the period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">114</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, as mentioned
  in Note 1.a), the Company participates as of March 31, 2012 in Joint Operations
  which give to the Company a percentage contractually established over the rights
  of the assets and obligations that emerge from the contract. Interest in such
  Joint Operations have been consolidated line by line on the basis of the mentioned
  interest over the assets, liabilities, income and expenses related to each contract.
  Interest in joint operations have been calculated based upon the latest available
  financial statements as of the end of each period, taking into consideration
  significant subsequent events and transactions as well as information available
  to the Company&#146;s management. In Exhibit II is included a detail of the
  most significant Joint Operations in which the Company participates, indicating
  the nature of its operations.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">54</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_55"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The following table shows
  the main magnitudes from the Joint operations in which the Company participates,
  for the three-month periods ended as of March 31, 2012 and 2011:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Joint
      Ventures</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
March 31,<br>2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      March 31,<br>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Production
      cost and financial income (expense)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(614</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(431</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      comprehensive income</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Comprehensive
      income of the period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(591</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(420</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p55a"></a>6.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>BALANCES AND TRANSACTIONS
      WITH RELATED PARTIES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company enters into
  operations and transactions with related parties according to general market
  conditions, which are part of the normal operation of the Company with respect
  to their purpose and conditions.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As mentioned in Note 4,
  on May 3, 2012, Law No. 26,741, was passed by the Argentine Congress, which
  was reglamented by Decree No. 660 of the National Executive Power. Among other
  matters this Law provided for the expropriation of 51% of the share capital
  of YPF represented by an identical stake of Class D shares owned, directly or
  indirectly, by Repsol and its controlled or controlling entities. Consequently,
  and noting that the indicated operation occurred subsequent to March 31, 2012,
  the information detailed in the tables below show the balances and transactions
  with related parties that met this condition as of the end of the mentioned
  period.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The principal outstanding
  balances as of March 31, 2012, December 31, 2011 and January 1, 2011 from transactions
  with related parties that met such condition as of the indicated dates are as
  follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of March 31, 2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of December 31, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=9  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Trade
      receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      receivables and advances</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts
      payable</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Trade
      receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      receivables and advances</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts
      payable</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Joint
      ventures:</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">511</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">154</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">561</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">25</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">158</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Affiliated
      companies:</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">136</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">299</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">52</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">104</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">291</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Main shareholders
      and other related parties under their control:</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">168</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">547</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">547</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">58</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">160</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">224</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">538</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">707</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">322</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">299</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">637</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">547</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">723</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">185</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">291</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">430</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">538</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of January 1, 2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Trade
      receivables</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      receivables and advances</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Accounts
      payable</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Current</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Noncurrent</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Joint
      ventures:</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">382</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">101</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Affiliated
      companies:</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Main shareholders
      and other related parties under their control:</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">141</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">225</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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" face="Arial, Helvetica, sans-serif">493</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">163</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">256</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">372</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr 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>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">55</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_56"></a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company maintains purchase,
  sale and financing transactions with related parties. The principal purchase,
  sale and financing transactions with the companies that met such condition at
  such dates and for the three-month periods ended as of March 31, 2012 and 2011,
  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=5  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=5  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=7  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sales</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Purchases
      and servicies</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Interest
      and commissions earned (lost), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Sales</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Purchases
      and servicies</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Loans
      obtained (paid), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Interest
      and commissions earned (lost), net</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Joint
      ventures:</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">691</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">506</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">107</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </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" face="Arial, Helvetica, sans-serif">Affiliated
      companies:</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">96</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">70</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">60</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">47</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </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" face="Arial, Helvetica, sans-serif">Main shareholders
      and other related parties under their control:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=13>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">94</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">387</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">131</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(199</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(9</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">881</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">542</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">697</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">184</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(199</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(9</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The table below discloses
  the compensation for the Company&#146;s key management personnel, including
  members of the Board of Directors and principal managers (managers with executive
  functions appointed by the Board of Directors), for the three-month periods
  ended March 31, 2012 and 2011:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-month period<br>
      ended March 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012<sup>(1)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011<sup>(1)</sup></b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Employee
      benefits (short-term)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Post-retirement
      benefits</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes the compensation
      for the Company&#146;s key management personnel which developed their functions
      during the mentioned periods.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p56a"></a>7.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>BENEFIT PLANS AND
      OTHER SIMILAR OBLIGATIONS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Following is disclosed the
  information about pension plans and other obligations of YPF Holdings Inc. The
  last actuarial evaluation for the plans mentioned above was made as of December
  31, 2011.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Defined-benefit
      obligations</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
March 31,<br>2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      December 31,<br>2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>As
      of<br>
      January 1,<br>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net present
      value of obligations</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">144</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fair value
      of assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
      actuarial losses</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Recognized
      net liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">144</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Changes
      in the fair value of the defined-benefit obligations</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the three-<br>
      month period<br>ended<br>March 31,<br>2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the<br>
      year<br>ended<br>December 31,<br>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Liabilities
      at the beginning of the year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Translation
      differences</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Service
      cost</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Interest
      cost</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Actuarial
      losses (gains)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Benefits
      paid, settlements and amendments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(18</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Benefits
      paid, settlements and amendments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">144</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">56</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_57"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Changes
      in the fair value of the plan assets</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the<br>
      three-month<br>period ended<br>March 31,<br>2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the<br>
      year<br>ended<br>December 31,<br>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fair value
      of assets at the beginning of the year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Employer
      and employees contributions</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Benefits
      paid and settlements</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(18</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Fair value
      of assets at the end of period or the year</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amounts
      recognized in the Statement of Income</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>(Expense)
      Income</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>For
      the<br>
      three-month<br>
      period ended<br>
      March 31,<br>
      2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Service
      cost</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Interest
      cost</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Gains
      (Losses) on settlements and amendments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
      recognized as (expense)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>Actuarial
      assumptions</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Discount
      rate</font></td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">3.4
      &#150; 3.7</font></td>
    <td width="2%" align="left" nowrap><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">3.4%
      &#150; 3.7</font></td>
    <td width="2%" align="left" nowrap><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Expected
      return on assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Expected
      increase on salaries</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">N/A</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Expected employer&#146;s
  contributions and estimated future benefit payments for the remaining plans
  are:</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Other
      Benefits</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">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Pension
      Benefits</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Gross
      Benefits Payments</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Expected
      employer&#146;s contributions during 2012</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Estimated
      future benefit payments are as follows:</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2012</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2013</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2014</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2015</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">2016 &#150;
      2021</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">57</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_58"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p58a"></a>8.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>OPERATING LEASES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, the
  principal contracts related to operating leases include:</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Leasing of production
      equipment used in fields and equipment for natural gas compression, whose
      contracts have an average duration of 3 years with an option to renew for
      an additional year and for which contingent payments are calculated based
      on a rate per unit of use (pesos per hour/day of use);</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Leasing of vessels
      and barges for the transportation of hydrocarbons, whose contracts have
      an average duration of 5 years and for which contingent payments are calculated
      based on a rate per unit of use (pesos per hour/day of use);</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#149;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Leasing of land for
      the installation and operation of service stations, whose contracts have
      an average duration of approximately 10 years and for which contingent payments
      are calculated based on a rate per unit of estimated sales of fuel.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Expenses recognized for
  the three-month periods ended March 31, 2012 and 2011 related to operating leases
  amounted to approximately 480 and 410, respectively; corresponding 225 and 231
  to minimum payments and 255 and 179 to contingent rent.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, the
  estimated future payments related to these contracts are:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Within
      1 year</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>From
      2 to 5 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Over
      6 years</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Estimated
      future payments</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">905</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">584</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">93</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p58b"></a>9.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>EARNINGS PER SHARE</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of the date of issuance
  of these financial statements, YPF has not issued equity instruments that give
  rise to potential ordinary shares. As a result, the calculation of diluted earnings
  per share coincides with the basic earnings per share.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The following table shows
  the net income and the number of shares that have been used for the calculation
  of the basic earnings per share:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Three-month
      period ended March 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income
      (millions of Argentine pesos)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,294</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,596</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Average
      number of shares outstanding</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">393,312,793</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">393,312,793</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Basic
      earnings and diluted earnings per share (pesos per share)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3.29</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.06
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Basic and diluted earnings
  per share are calculated as shown in Note 1.c.14.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p58c"></a>10.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>INCOME TAX</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Income tax expense accrued
  for the three-month periods ended March 31, 2012 and 2011, according to the
  criteria described in Note 1.c.16 of accounting policies, is 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=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Three-month
      period ended March 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Current
      income tax for the period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(908</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(875</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Deferred
      income tax for the period</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(145</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(135</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,053</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,010</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">58</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><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>
<p><font size="2" face="Arial, Helvetica, sans-serif">The reconciliation of pre-tax
  income included in the consolidated statement of comprehensive income, at the
  statutory tax rate, to the income tax as disclosed in the consolidated statements
  of comprehensive income for the three-month periods ended March 31, 2012 and
  2011, respectively, is as follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Three-month
      period ended March 31,</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net income
      before income tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,347</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,606</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Statutory
      tax rate</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">%</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Statutory
      tax rate applied to net income before income tax</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(821</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(912</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Effect
      of the valuation of fixed assets and intangible assets measured in functional
      currancy</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(320</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(214</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      from investments in companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Non-taxable
      income &#150; Law No. 19,640 (Tierra del Fuego)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tax loss
      carry forwards</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(76</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(47</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">150</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">103</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      tax expense</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,053</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,010</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Company did not recognize
  deferred income tax assets amounting to 2,016, 2,030 and 1,688 as of March 31,
  2012, December 31, 2011 and January 1, 2011, respectively, from which 485, 448
  and 382 correspond to taxable temporary differences not recoverable and 1,531,
  1,581 and 1,306 correspond to tax loss carry forwards from certain foreign subsidiaries,
  since they do not meet the recognition criteria set forth under IFRS. The tax
  loss carry forward above mentioned, as of March 31, 2012 for 1,514 will expire
  in between 6 and 19 years and 17 have an indefinite carry forward.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The composition of the Company&#146;s
  deferred income tax assets and liabilities as of March 31, 2012, December 31,
  2011 and January 1, 2011 is as follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>March
      31,<br>
2012</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>December
      31,<br>
      2011</b></font></td>
    <td width="2%" align="left" nowrap>&nbsp;</td>
    <td width="8%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><b>January
      1,<br>
      2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">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"><font size="2" face="Arial, Helvetica, sans-serif">Nondeductible
      provisions and other liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">934</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">885</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">886</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tax loss
      and other tax credits</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">45</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">46</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">52</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
      deferred tax assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,047</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">956</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">948</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">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"><font size="2" face="Arial, Helvetica, sans-serif">Fixed
      assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,655</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,465</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,925</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Miscellaneous</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(231</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(185</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(71</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
      deferred tax liabilities</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,886</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(3,650</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,996</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Net deferred
      tax liability</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,839</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,694</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(2,048</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012 and
  2011 the reasons that generated charges into the &#147;Other comprehensive income&#148;
  did not generate temporary differences.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p59a"></a>11.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>CONTINGENT LIABILITIES
      AND CONTRACTUAL COMMITMENTS</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p59b"></a>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Contingent liabilities</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      has the following contingencies and claims, individually significant, that
      the Company&#146;s Management, in consultation with its external counsels,
      believes have possible outcome. Based on the information available to the
      Company, including the amount of time remaining before trial among others,
      the results of discovery and the judgment of internal and external counsel,
      the Company is unable to estimate the reasonably possible loss or range
      of loss on certain matters referred to below:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Asociaci&#243;n
      Superficiarios de la Patagonia (&#147;ASSUPA&#148;):</i> In August 2003,
      ASSUPA sued 18 companies operating exploitation concessions and exploration
      permits in the Neuqu&#233;n Basin, YPF being one of them, claiming the remediation
      of the general environmental damage purportedly caused in the execution
      of such activities, and subsidiary constitution of an environmental</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">59</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_60"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">restoration fund and
      the implementation of measures to prevent environmental damages in the future.
      The plaintiff requested that the Argentine Government, the Federal Environmental
      Council (&#147;Consejo Federal de Medio Ambiente&#148;), the provinces of
      Buenos Aires, La Pampa, Neuqu&#233;n, R&#237;o Negro and Mendoza and the
      Ombudsman of the Nation be summoned. It requested, as a preliminary injunction,
      that the defendants refrain from carrying out activities affecting the environment.
      Both the Ombudsman&#146;s summon as well as the requested preliminary injunction
      were rejected by the CSJN. YPF has answered the demand requesting its rejection,
      opposing failure of the plaintiff and requiring the summon of the Argentine
      Government, due to its obligation to indemnify YPF for events and claims
      previous to January 1, 1991, according to Law No. 24,145 and Decree No.
      546/1993. The CSJN gave the plaintiffs a term to correct the defects of
      the complaint. On August 26, 2008, the CSJN decided that such defects had
      already been corrected and on February 23, 2009, ordered that certain provinces,
      the Argentine Government and the Federal Environmental Council be summoned.
      Therefore, pending issues were deferred until all third parties impleaded
      appear before the court. As of the date of issuance of these consolidated
      financial statements, the provinces of R&#237;o Negro, Buenos Aires, Neuqu&#233;n,
      Mendoza, and the Argentine government have made their presentations, which
      are not available to the Company yet. The provinces of Neuqu&#233;n and
      La Pampa have claimed lack of jurisdiction, which has been answered by the
      plaintiff, and the claim is pending resolution. On December 13, 2011, the
      Supreme Court suspended the proceeding for 60 days and ordered YPF and the
      plaintiff to present a schedule of the meetings that would take place during
      such suspension, authorizing the participation of the remaining parties
      and third parties. ASSUPA reported the interruption of the negotiations
      in the claim and the CSJN declared finalize the 60 days period of suspension
      property ordered.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Dock Sud environmental
      claims:</i> A group of neighbours 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 neighbours of the Dock
      Sud area, have filed two other environmental lawsuits, one of them desisted
      in relation to YPF, claiming several companies located in that area, among
      which YPF is included, the Province of Buenos Aires and several municipalities,
      for the remediation and the indemnification of the environmental collective
      damage of the Dock Sud area and for the individual damage they claim to
      have suffered. At the moment, it is not possible to reasonably estimate
      the outcome of these claims, as long as, if applicable, the corresponding
      legal fees and expenses that might result. YPF has the right of indemnity
      by the Argentine Government for events and claims previous to January 1,
      1991, according to Law No. 24,145 and Decree No. 546/1993.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">By means
      of sentence dated July 8, 2008, the CSJN:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">(i)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">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 (&#147;littispendentia&#148;). YPF 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>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">(ii)</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Decided that the proceedings
      related to the determination of the responsibilities derived from past behaviors
      for the reparation of the environmental damage will continue before the
      CSJN.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Environmental claims
      in La Plata:</i> YPF is aware of an action that has not been served yet,
      in which the plaintiff requests the clean-up of the channel adjacent to
      the La Plata refinery, the R&#237;o Santiago, and other sectors near the
      coast line, and, if such remediation is not possible, an indemnification
      of 500 or an amount to be determined from the evidence produced in discovery.
      The claim partially overlaps</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">60</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_61"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">with the
      requests made by a group of neighbours of La Plata refinery on June 29,
      1999, described in Note 3 of &#147;La Plata and Quilmes environmental claims&#148;,
      and with the complaint served on June 6, 2007, mentioned in &#147;Other
      environmental claims in La Plata&#148; of this note. Accordingly, YPF considers
      that if it is served in this proceeding or any other proceeding related
      to the same subject matters, the cases should be consolidated to the extent
      that the claims overlap.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">With respect
      to claims not consolidated, for the time being, it is not possible to reasonably
      estimate the monetary outcome, as long as, if applicable, estimate the corresponding
      legal fees and expenses that might result. Additionally, YPF believes that
      most damages alleged by the plaintiff, if proved, might be attributable
      to events that occurred prior to YPF&#146;s privatization and would therefore
      be the responsibility of the Argentine Government in accordance with the
      Privatization Law concerning YPF.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition
      to the information mentioned above, YPF has entered into an agreement with
      the OPDS in connection with the claims of the channels adjacent to the La
      Plata refinery, which is described in Note 3 &#150; &#147;La Plata and Quilmes
      environmental claims&#148;.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Other environmental
      claims in Quilmes</i>: YPF has been notified of a complaint filed by neighbors
      of Quilmes city, province of Buenos Aires, claiming approximately 225 for
      compensation for personal damages. Considering the phase of the trial, the
      evidence available to the date, and the preliminary judgment of internal
      and external legal advisors, YPF is unable to reasonably estimate the possible
      loss or range of loss related to this complaint.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Hydrocarbon&#146;s
      concessions &#150; Provincial claims:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Rio
      Negro Province.</i></b> YPF has been notified of the Resolution No. 433/2008
      issued by the Direction of Hydrocarbons, Ministry of Production of the Province
      of R&#237;o Negro, concerning compliance with certain obligations assumed
      as production concessionaire of the areas Barranca de los Loros, Bajo del
      Piche, El Medanito and Los Caldenes, all of them located in the Province
      of R&#237;o Negro. The resolution provides that YPF, among others, has not
      complied with certain obligations as production concessionaire and claims
      for damages to the environment.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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 inform, on one hand, the amounts invested in the four
      areas for the period 2007/2010 and, in the other hand, the actions taken
      as regards the environmental matters. Based in such information requested
      the termination of this claim. 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.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      28, 2012, YPF was notified that a legal process was initiated for purposes
      of declaring the expiration of the concession in Los Caldenes area, due
      to YPF&#146;s alleged failure to meet the minimum investments requirements.
      YPF is currently preparing the presentation of a new plan for the area.</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" face="Arial, Helvetica, sans-serif">The net
      value of the assets and the proved reserves related to this concession is
      not material to the Company.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Chubut
      Province.</i></b> On March 1, 2012, the province of Chubut, through Decree
      No. 271, requested YPF to respond in relation to the Company&#146;s alleged
      breach of its obligation to make investments in the concessions El Tr&#233;bol-Escalante,
      and Campamento Central-Bella Vista Este-Ca&#241;ad&#243;n Perdido, and to
      propose a work plan aimed at remedying such alleged breach.</font></td>
  </tr>
</table>
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</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">61</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
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<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, 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%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">YPF submitted
      its response on March 13, 2012, rejecting the alleged breach of the relevant
      regulation and submitted a work plan concerning the affected areas. On March
      20, 2012, YPF was notified of Decree No. 324/12, which ordered the expiration
      of the exploitation concessions of the areas El Tr&#233;bol-Escalante and
      Campamento Central-Bella Vista Este-Ca&#241;ad&#243;n Perdido. According
      to the decree, the expiration will be effective 90 calendar days after its
      notification. YPF filed a declaratory action before the Argentine Supreme
      Court requesting that the decree be declared unconstitutional and requesting
      a preliminary injunction against its implementation until the action brought
      by YPF is solved. On April 10, was published in the Official Gazette the
      national call for bids for the calification and selection of companies that
      will constitute a joint venture with Petrominera Chubut SE for the hydrocarbons
      exploitation in the concessions of &#147;El Trebol-Escalante&#148; and &#147;Ca&#241;adon
      Perdido-Campamento Central&#148;, which was advised to the Supreme Court
      as a new fact.</font></td>
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</table>
<font face="Arial, Helvetica, sans-serif"><br>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On May
      21, 2012, Decree No. 641/12 was enacted, which leave Article 1 of the Decree
      No. 324/12 (declaration of the expiration of the exploitation concessions
      of the areas El Tr&#233;bol-Escalante and Campamento Central-Bella Vista
      Este-Ca&#241;ad&#243;n Perdido) without effect.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition,
      on April 3, 2012, the province of Chubut requested YPF to submit a new investment
      and work proposal for the Manantiales Behr area within a period of 10 working
      days, and invited YPF to hold a meeting to discuss the matters referred
      to above. Resolutions No. 319/93 and 10/06 of the Subsecretariat of Hydrocarbons
      and Mining of the province of Chubut in connection with the investments
      made in this area. On May 11, 2012, YPF submitted a new investment and work
      proposal for this area (pending as such date an augmented presentation).
      On May 29, 2012 an augmented work and investments plan was presented. Assets
      (net of deferred income tax liabilities and asset retirement obligations)
      related to this area totalled approximately 1,468 million as of December
      31, 2011 (2.65% of the Company&#146;s total assets as of such date), had
      a production of approximately 7.6 mmboe in 2011 (4.29% of the Company&#146;s
      production in 2011) and had proved reserves totalling approximately 24.7
      mmboe as of December 31, 2011 (2.46% of the Company&#146;s total proved
      reserves as of such date).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Santa
      Cruz Province.</i></b> On March 2, 2012, the province of Santa Cruz, through
      a registered letter, requested YPF to inform the province&#146;s Energy
      Institute of the technical, economic and financial reasons for which YPF
      had allegedly failed to make the required investments in the following concessions:
      Barranca Yankowsky, Barranca Baya, Ca&#241;ad&#243;n de la Escondida, Cerro
      Grande, Ca&#241;ad&#243;n Le&#243;n, Ca&#241;ad&#243;n Seco, Meseta Espinosa,
      Ca&#241;ad&#243;n Vasco, Ca&#241;ad&#243;n Yatel, Estancia Cholita, Estancia
      Cholita Norte, Cerro Guadal, Cerro Guadal Norte, Cerro Piedras, Los Sauces,
      El Guadal, Lomas del Cuy, Aguada Bandera, Los Monos, Cerro Bayo, La Cueva,
      Las Mesetas and Koluel Kaike, under penalty of being subject to the sanctions
      provided for in section 80, subsection c), of the Hydrocarbons Law, pursuant
      to which concessions and permits may expire, among other reasons, as a result
      of a material and unjustified breach of the applicable productivity, conservation
      and investment obligations. Net Assets (net of deferred income tax liabilities
      and asset retirement obligations) related to the areas affected this requirement
      totalled approximately 1,681 million as of December 31, 2011 (3.04% of the
      Company&#146;s total assets as of such date), had a production of approximately
      11.5 mmboe in 2011 (6.43% of the Company&#146;s production in 2011) and
      had proved reserves totalling 80.3 mmboe as of December 31, 2011 (8% of
      the Company&#146;s total proved reserves as of such date).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition,
      on March 12, 2012, the Energy Institute of Santa Cruz requested YPF to submit,
      within 24 hours, information aimed at rejecting the conclusions reached
      by a report prepared by said institute, which would indicate that investments
      made in the exploitation concessions Barranca Yankowsky, Los Monos and Cerro
      Piedra-Cerro Guadal Norte were insufficient, as well as an action plan aimed
      at putting an end to the alleged breach of YPF&#146;s obligations, under
      penalty of declaring the expiration of these concessions pursuant to section
      80, subsections c) and d), of the Hydrocarbons Law.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      13, 2012, YPF submitted its response relating to the province of Santa Cruz&#146;s
      request of March 2, 2012, providing information on investments made and
      rejecting the accusations made against it.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      20, 2012, YPF was notified of Decree No. 393/12, which: (i) declares the
      expiration of the concessions relating to the areas Los Monos and Cerro
      Piedra-Cerro Guadal Norte, and (ii) rejects YPF&#146;s request for authorization
      concerning the assignment to YPF of the participation interest held by BG
      International Limited, Argentine Subsidiary in the Barranca Yankowsky area.
      On March 21, 2012, </font></td>
  </tr>
</table>
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</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">62</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_63"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">the province&#146;s
      Energy Institute declared that the expiration of the concessions referred
      to in (i) above shall be effective within 90 days following said notification.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      23, 2012, YPF was notified of Resolution No. 004 of the Energy Institute
      of Santa Cruz, which: (i) acknowledges that YPF has submitted its response;
      (ii) provides YPF with an additional period of 10 days to submit annual
      reports providing information on investments, production and reserves relating
      to the period 2006-2011 in the areas of Ca&#241;adon La Escondida, Cerro
      Grande, Ca&#241;adon Seco, Meseta Espinosa, El Guadal, Estancia Cholita,
      Estancia Cholita Norte, Cerro Bayo, La Cueva, Las Mesetas and Koluel Kaike;
      and (iii) provides YPF with a period of 10 days to submit a Work Plan aimed
      at curing the alleged breaches, under penalty of applying section 80, subsection
      c), of the Hydrocarbons Law.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      11, 2012 YPF submitted the corresponding response in relation to Ca&#241;ad&#243;n
      de la Escondida, Cerro Grande, Ca&#241;ad&#243;n Seco, Meseta Espinosa,
      Estancia Cholita, Estancia Cholita Norte, El Guadal, Cerro Bayo, la Cueva,
      Las Mesetas y Koluel Kaike. Assets (net of deferred income tax liability
      and asset retirement obligations) related to the areas affected by this
      resolution totaled approximately 1,290 as of December 31, 2011 (2.33% of
      the Company&#146;s total assets as of such date), had a production of approximately
      7.3 mmboe in 2011 (4.13% of the Company&#146;s production in 2011) and had
      proved reserves totaling 53.16 mmboe as of December 31, 2011 (5.29% of the
      Company&#146;s total proved reserves as of such date).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      18, 2012, YPF was notified of Decree No. 575/12, which declares the expiration
      of the concessions relating to the areas Los Perales &#150; Las Mesetas,
      Ca&#241;adon Vaso y Pico Truncado &#150; El Cord&#243;n Los Monos and Cerro
      Piedra &#150; Cerro Guadal Norte.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On May
      4, 2012, YPF filed a motion of reconsideration of Decree No. 575/12 with
      the governor of the Santa Cruz Province.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On May
      11, 2012, Decree No. 927/12 was enacted, which leave Decrees No. 393/12
      and 575/12 without effect. On May 23, 2012, such Decree was ratified by
      law and consequently the expiration process related to the province of Santa
      Cruz has finished.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Neuqu&#233;n
      Province.</i></b> On March 9, 2012, the province of Neuqu&#233;n requested
      YPF to submit, within seven days, a plan for future action aiming at curing
      its alleged breaches in the areas of Don Ruiz, Chihuido de la Salina and
      Rinc&#243;n del Mangrullo, setting forth verifiable information concerning
      investments and production, under penalty of imposing the sanction set forth
      in section 80, subsection c), of the Hydrocarbons Law.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      19, 2012, YPF responded to the province&#146;s request, by submitting a
      work plan for the areas Don Ruiz and Rinc&#243;n del Mangrullo, and informing
      that it has decided to return the areas Chihuido de la Salina and Portezuelo
      Minas. Assets (net of deferred income tax liability and asset retirement
      obligations) totaled approximately 13 as of December 31, 2011 (0.02% of
      the Company&#146;s total net assets as of such date), with no proved reserves
      and production in 2011.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">With respect
      to the areas Don Ruiz and Rinc&#243;n del Mangrullo, YPF has rejected the
      alleged breach of its obligations.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      4, 2012, YPF was notified by Decree No. 558/12 of the expiration of the
      Don Ruiz area concession, which shall be effective within 90 days following
      said notification.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      11, 2012, YPF was notified of Decree No. 559/12 accepting the reversion
      of the Chihuido de las Salinas Sur and Portezuelo Minas areas. According
      to the Decree, the reversion shall be effective within 90 days following
      its notification.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In relation
      to the area Don Ruiz, at the date YPF S.A. is preparing a new propousal
      for the area.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      30, 2012, the province of Neuqu&#233;n requested YPF to submit, within 7
      days, a plan for future action aimed at curing its alleged breaches with
      respect to its failure to meet requirements relating to investment, production
      and reserves in the Se&#241;al Cerro Bayo, Paso de las Bardas Norte, Cerro
      Hamaca, Filo Morado, Octogono, Se&#241;al Picada Punta Barda, Las Manadas
      and Loma Campana areas, under penalty of imposing the expiration sanction
      established by section 80 of the Hidrocarbons Law.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">63</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_64"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      13, 2012, YPF requested an extension for the submission of the required
      plan. On the same day, a 10-day extension was granted.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      27, 2012, YPF requested an additional extension of 30 days which was granted
      on the same day. On June 13, 2012 a new action plan was presented.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Mendoza
      Province.</i></b> On March 8, 2012, the province of Mendoza, though a certified
      notification, requested YPF to, within 7 working days, submit information
      on investments made in connection with concessions Ceferino and Cerro Mollar
      Norte and to submit a Complementary Development and Exploration investment
      plan for these areas, under penalty of ordering the expiration of the related
      concessions, according to sections 31 and 80, subsection c), of the Hydrocarbons
      Law, as a result of the alleged breaches of YPF&#146;s obligations concerning
      the productivity of these exploitation concessions.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      19, 2012, YPF submitted its response to the province of Mendoza, providing
      information on investments made in these areas (which had already been provided
      in the past to the relevant authorities) and proposing a plan for future
      investment.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      26, 2012, YPF was notified of Decree No. 502/12, which declared the expiration
      of the exploitation concessions relating to the areas Ceferino and Cerro
      Mollar Norte. According to this decree, the expiration will be effective
      90 calendar days after its notification. Assets (net of deferred income
      tax liabilities and asset retirement obligations) related to these areas
      totalled approximately 12 as of December 31, 2011 (0.02% of The Company&#146;s
      total net assets as of such date), had a production of 0.084 mmboe in 2011
      (0.05% of The Company&#146;s production in 2011) and had proved reserves
      totalling approximately 0.69 mmboe as of December 31, 2011 (0.07% of the
      Company&#146;s total proved reserves as of such date).</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      25, 2012, YPF filed an administrative claim before the Supreme Court of
      Mendoza Province, regarding the areas Ceferino and Mollar Norte.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">As of the
      date of issuance of these financial statements, YPF and Mendoza Province
      are preparing an agreement that leave Decree No. 502/12 without effect.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b><i>Tierra
      del Fuego Province.</i></b> On March 26, 2012, YPF was notified of Resolution
      No. 88/12 of the Secretariat of Energy and Hydrocarbons, which requests
      YPF to submit, within a period of 15 working days following its notification,
      a plan aimed at complying with YPF&#146;s obligations concerning production,
      investment and reserves in the Lobo area, under penalty of declaring the
      expiration of the related exploitation concession.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On April
      17, 2012, YPF submitted its response to the Province of Tierra del Fuego.
      As of December 31, 2011 neither proved reserves nor assets are assigned
      to this area.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Claims related to
      the gas market:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition
      to the information described under the title <i>&#147;Natural gas market&#148;</i>
      in Note 3, and in relation to the existence of clients with whom YPF has
      commitments to deliver natural gas which, as a result of the Administrated
      Exports, YPF 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, YPF is also involved in the following litigations
      related to the natural gas market:</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><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>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">64</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_65"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">natural
      gas transportation contract and the agreement entered into between the parties
      on October 2, 1998, by which YPF had agreed to pay TGM non-capitalizable
      irrevocable contributions as a compensation for the extension of the natural
      gas pipeline Proyecto Uruguayana; and that AESU/Sulg&#225;s be severally
      obliged to indemnify TGM for all the damages caused to TGM derived from
      the termination of the natural gas supply contract, in case AESU or Sulgas
      are declared responsible for that termination. Additionally, on July 10,
      2009, TGM increased the amounts of its claim to US$ 17 million and claimed
      an additional amount of US$ 366 million as lost profit, a claim for which
      YPF believes it would not be responsible. YPF rejected TGM&#146;s arguments.
      The Arbitration Tribunal has been constituted and the parties agreed on
      the Terms of Reference in coordination with the Arbitration Tribunal. On
      June 10, 2010, YPF submitted its arguments on procedural grounds before
      the Arbitration Tribunal and requested the Arbitration Tribunal to determine
      that it was not competent to hear the claim. On February 14, 2011, YPF was
      notified of the Arbitration Tribunal&#146;s decision to sustain the Company&#146;s
      motion, therefore suspending the proceeding until the arbitration brought
      by YPF is solved. On April 6, 2011, the Arbitration Tribunal appointed in
      &#147;YPF vs. AESU&#148; arbitration decided to sustain YPF&#146;s motion,
      and determined the consolidation of all the related arbitrations (&#147;AESU
      vs. YPF&#148;, &#147;TGM vs. YPF&#148; and &#147;YPF vs. AESU&#148;) in
      &#147;YPF vs. AESU&#148; arbitration. Consequently, AESU and TGM desisted
      from and abandoned their respective arbitrations, and all the matters claimed
      in the three proceedings are to be solved in &#147;YPF vs. AESU&#148; arbitration.
      During December 2011, evidence production hearings took place. On January
      13, 2012 the parties presented their post-hearing briefs, closing the evidence
      production period. The Arbitration Tribunal has indicated that it will reach
      a resolution by July 31, 2012. On April 19 and 24, 2012, AESU and Sulg&#225;s
      presented new evidence requesting its admission in the arbitration proceedings.
      YPF and TGM commented on the admission of such new evidence on April 27,
      2012. On May 1, 2012, the Arbitration Tribunal denied the admission of such
      new evidence, while ruling that, if during the trial the Tribunal considers
      such evidence to be necessary, such new evidence may be admitted.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>National Antitrust
      Protection Board:</i> On November 17, 2003, Antitrust Board requested explanations,
      within the framework of an official investigation pursuant to Art. 29 of
      the Antitrust Law, from a group of almost thirty natural gas production
      companies, YPF among them, with respect to the following items: (i) the
      inclusion of clauses purportedly restraining trade in natural gas purchase/sale
      contracts; and (ii) observations on gas imports from Bolivia, in particular
      (a) old expired contract signed by YPF, when it was state-owned, and YPFB
      (the Bolivian state-owned oil company), under which YPF allegedly sold Bolivian
      gas in Argentina at prices below the purchase price; and (b) the unsuccessful
      attempts in 2001 by Duke and Distribuidora de Gas del Centro to import gas
      into Argentina from Bolivia. On January 12, 2004, YPF submitted explanations
      in accordance with Art. 29 of the Antitrust Law, contending that no antitrust
      violations had been committed and that there had been no price discrimination
      between natural gas sales in the Argentine market and the export market.
      On January 20, 2006, YPF received a notification of resolution dated December
      2, 2005, whereby the Antitrust Board (i) rejected the &#147;non bis in idem&#148;
      petition filed by YPF, on the grounds that ENARGAS was not empowered to
      resolve the issue when ENARGAS Resolution No. 1,289 was enacted; and (ii)
      ordered that the opening of the proceedings be undertaken pursuant to the
      provisions of Section 30 of the Antitrust Law. On January 15, 2007, the
      Antitrust Board charged YPF and eight other producers with violations of
      the Antitrust Law. YPF has contested the complaint on the basis that no
      violation of the law took place and that the charges are barred by the applicable
      statute of limitations and has presented evidence in support of its position.
      On June 22, 2007, limitations, and has presented evidence in support of
      its position. On June 22, 2007, YPF presented to the Antitrust Board, without
      acknowledging any conduct in violation of the Antitrust Law, a commitment
      consistent with Art. 36 of the Antitrust Law, requiring to the Antitrust
      Board to approve the commitment, to suspend the investigation and to file
      the proceedings. On December 14, 2007, the Antitrust Board decided to transfer
      the motion to the Court of Appeals as a consequence of the appeal presented
      by YPF against the rejection of the application of the statute of limitations.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition,
      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 </font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">65</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_66"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">price charged
      in service stations. According to the provisions of Article 29 of Law No.
      25,156 of Antitrust Protection, YPF has submitted appropriate explanations
      to the CNDC, questioning certain formal aspects of the complaint, and arguing
      that YPF has adjusted its behaviour at all times with current regulations
      and that it did not set any discrimination or abuse in determining prices.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In addition,
      YPF is subject to other claims before the Antitrust Board which are related
      to alleged price discrimination in sale of fuels. Upon the opinion of Management
      and its legal advisors, such claims have been considered as possible contingencies.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><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 411), together with an undetermined
      amount for the period 1997 to 2001. The Company claimed the application
      of the statute of limitations (as well as other defenses) since, at the
      date of the extension of the claim, the two-year limit had already elapsed.
      Notwithstanding, on August 6, 2009, the evidence production period commenced
      and the evidence is now being produced.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><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 YPF has material arguments of defense, as previously
      mentioned, they have been considered as possible contingencies.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">Additionally, the Company
  has received other labor, civil and commercial claims and several claims from
  the AFIP and from provincial and municipal fiscal authorities, not individually
  significant, which have not been accrued since Management, based on the evidence
  available as of the date of issuance of these consolidated financial statements,
  has considered them to be possible contingencies.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><i>Additional
      information:</i></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Other environmental
      claims in La Plata:</i> On June 6, 2007, YPF was served with a new complaint
      in which 9 residents of the vicinity of La Plata refinery requested: i)
      the cease of contamination and other harms they claim are attributable to
      the refinery; and ii) the clean-up of the adjacent channels, R&#237;o Santiago
      and R&#237;o de la Plata (soil, water and acquiferous, including those of
      the refinery) or, if clean-up is impossible, indemnification for environmental
      and personal damages. The plaintiff has quantified damages in 52 or an amount
      to be determined from evidence produced during the proceeding. YPF believes
      that most damages that are alleged by the plaintiff, might be attributable
      to events that occurred prior to YPF&#146;s privatization and would, therefore,
      be covered to that extent by the indemnity granted by the Argentine Government
      in accordance with the Privatization Law of YPF. The Court has accepted
      the summon of the Argentine Government in this matter. Notwithstanding the
      foresaid, the possibility of YPF being asked to afford these liabilities
      is not discarded, in which case the Argentine Government must be asked to
      reimburse the remediation expenses for liabilities existing as of December
      31, 1990. In addition, the claim partially overlaps with the request made
      by a group of neighbours 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. As YPF asked for the discontinuance of suit, although
      the final resolution is pending, the Company&#146;s Management considers
      that the claim and the charges brought against the Company will have a favorable
      outcome.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">66</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_67"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p67a"></a>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Contractual commitments:</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i> Contractual commitments:</i>
      The Company has signed contracts by means of which it has committed to buy
      certain products and services, and to sell natural gas, liquefied petroleum
      gas and other products. Some of the mentioned contracts include penalty
      clauses that stipulate compensations for a breach of the obligation to receive,
      deliver or transport the product object of the contract.</font></td>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In particular,
      the Company has renegotiated certain natural gas export contracts, and has
      agreed to certain limited compensations in case of any delivery interruption
      and/or suspension, for any reason, except for a physical force majeure event.
      The estimated losses for contracts in progress, if any, considering the
      compensations mentioned above, have been charged to the income of the year
      in which they were identified.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Natural gas regulatory
      requirements: </i>In addition to the regulations that affect the natural
      gas market mentioned in &#147;Natural gas market&#148; (Note 3), 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" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      on October 4, 2010, the Official Gazette published ENARGAS Resolution No.
      1410/2010 that approves the procedure which sets new rules for natural gas
      dispatch applicable to all participants in the natural gas industry, imposing
      new and more severe regulations to the producers&#146; availability of natural
      gas (&#147;Procedimiento para Solicitudes, Confirmaciones y Control de Gas&#148;).
      By virtue of these procedures, distributors remain able to request all the
      natural gas necessary to cover the Priority Demand even in the case of natural
      gas volumes that exceed those that the Secretariat of Energy would have
      allocated by virtue of the Agreement ratified by the Resolution No. 599/07.
      Producers are obligated to confirm all the natural gas requested by distributors
      to supply the Priority Demand. The producers&#146; shares in such volumes
      follow the allocation criterion established by the Agreement 2007-2011.
      It is not possible to predict the estimated demand of the Argentine market
      that must be satisfied by the producers, whether or not the producer signed
      the Agreement 2007-2011. Once the Priority Demand has been supplied, the
      volumes requested by the rest of the segments must be confirmed, leaving
      the exports last in order of priority. In case the programmings do not yield
      sustainable results, with respect to the objective of maintaining the equilibrium
      and preserving the operation of the transportation and distribution systems,
      the necessary reprogrammings and redirections will take place. In case the
      producer&#146;s confirmations are of a lower volume than requested, the
      transporters will be in charge of making confirmations adequate by redirecting
      natural gas until the volume required by distributors according to Priority
      Demand is completed. This greater volume will have to be withdrawn from
      the confirmations made by that producer to other clients. If the producer
      would not have confirmed natural gas to other clients from the same basin,
      the lacking volume will be requested to the rest of the natural gas producers.
      Therefore, this procedure imposes a supply obligation that is jointly </font></td>
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<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">67</font><font face="Arial, Helvetica, sans-serif"><br>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_68"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On November
      8, 2011, ENARGAS published Resolution No. 1982, which supplements Decree
      No. 2067 of November 27, 2008, which had created a fiduciary fund to finance
      natural gas and other imports necessary to complement the natural gas injection
      required to satisfy the internal demand. This Resolution adjusts the tariff
      charges established by Executive Decree No. 2067/08 and extends the type
      of users reached by the tariff adjustment, including users in the residential
      segment and gas processing and electric generation companies, among others,
      which has impacted on the operations of the Company and, very significantly
      in some companies under joint control, all of which have appealed against
      such resolution. In particular, the impact that the application of the tariff
      charge mentioned has on the operations of Mega is so significant that, if
      the situation is not judicially solved in favor of Mega, it could have serious
      difficulties in the future to continue its activity. These consolidated
      financial statements do not include any adjustments related to the recoverability
      of the assets of Mega which could be accrued on the assumption that it would
      cease its activity. This measure applies to consumptions that were made
      since December 1, 2011. On November 24, 2011, ENARGAS issued Resolution
      No. 1991/2011, which extends the type of users that will be required to
      pay tariff charges. YPF has challenged the validity of such resolutions.
      On April 13, 2012, a preliminary induction was granted in relation with
      the processing plant El Port&#243;n, suspending the effects of such resolutions
      with respect to the mentioned plant.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Liquid hydrocarbons
      regulatory requirements:</i> Resolution No. 1,679/04 of the Secretariat
      of Energy reinstalled the registry of diesel and crude oil export transactions
      created by Executive Decree No. 645/02, and mandated that producers, sellers,
      refining companies and any other market agent that wishes to export diesel
      or crude oil to register such transaction and to demonstrate that domestic
      demand has been satisfied and that they have offered the product to be exported
      to the domestic market. In addition, Resolution No. 1,338/06 of the Secretariat
      of Energy added other petroleum products to the registration regime created
      by Executive Decree No. 645/02, including gasoline, fuel oil and its derivatives,
      diesel, aviation fuel, asphalts, certain petrochemicals, certain lubricants,
      coke and petrochemical derivatives. Resolution No. 715/07 of the Secretariat
      of Energy empowered the National Refining and Marketing Director to determine
      the amounts of diesel to be imported by each company, in specific periods
      of the year, to compensate exports of products included under the regime
      of Resolution No. 1,679/04; the fulfilment of this obligation to import
      diesel is necessary to obtain authorization to export the products included
      under Decree No. 645/02. In addition, certain regulations establish that
      exports are subordinated to the supply of the domestic market. In this way,
      Resolution No. 25/06 of the Secretariat of Domestic Commerce, issued on
      October 11, 2006, imposes on each Argentine refining and/or retail company
      the obligation to supply all reasonable diesel fuel demand, by supplying
      certain minimum volumes (which at least should be volumes supplied the year
      before plus the positive correlation between diesel demand and GDP accumulated
      from the month reference). The mentioned commercialization should be done
      without altering or affecting the normal operation of the diesel market.</font></td>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      Rule No.168/04 requires companies intending to export LPG to first obtain
      an authorization from the Secretariat of Energy, by demonstrating that local
      demand was satisfied or that an offer to sell LPG to local demand has been
      made and rejected.</font></td>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">In 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>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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 </font></td>
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<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">68</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
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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_69"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Buenos
      Aires city. Meanwhile, on March 2, 2012, YPF has challenged this Resolution
      and requested a preliminary injunction against its validity. YPF&#146;s
      preliminary injunction has been granted and the effects of the Resolution
      No. 6/2012 have been temporarily suspended.</font></td>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">On March
      13, 2012, YPF was notified of Resolution No. 17/2012, issued by the Argentine
      Secretariat of Domestic Commerce, pursuant to which YPF, Shell Compa&#241;&#237;a
      Argentina de Petr&#243;leo, S.A. and ESSO Petrolera Argentina S.R.L were
      ordered to supply jet fuel for domestic and international air transport
      at a price net of taxes not to exceed 2.7% of the price net of taxes of
      medium octane gasoline (not premium) offered at its closest service station
      to the relevant airport, while maintaining its existing supply logistics
      and its usual supply quantities. The abovementioned resolution benefits
      companies owning aircraft that operate in the field of commercial passenger
      or commercial passenger and cargo aviation which are registered under the
      Argentine National Aircraft Registry. According to a later clarification
      from the Secretary of Domestic Commerce, the beneficiaries of the measure
      adopted by this resolution are the following companies: Aerol&#237;neas
      Argentinas, Andes L&#237;neas A&#233;reas S.A., Austral &#150; Cielos del
      Sur, LAN Argentina S.A. and Sol S.A. L&#237;neas A&#233;reas. In addition,
      in said resolution, the Argentine Secretariat of Domestic Commerce indicated
      that it considered convenient to implement a price surveillance system to
      be implemented by the CNDC. YPF has challenged such resolution, which will
      be reviewed by a court. The Civil and Commercial Federal Court granted the
      appeal filed by YPF with suspensive effect, consequently the effects of
      Resolution No. 17/2012 were suspended until the legality or illegality of
      the Resolution is solved.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><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>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Refining and Petroleum
      Plus Programs:</i> Decree No. 2,014/2008 of the Department of Federal Planning,
      Public Investment and Services of November 25, 2008, created the &#147;Refining
      Plus&#148; and the &#147;Petroleum Plus&#148; programs to encourage (a)
      the production of diesel fuel and gasoline and (b) the production of crude
      oil and the increase of reserves through new investments in exploration
      and production. The programs entitle refining companies that undertake the
      construction of a new refinery or the expansion of their refining and/or
      conversion capacity and production companies that increase their production
      and reserves within the scope of the program to receive export duty credits
      to be applied to exports withholdings. In order to be eligible for the benefits
      of both programs, companies&#146; plans must be approved by the Argentine
      Secretariat of Energy.</font></td>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">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. The
      reasons alleged for such suspension are that the programs were created in
      a context where domestic prices were lower than currently prevailing prices
      and that the objectives of those programs have already been achieved. On
      March 16, 2012, YPF has challenged this suspension.</font></td>
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<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">69</font><font face="Arial, Helvetica, sans-serif"><br>
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<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_70"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Repatriation of
      foreign exchange:</i> During October, 2011, Decree No. 1,722/2011 was published
      and became effective as from such date. The mentioned decree provides that
      total export collections from operations by producers of crude oil or its
      derivatives, natural gas and liquefied gas, and companies which aim to develop
      mining projects, must be liquidated in the single and free-exchange market
      in accordance with the provisions of Article No. 1 of Decree No. 2,581 of
      April 10, 1964. Consequently, and taking into account the business of the
      Company, the free-availability of 70% of hydrocarbon export collections,
      as established by Decree No. 1589/89, has no more effect.</font></td>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><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>
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<font face="Arial, Helvetica, sans-serif"><br>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Additionally,
      in 2008 and 2009, YPF 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 YPF 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>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><i>Extension of exploitation
      concessions in the province of Mendoza: </i>In April 2011, YPF entered into
      a Memorandum of Agreement with the province of Mendoza to extend the term
      of the exploitation concessions identified below, and the transportation
      concessions located within the province, which 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>
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    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Memorandum
      of Agreement between YPF and the province of Mendoza provides the following:</font></td>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Concessions involved:
      el Port&#243;n, Barrancas, Cerro Fortunoso, el Manzano, La Brea, Llancanelo,
      Llancanelo R, Puntilla de Huinc&#225;n, R&#237;o Tunuyan, Valle del R&#237;o
      Grande, Vizcacheras, Ca&#241;ad&#243;n Amarillo, Altiplanicie del Pay&#250;n,
      Chihuido de la Sierra Negra, Puesto Hern&#225;ndez and La Ventana;</font></td>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
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    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Exploitation and transportation
      concessions terms are extended for a 10-year term; and</font></td>
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<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&#150;</font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">YPF has undertaken:
      (i) to make initial payments to the province of Mendoza in an aggregate
      amount of approximately 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 </font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">70</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_71"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">Agreement.
      In addition, the parties agreed to make additional adjustments in the event
      of extraordinary income due to lower export duties or a higher monthly average
      price of crude oil and/or natural gas according to a mechanism and reference
      values established in the Memorandum of Agreement; (iii) to carry out exploration
      activities and make certain investments and expenditures in a total amount
      of US$ 4,113 million until the expiration of the extended term, as stipulated
      in the Memorandum of Agreement; (iv) to donate US$ 16 million to a &#147;Social
      Infrastructure Investment Fund&#148;, payable on the same dates, terms and
      conditions as the initial payments. Such donations are aimed at satisfying
      education, health, sports, culture, equipment and other community needs
      in the province of Mendoza, and; (v) to make payments equal to 0.3% of the
      annual amount paid as &#147;Extraordinary Production Royalty&#148; in order
      to fund the purchase of equipment and finance training activities, logistics
      and operational expenses in certain government agencies of the province
      of Mendoza specified in the Memorandum of Agreement.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
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<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%">&nbsp;</td>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif">The Company
      is committed with third parties under commercial contracts to purchase services
      and goods (such as LPG, electricity, gas, oil and steam), which as of December
      31, 2011 amounted to 8,626. Additionally, the unrecognized contractual commitments
      to carry out exploration activities and to make certain investments and
      expenditures until the expiration of some of the Company&#146;s concessions
      amounted to 38,755 as of December 31, 2011.</font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p71a"></a>12.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>CONSOLIDATED BUSINESS
      SEGMENT INFORMATION</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The different segments in
  which the Company is organized are based on the different activities from which
  the Company obtains income and incurs expenses. The mentioned organizational
  structure is based on the way in which the highest authority in the operational
  decision-making analyzes the main financial and operating magnitudes while making
  decisions about resource allocation and performance assessment.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">In this line, the Company
  organizes its reporting structure into four segments taking into account the
  criteria established by IFRS 8: the exploration and production, including contractual
  purchases of natural gas and purchase of crude oil 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" face="Arial, Helvetica, sans-serif">Sales between business segments
  were made at internal transfer prices established by the Company, which generally
  seek to approximate to market prices.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Operating income (loss)
  and assets for each segment have been determined after intersegment adjustments.</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exploration
      and Production</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Refining
      and Marketing</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Chemical</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Corporate
      and Other</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Consolidation
      Adjustments</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</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" face="Arial, Helvetica, sans-serif"><b>Period
      ended March 31, 2012</b></font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=11 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
      to unrelated parties</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">853</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,302</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">594</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">220</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13,969</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
      to related parties</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">622</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">259</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">881</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
      from intersegment sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,491</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">557</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">592</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">213</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(7,853)</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Revenue</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">7,966</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">13,118</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">1,186</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">433</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">(7,853</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">14,850</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=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operating
      income (loss)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,990</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">868</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">234</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(518</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(72</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,502</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Income
      (loss) on investments in companies</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">(40</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,535</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">190</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">27</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,790</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      of fixed assets</font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">1,672</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">365</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">56</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">39</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">2,132</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35,475</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21,725</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,520</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,710</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,441</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61,989</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">71</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_72"></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"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exploration
      and Production</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Refining
      and Marketing</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Chemical</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Corporate
      and Other</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Consolidation
      Adjustments</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Total</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Period
      ended March 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" face="Arial, Helvetica, sans-serif">Revenues
      to unrelated parties</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,107</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,942</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">469</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">401</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,919</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
      to related parties</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">458</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">239</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">697</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Revenues
      from intersegment sales</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,689</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">431</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">85</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5,812)</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Revenues</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,254</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,612</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,076</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">486</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(5,812</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,616</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=2>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operating
      income (loss)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,777</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">925</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">236</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(279</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(91</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,568</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Income
      on investments in companies</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">54</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">42</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">131</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Depreciation</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,370</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">169</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,597</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions
      of fixed assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,490</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">299</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,816</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>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" face="Arial, Helvetica, sans-serif">Assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">34,627</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21,660</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,622</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,851</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(1,504</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">61,256</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>At
      the beginning of 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" face="Arial, Helvetica, sans-serif">Assets</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">29,610</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">15,028</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,607</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,854</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(983</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">51,116</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Correspond to the elimination
      of income between segments of the group YPF.</font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">The distribution of the
  revenues to unrelated parties and fixed assets by geographic area, according
  to the markets for which they are intended, for the three-month periods ended
  as of March 31, 2012 and 2011, is as follows:</font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Income
      from sales to unrelated parties</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Fixed
      assets</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Argentina</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,731</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,453</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,573</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35,282</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Mercosur
      and associated countries</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">682</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">885</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">20</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Rest of
      America</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">127</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">221</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">191</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Europe</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">426</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">454</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total</font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">13,969</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,919</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">44,814</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">35,483</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=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012 no
  external client represents 10% or more of the Company&#146;s revenue from its
  ordinary activities.</font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p72a"></a>13.</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>SUBSEQUENT EVENTS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">On July 17, 2012, the Ordinary
  Shareholders&#146; meeting has approved the financial statements of YPF for
  the year ended on December 31, 2011.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of the date of the issuance
  of these financial statements, there are no significant subsequent events that
  require adjustments or disclosure in the financial statements of the Company
  as of March 31, 2012, which were not already considered in such financial statements
  according to IFRS.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">These consolidated financial
  statements were approved by the Board of Directors&#146; meeting and authorized
  to be issued on July 26, 2012.</font></p>


 <table width="100%" align="center" border=0 cellspacing=0 cellpadding=0 dwcopytype="CopyTableRow">
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" width="78%">&nbsp;</td>
    <td align="left" width="20%">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>



<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">72</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_72"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b><a name="p73a"></a>Exhibit
        I</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>CONTROLLED
      COMPANIES, JOINT VENTURES Y AFFILIATED</b></font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(amounts
      expressed in millions of Argentine pesos, except where otherwise indicated
      &#150; Note 1.c.1)</font></td>
  </tr>
</table>
<br>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>a)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Consolidated companies</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=20  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=20  width="5%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan="4" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=13  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Information
      of the issuer</b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td colspan=1>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan="4" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=15 align="center">
      <hr noshade size=1>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=4  width="5%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Description
      of the Securities</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="1%" align="left">&nbsp;</td>
    <td  width="0%" align="center">&nbsp;</td>
    <td  width="1%" align="center">&nbsp;</td>
    <td colspan=7 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Last
      Financial Statements Available</b></font></td>
    <td width="1%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td colspan=4  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="1%" align="left">&nbsp;</td>
    <td  width="0%" align="center"><font size="2"><b> </b></font></td>
    <td  width="1%" align="center">&nbsp;</td>
    <td colspan=7 align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Name
      and Issuer</b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="4%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Class</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td  width="5%" align="center">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Face
        Value</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Amount</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Main
        Business</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Registered
        Address</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Date</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Capital
        Stock</b></font></div>
    </td>
    <td width="2%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Income
        (Loss)</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Equity</b></font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Holding
        in Capital Stock</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="1%" align="center"><font size="2"><b> </b></font></td>
    <td  width="4%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td  width="1%" align="center">&nbsp;</td>
    <td align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font><font size="2"><b> </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">
      <div align="left"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="left">
      </b></font></td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="5%" align="right">
      <div align="left"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="left">
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><b>Controlled
      companies:</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="left">&nbsp;</td>
    <td colspan=19>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF International
      S.A.<sup>(8)</sup></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">Bs.</font><font size="2" face="Arial, Helvetica, sans-serif">100</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,512,290</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investment</font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Av.
        Jos&#233; Estenssoro 100, Santa Cruz de la Sierra, Rep&#250;blica de Bolivia</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">154</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">333</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">99.99%</font></td>
    <td width="2%" align="left" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><sup>(10)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF Holdings
      Inc.<sup>(8)</sup></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td nowrap align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$
      </font><font size="2" face="Arial, Helvetica, sans-serif">0.01</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">810,614</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investment
        and finance</font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">1330
        Lake Robbins Drive, Suite 300, The Woodlands, Texas, U.S.A.</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">03-31-12</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,517</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(69</font></td>
    <td width="1%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(539</font></td>
    <td width="1%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">100.00%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Operadora
      de Estaciones de Servicios S.A.</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">$ </font><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">163,701,747</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Commercial
        management of YPF&#146;s gas stations</font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Macacha
        G&#252;emes 515, Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">164</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">148</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">336</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">99.99%</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(10)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">A-Evangelista
      S.A.</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">$</font><font size="2" face="Arial, Helvetica, sans-serif">
      1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">8,683,698</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Engineering
        and construction services</font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Macacha
        G&#252;emes 515, Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">03-31-12</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">(30</font></td>
    <td width="1%" align="left"><font size="2" face="Arial, Helvetica, sans-serif">)</font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">214</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">99.91%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF Servicios
      Petroleros S.A.</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">$ </font><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">47,500</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Wells
        perforation and/or reparation services</font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Macacha
        G&#252;emes 515, Buenos Aires, Argentina</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><sup>(11)</sup></font></td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">39</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">95.00%</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(10)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Eleran
      Inversiones 2011 S.A.U.<sup>(8)</sup></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="4%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font><font size="2" face="Arial, Helvetica, sans-serif">
      10</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,000</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Investment</font></div>
    </td>
    <td width="1%" align="left">&nbsp; </td>
    <td width="13%" align="right">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Hernosilla
        3, Madrid, Espa&#241;a</font></div>
    </td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right" nowrap><font size="2" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">52</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="5%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">100.00%</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><b>b)</b></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><b>Companies valued
      using the equity method</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table align="center" border=0 cellspacing=0 cellpadding=0>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left" width="1%">&nbsp;</td>
    <td colspan=23 align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b>2012</b></font></td>
    <td align="left" width="1%">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=23 align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="5" align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right" width="4%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=13 align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b>Information
      of the issuer</b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="5" align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=13 align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
    <td align="left" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp; </td>
    <td align="left">&nbsp;</td>
    <td colspan=5 align="center">
      <div align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b>Description
        of the Securities</b></font></div>
    </td>
    <td align="left">
      <div align="center"><font size="1">&nbsp;</font></div>
    </td>
    <td align="right">&nbsp; </td>
    <td align="left">
      <div align="center"><font size="1">&nbsp;</font></div>
    </td>
    <td align="right">&nbsp; </td>
    <td align="left">
      <div align="center"><font size="1">&nbsp;</font></div>
    </td>
    <td align="right" width="10%">&nbsp; </td>
    <td align="left" width="1%">&nbsp; </td>
    <td align="right">&nbsp; </td>
    <td align="left" width="1%">&nbsp; </td>
    <td colspan=7 align="center">
      <div align="center"><font size="1" face="Arial, Helvetica, sans-serif"><b>Las
        Financial Statements Available</b></font></div>
    </td>
    <td align="left" width="1%">&nbsp; </td>
    <td align="right" width="4%">&nbsp; </td>
    <td align="left">&nbsp; </td>
    <td align="right" width="4%" nowrap>
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>December
        31,<br>
        2011</b></font></div>
    </td>
    <td align="left" width="1%">
      <div align="center"><font size="1">&nbsp;</font></div>
    </td>
    <td align="right" width="4%" nowrap>
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>January
        1,<br>
        2011</b></font></div>
    </td>
    <td align="left" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp; </td>
    <td align="left">&nbsp;</td>
    <td colspan=5 align="center">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">&nbsp; </td>
    <td align="right">&nbsp; </td>
    <td align="left">&nbsp; </td>
    <td align="right">&nbsp; </td>
    <td align="left">&nbsp; </td>
    <td align="right">&nbsp; </td>
    <td align="left">&nbsp; </td>
    <td align="right">&nbsp; </td>
    <td align="left">&nbsp; </td>
    <td colspan=7 align="center">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left">&nbsp; </td>
    <td align="right" width="4%">&nbsp; </td>
    <td align="left">&nbsp; </td>
    <td align="right" width="4%">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left" width="1%">&nbsp; </td>
    <td align="right" width="4%">
      <div align="center"><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="center">
      </b></font></td>
    <td align="left" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="bottom">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Name
        and Issuer</b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Class</b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Face
        Value</b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="right" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Amount</b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="right" nowrap valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Book
        Value<sup>(3)</sup></b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="right" width="4%" valign="bottom" nowrap>
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Cost<sup>(2)</sup></b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="right" valign="bottom">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Main
        Business</b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="right" valign="bottom">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif"><b>Registered
        Address</b></font></div>
    </td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="right" width="4%" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Date</b></font></div>
    </td>
    <td align="left" width="1%" valign="bottom">&nbsp; </td>
    <td align="right" width="4%" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Capital
        Stock</b></font></div>
    </td>
    <td align="left" width="1%" valign="bottom">&nbsp; </td>
    <td align="right" width="4%" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Income
        (Loss)</b></font></div>
    </td>
    <td align="left" width="1%" valign="bottom">&nbsp; </td>
    <td align="right" width="4%" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Equity</b></font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" width="4%" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Holding
        in Capital Stock</b></font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" nowrap width="4%" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Book
        Value<sup>(3)</sup></b></font></div>
    </td>
    <td align="left" width="1%" valign="bottom">&nbsp; </td>
    <td align="right" nowrap width="4%" valign="bottom">
      <div align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>Book
        Value<sup>(3)</sup></b></font></div>
    </td>
    <td align="left" width="2%">&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 align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right" width="4%"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right" width="4%"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left" width="1%">&nbsp;</td>
    <td align="right" width="4%"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td align="left" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"><b>Joint
      Ventures:</b></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td width="1%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="1%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="1%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="1%" valign="top">&nbsp;</td>
    <td valign="top">&nbsp; </td>
    <td valign="top">&nbsp; </td>
    <td width="10%" valign="top">&nbsp; </td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top" width="1%">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Compa&#241;&#237;a
      Mega S.A.<sup>(6)(8)</sup></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$
      </font><font size="1" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="1%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">77,292,000</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">362</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Separation,
        fractionation and transportation of natural gas liquids</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">San
        Mart&#237;n 344, P. 10&#186;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">203</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">303</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">750</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">38.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">405</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">405</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Profertil
      S.A.<sup>(8)</sup></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$</font><font size="1" face="Arial, Helvetica, sans-serif">
      1</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">391,291,320</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">666</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Production
        and marketing of fertilizers</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Alicia
        Moreau de Justo 740, P. 3&deg;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">783</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">807</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">1.201</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">50.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">761</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">654</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Refiner&#237;a
      del Norte S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$
      </font><font size="1" face="Arial, Helvetica, sans-serif">1</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">45,803,655</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">262</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Refining</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Maip&#250;
        1, P. 2&#186;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">92</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">233</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">544</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">50.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">254</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">243</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">1.290</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">1,420</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">1,302</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"><b>Affiliated
      Companies:</b></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp; </td>
    <td valign="top">&nbsp; </td>
    <td valign="top">&nbsp; </td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top" width="1%">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Oleoductos
      del Valle S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$</font><font size="1" face="Arial, Helvetica, sans-serif">
      10</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">4,072,749</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">76</font></td>
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Oil
        transportation by pipeline</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Florida
        1, P. 10&deg;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">03-31-12</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">110</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(3</font></td>
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">)</font></td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">246</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">37.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">75</font></td>
    <td align="left" valign="top" width="1%"><font size="1" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">81</font></td>
    <td align="left" valign="top" width="2%"><font size="1" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Terminales
      Mar&#237;timas <br>
      Patag&#243;nicas S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$
      </font><font size="1" face="Arial, Helvetica, sans-serif">10</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">476,034</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">49</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Oil
        storage and shipment</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Av.
        Leandro N. Alem 1180, P.11&deg;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">14</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">5</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">154</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">33.15%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">47</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">46</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Oiltanking
      Ebytem S.A.<sup>(8)</sup></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$
      </font><font size="1" face="Arial, Helvetica, sans-serif">10</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">351,167</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">49</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">2</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Hydrocarbon
        transportation and storage</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Terminal
        Mar&#237;tima Puerto Rosales &#150; Provincia de Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">12</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">23</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">116</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">30.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">43</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">41</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Gasoducto
      del Pac&#237;fico <br>
      (Argentina) S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Preferred</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$</font><font size="1" face="Arial, Helvetica, sans-serif">
      1</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">15,579,578</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Gas
        transportation by pipeline</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">San
        Mart&#237;n 323, P. 13&#186;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">156</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">90</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">10.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Central
      Dock Sud S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$
      </font><font size="1" face="Arial, Helvetica, sans-serif">0.01</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">2,822,342,992</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">5</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">46</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Electric
        power generation and bulk marketing</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Pasaje
        Ingeniero Butty 220, P. 16&deg;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">09-30-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">356</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">70</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">226</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">9.98%</font></td>
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"><sup>(5)</sup></font></td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top" width="2%"><font size="1" face="Arial, Helvetica, sans-serif"><sup>(7)</sup></font></td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Gas
      Argentino S.A.<sup>(9)</sup></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$
      </font><font size="1" face="Arial, Helvetica, sans-serif">1</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">126,808,862</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">17</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">338</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Investment
        in Metrogas S.A.</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Gregorio
        Araoz de Lamadrid 1360, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">247</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(87</font></td>
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">)</font></td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">36</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">45.33%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">41</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">66</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Inversora
      Dock Sud S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$</font><font size="1" face="Arial, Helvetica, sans-serif">
      1</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">103,501,823</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">101</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">193</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Investment
        and finance</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Pasaje
        Ingeniero Butty 220, P. 16&deg;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">09-30-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">241</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">57</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">254</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">42.86%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">101</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">81</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Pluspetrol
      Energy S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Common</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">$
      </font><font size="1" face="Arial, Helvetica, sans-serif">1</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">30,006,540</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">317</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Exploration
        and exploitation of hydrocarbons and electric power generation, production
        and marketing</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Lima
        339, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">67</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">17</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">541</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">45.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">309</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">272</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Oleoducto
      Trasandino (Argentina) S.A.</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Preferred</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">
      $ </font><font size="1" face="Arial, Helvetica, sans-serif">1</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">27,018,720</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">12</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Oil
        transportation by pipeline</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">Macacha
        G&#252;emes 515, P. 3&deg;, Buenos Aires, Argentina</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" nowrap><font size="1" face="Arial, Helvetica, sans-serif">12-31-11</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">76</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">(4</font></td>
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">)</font></td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">34</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">36.00%</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">13</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">14</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"><b>Other
      companies:</b></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp; </td>
    <td valign="top">&nbsp; </td>
    <td valign="top">&nbsp; </td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top" width="1%">&nbsp;</td>
    <td valign="top" width="4%">&nbsp;</td>
    <td valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">Diversas<sup>(4)</sup></font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">14</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">29</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></div>
    </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">
      <div align="left"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></div>
    </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">13</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">12</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">644</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">608</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">650</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">617</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#cccccc" align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">1,934</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif">608</font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">2,070</font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="1" face="Arial, Helvetica, sans-serif">1,919</font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp; </td>
    <td align="right" valign="top">&nbsp; </td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left" valign="top" width="1%">&nbsp;</td>
    <td align="right" valign="top" width="4%"><font size="2">
      <hr noshade size=3>
      </font></td>
    <td align="left" valign="top" width="2%">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Holding in shareholders&#146;
      equity, net of intercompany profits.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Cost net of cash dividends
      and stock redemption.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(3)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Holding in shareholders&#146;
      equity plus adjustments to conform to YPF accounting methods.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(4)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Includes Gasoducto
      del Pac&#237;fico (Cayman) Ltd., A&amp;C Pipeline Holding Company, Polig&#225;s
      Luj&#225;n S.A.C.I.,Oleoducto Transandino (Chile) S.A., Bizoy S.A., Civeny
      S.A. and Bioceres S.A.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(5)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Additionally, the Company
      has a 29.93% indirect holding in capital stock through Inversora Dock Sud
      S.A.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(6)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">As stipulated by shareholders&#146;
      agreement, joint control is held in this company by shareholders.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(7)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Holding in negative
      shareholders&#146; equity as of January 1, 2011 was disclosed in &#147;Accounts
      payable&#148; after adjustments in shareholders&#146; equity to conform
      to YPF accounting methods.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(8)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">The U.S. dollar has
      been defined as the fuctional currency of this company.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(9)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">On May 19, 2009, Gas
      Argentino S.A. (&#147;GASA&#148;) filed a voluntary reorganization petition
      (&#147;concurso preventivo&#148;), which was opened on June 8, 2009.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(10)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Direct and indirect
      holding of YPF in these companies amounts to 100%.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(11)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">No value is expose
      as the carrying value is less than 1.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">73</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_73"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
        II</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>PARTICIPATION
      IN JOINT OPERATIONS AND OTHER AGREMENTS</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">As of March 31, 2012, the
  main exploration and production joint operations 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">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Name
        and Location</b></font></div>
    </td>
    <td align="left" width="2%">&nbsp; </td>
    <td colspan="2" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Ownership
        Interest</b></font></div>

    </td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Operator</b></font></div>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left">&nbsp;</td>
    <td colspan="2" align="right">
      <div align="right"><font size="2"><b> </b></font><font size="2"><b> </b></font></div>
      <font size="2"><b>
      <hr noshade size=1 align="right">
      </b></font></td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">
      <hr noshade size=1 align="left">
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Acambuco</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">22.50%</font></td>
    <td width="16%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pan
        American Energy LLC</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Salta</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="16%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Aguada
      Pichana</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">27.27%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
        Austral S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Neuqu&#233;n</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Aguarag&#252;e</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Salta</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">CAM-2/A
      SUR</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">50.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Enap
        Sipetrol Argentina S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Tierra
      del Fuego</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Campamento
      Central / Ca&#241;ad&#243;n Perdido</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">50.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Chubut</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Consorcio
      CNQ 7/A</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">50.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Petro
        Andina Resources Ltd. Sucursal Argentina</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>La
      Pampa and Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">El
      Tordillo</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">12.20%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Chubut</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">La
      Tapera y Puesto Quiroga</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">12.20%</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#CCCCCC">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Tecpetrol
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Chubut</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Llancanelo</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">51.00%</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#CCCCCC">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Magallanes</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">50.00%</font></div>
    </td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Enap
        Sipetrol Argentina S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"> <i>Santa
      Cruz, Tierra del Fuego and National Continental Shelf</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Palmar
      Largo</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Formosa
      and Salta</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Puesto
      Hern&#225;ndez</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">61.55%</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#CCCCCC">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Petrobras
        Energ&#237;a S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Neuqu&#233;n
      and Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Ramos</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="4%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#CCCCCC">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Pluspetrol
        Energy S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Salta</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">San
      Roque</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">34.11%</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#CCCCCC">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Total
        Austral S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Neuqu&#233;n</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">Tierra
      del Fuego</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#CCCCCC">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Petrolera
        L.F. Company S.R.L.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Tierra
      del Fuego</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Yacimiento
      La Ventana &#150; R&#237;o Tunuy&#225;n</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">60.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Zampal
      Oeste</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">70.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">YPF
        S.A.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Mendoza</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Georgetown</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">30.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">Repsol
        Exploraci&#243;n</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>Guyana</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Neptune</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="16%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">15.00%</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="4%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="40%" align="right" bgcolor="#cccccc">
      <div align="left"><font size="2" face="Arial, Helvetica, sans-serif">BHPB
        Pet (Deepwater) Inc.</font></div>
    </td>
  </tr>
  <tr align="center" valign="top">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif"><i>EEUU</i></font></td>
    <td align="left">&nbsp;</td>
    <td width="16%" align="right">&nbsp; </td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="4%" align="right">&nbsp;</td>
    <td width="40%" align="right">&nbsp; </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Additionally, YPF has
      a 27% indirect ownership interest through Pluspetrol Energy S.A.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="75%">&nbsp;</td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
  </tr>
  <tr>
    <td width="75%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">74</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a href="#contents">Back
  to Contents</a></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><a name="page_74"></a></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exhibit
        III</b></font></div>
    </td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">English
      translation of the financial statements originally filed in Spanish with
      the Argentine Securities Commission (&#147;CNV&#148;).<br>
      In case of discrepancy, the financial statements filed with the CNV prevail
      over this translation.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>YPF
      SOCIEDAD ANONIMA AND CONTROLLED COMPANIES</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>BALANCE
      SHEET AS OF MARCH 31, 2012 AND COMPARATIVE INFORMATION</b></font></td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top ><font size="2" face="Arial, Helvetica, sans-serif"><b>FOREIGN
      CURRENCY ASSETS AND LIABILITIES</b></font></td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">(amount expressed en 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" face="Arial, Helvetica, sans-serif"><b>Account</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>Foreign
      currency and amount</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td rowspan="3" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Exchange
      rate in pesos as of 03-31-12</b></font></td>
    <td rowspan="3" align="left">&nbsp;</td>
    <td rowspan="3" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><b>Book
      value as of 03-31-12</b></font></td>
    <td rowspan="3" align="right" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td align="left">&nbsp;</td>
    <td colspan=11  width="8%" align="center"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>01-01-2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>12-31-2011</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3  width="8%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><b>03-31-2012</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&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 width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><b>
      <hr noshade size=1>
      </b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Assets</b></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=15 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables and advances</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">300</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">88</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">87</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.34</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">378</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent assets</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">378</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
    <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="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Assets</b></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=15 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Other
      receivables and advances</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">411</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">200</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">157</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.34</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">681</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">5.79</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">225</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">214</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.23</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">16</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">17</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">0.62</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">11</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Trade
      receivables</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">549</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">519</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">484</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.34</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,101</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">1</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">132</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">21</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.23</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">CLP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">CLP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">CLP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">6,130</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">0.01</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td bgcolor="#cccccc">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</font></div>
    </td>
    <td bgcolor="#cccccc" width="2%">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Cash and
      equivalents</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">483</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">166</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">124</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.34</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">538</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">26</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">0.23</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.62</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(1)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">6</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">3,470</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
    <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="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">3,848</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
    <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="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><b>Noncurrent
      Liabilities</b></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=15 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provisions</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,136</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,169</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,179</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.38</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,164</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Salaries
      and social security</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">3</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">2</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">4.38</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">9</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">369</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,038</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">947</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.38</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,148</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">23</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">67</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">66</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">4.38</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">289</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
    <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="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      noncurrent liabilities</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">9,610</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
    <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="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><b>Current
      Liabilities</b></font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td colspan=15 bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Provisions</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">107</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">102</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">97</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.38</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">425</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">1,167</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">1,312</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">984</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">4.38</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">4,310</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left"><font size="2" face="Arial, Helvetica, sans-serif">Accounts
      payable</font></td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">969</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,372</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">US$</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,204</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">4.38</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">5,274</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">49</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#128;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">44</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">5.84</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">257</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">111</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">UYU</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">75</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.25</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">BOP</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">18</font></td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">0.65</font></td>
    <td width="2%" align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">12</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">CLP</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">CLP</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">CLP</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,309</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">0.01</font></td>
    <td width="2%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><sup>(2)</sup></font></td>
    <td width="8%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">33</font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="8%" align="right"><font size="2">
      <hr noshade size=1>
      </font></td>
    <td width="2%" align="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">10,330</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
    <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="right">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities</font></td>
    <td align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc">&nbsp;</td>
    <td width="2%" align="left" bgcolor="#cccccc">&nbsp;</td>
    <td width="8%" align="right" bgcolor="#cccccc"><font size="2" face="Arial, Helvetica, sans-serif">19,940</font></td>
    <td width="2%" align="right" bgcolor="#cccccc">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="8%" align="right">&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>
    <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="right">&nbsp;</td>
  </tr>
</table>
<font face="Arial, Helvetica, sans-serif"><br>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(1)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Buying exchange rate.</font></td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td valign=top width="3%"><font size="1" face="Arial, Helvetica, sans-serif">(2)</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">Selling exchange rate.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="75%">&nbsp;</td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">MIGUEL
        MATIAS GALUCCIO<br>
        President</font></div>
    </td>
  </tr>
  <tr>
    <td width="75%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">75</font><font face="Arial, Helvetica, sans-serif"><br>
  </font>
<hr noshade align="center" width="100%" size=2>
<p></p>
<div style="page-break-before:always"></div>
<font size="2" face="Arial, Helvetica, sans-serif"><page></font>
    <title></title>

<div> </div>

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

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

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

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

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

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

<div>
  <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
    <tr>
<td valign="middle" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
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&#160;</div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
