<SEC-DOCUMENT>0001208646-12-000340.txt : 20121107
<SEC-HEADER>0001208646-12-000340.hdr.sgml : 20121107
<ACCEPTANCE-DATETIME>20121107061728
ACCESSION NUMBER:		0001208646-12-000340
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20121107
FILED AS OF DATE:		20121107
DATE AS OF CHANGE:		20121107

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:		121184695

	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>c107548.htm
<TEXT>
<!doctype html public "c107548">


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<body bgcolor="#ffffff">
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<hr size="3" noshade color="#000000" style="margin-top: -15px">
<hr size="1" noshade color="#000000" style="margin-top: -22px">
<p align="center"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM
  6-K<br>
  </font></b><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES
  AND EXCHANGE COMMISSION<br>
  </font></b><b><font
face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, D.C. 20549</font></b>
</p>
<p align="center"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Report
  of Foreign Issuer</font></b> </p>
<p align="center"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant
  to Rule 13a-16 or 15d-16 of<br>
  the Securities Exchange Act of 1934</font></b></p>
<p align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">For the
  month of November, 2012</font></p>
<p align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">Commission
  File Number: 001-12102</font></p>
<p align="center"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">YPF
  Sociedad An&oacute;nima</font></b><font face="TimesNewRoman,Times New Roman,Times,serif"><br>
  (Exact name of registrant as specified in its charter)</font></p>
<p align="center"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Macacha
  G&uuml;emes 515<br>
  C1106BKK Buenos Aires, Argentina<br>
  </font></b><font face="TimesNewRoman,Times New
Roman,Times,serif">(Address of principal executive office)</font></p>
<p align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">Indicate
  by check mark whether the registrant files or will file<br>
  annual reports under cover of Form 20-F or Form 40-F:</font></p>
<p align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">Form
  20-F <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</u></font>&nbsp;&nbsp;<font face="TimesNewRoman,Times New Roman,Times,serif">Form
  40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<p align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">Indicate
  by check mark if the registrant is submitting the Form 6-K<br>
  in paper as permitted by Regulation S-T Rule 101(b)(1):<br>
  Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;No
  <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u></font></p>
<p align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">Indicate
  by check mark if the registrant is submitting the Form 6-K<br>
  in paper as permitted by Regulation S-T Rule 101(b)(7):<br>
  Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;No
  <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u></font></p>
<hr size="1" noshade color="#000000" style="margin-top: -15px">
<hr size="3" noshade color="#000000" style="margin-top: -24px">
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<a name="page_3"></a>
<p align="center"> <b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">YPF
  Sociedad An&oacute;nima</font></b><font face="TimesNewRoman,Times New Roman,Times,serif">
  </font> </p>
<p align="center"> <font face="TimesNewRoman,Times New Roman,Times,serif">TABLE
  OF CONTENTS </font> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td>
      <div align="center"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item</font></b></div>
    </td>
    <td width="94%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <div align="center"><font face="TimesNewRoman,Times New Roman,Times,serif">1</font></div>
    </td>
    <td><font face="TimesNewRoman,Times New Roman,Times,serif">Translation of
      third quarter 2012 consolidated results.</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_1"></a><br>
<br>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td width="22%">
      <div align="right"><b></b></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font size="7">YPF
  S.A. </font></b> </font></p>
<p align="center"> <font face="Arial, Helvetica, sans-serif" size="7"><b><font size="6">Consolidated
  Results<br>
  Q3 2012</font></b> </font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="contents"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>CONTENT</b>
  </font> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#CCCCCC">
    <td width="3%"><a href="#p3"><font face="Arial, Helvetica, sans-serif" size="2"><b>1.</b></font></a></td>
    <td colspan="2"><a href="#p3"><font face="Arial, Helvetica, sans-serif" size="2"><b>MAIN
      MILESTONES AND ECONOMIC MAGNITUDES OF THE THIRD QUARTER 2012</b></font></a></td>
    <td width="7%">
      <div align="right"><a href="#p3"><font face="Arial, Helvetica, sans-serif" size="2"><b>3</b></font></a></div>
    </td>
  </tr>
  <tr>
    <td height="15"><a href="#p4"><font face="Arial, Helvetica, sans-serif" size="2"><b>2.</b></font></a></td>
    <td colspan="2" height="15"><a href="#p4"><font face="Arial, Helvetica, sans-serif" size="2"><b>ANALYSIS
      OF OPERATING RESULTS</b></font></a></td>
    <td width="7%" height="15">
      <div align="right"><a href="#p4"><font face="Arial, Helvetica, sans-serif" size="2"><b>4</b></font></a></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td><a href="#p4b"></a></td>
    <td width="3%"><a href="#p4b"><font face="Arial, Helvetica, sans-serif" size="2">2.1</font></a></td>
    <td><a href="#p4b"><font face="Arial, Helvetica, sans-serif" size="2">UPSTREAM</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p4b"><font face="Arial, Helvetica, sans-serif" size="2"><b>4</b></font></a></div>
    </td>
  </tr>
  <tr>
    <td><a href="#p6"></a></td>
    <td><a href="#p6"><font face="Arial, Helvetica, sans-serif" size="2">2.2</font></a></td>
    <td><a href="#p6"><font face="Arial, Helvetica, sans-serif" size="2">REFINING
      AND MARKETING</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p6"><font face="Arial, Helvetica, sans-serif" size="2"><b>6</b></font></a></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td><a href="#p7"></a></td>
    <td><a href="#p7"><font face="Arial, Helvetica, sans-serif" size="2">2.3</font></a></td>
    <td><a href="#p7"><font face="Arial, Helvetica, sans-serif" size="2">CHEMICAL</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p7"><font face="Arial, Helvetica, sans-serif" size="2"><b>7</b></font></a></div>
    </td>
  </tr>
  <tr>
    <td><a href="#p8"></a></td>
    <td><a href="#p8"><font face="Arial, Helvetica, sans-serif" size="2">2.4</font></a></td>
    <td><a href="#p8"><font face="Arial, Helvetica, sans-serif" size="2">CORPORATE</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p8"><font face="Arial, Helvetica, sans-serif" size="2"><b>8</b></font></a></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td><a href="#p9"><font face="Arial, Helvetica, sans-serif" size="2"><b>3.</b></font></a></td>
    <td colspan="2"><a href="#p9"><font face="Arial, Helvetica, sans-serif" size="2"><b>TABLES</b></font></a></td>
    <td width="7%">
      <div align="right"><a href="#p9"><font face="Arial, Helvetica, sans-serif" size="2"><b>9</b></font></a></div>
    </td>
  </tr>
  <tr>
    <td><a href="#p10"></a></td>
    <td><a href="#p10"><font face="Arial, Helvetica, sans-serif" size="2">3.1</font></a></td>
    <td><a href="#p10"><font face="Arial, Helvetica, sans-serif" size="2">CONSOLIDATED
      STATEMENT OF INCOME</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p10"><font size="2" face="Arial, Helvetica, sans-serif">10</font></a></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td><a href="#p11"></a></td>
    <td><a href="#p11"><font face="Arial, Helvetica, sans-serif" size="2">3.2</font></a></td>
    <td><a href="#p11"><font face="Arial, Helvetica, sans-serif" size="2">CONSOLIDATED
      BALANCE SHEET</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p11"><font size="2" face="Arial, Helvetica, sans-serif">11</font></a></div>
    </td>
  </tr>
  <tr>
    <td><a href="#p12"></a></td>
    <td><a href="#p12"><font face="Arial, Helvetica, sans-serif" size="2">3.3</font></a></td>
    <td><a href="#p12"><font face="Arial, Helvetica, sans-serif" size="2">CONSOLIDATED
      STATEMENT OF CASH FLOWS</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p12"><font size="2" face="Arial, Helvetica, sans-serif">12</font></a></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td><a href="#p13"></a></td>
    <td><a href="#p13"><font face="Arial, Helvetica, sans-serif" size="2">3.4</font></a></td>
    <td><a href="#p13"><font face="Arial, Helvetica, sans-serif" size="2">MAIN
      PHYSICAL MAGNITUDES (unaudited)</font></a></td>
    <td width="7%">
      <div align="right"><a href="#p13"><font size="2" face="Arial, Helvetica, sans-serif">13</font></a></div>
    </td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">2</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_3"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b>Operating income in
  the third quarter of 2012 reached ARS 1,794 million </b> </font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr valign="middle" bgcolor="#003399">
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q3</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q2</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q3</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Var.%</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q312/Q311</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Third
        Quarter 2012 Results</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Jan-Sept</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Jan-Sept</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Var.%</b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012/2011</b></font></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td colspan=5>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Amounts
        expressed in million of Argentine pesos</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">15,017</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">16,084</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>17,378</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">15.7%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Sales</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">41,299</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>48,312</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">17.0%</font></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">2,606</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,859</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,794</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-31.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Operating
        income</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">6,655</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>6,155</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-7.5%</font></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">1,543</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">833</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>756</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-51.0%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Net
        income</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,910</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2,883</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-26.3%</font></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">
        2,046</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,837</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,980</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-3.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Comprehensive
        Income</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">5,141</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>5,779</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">12.4%</font></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">4,462</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">4,118</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,449</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-0.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>EBITDA</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">11,834</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>13,014</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">10.0%</font></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">3.92</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2.12</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1.92</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-51.0%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Earnings
        per share ARS</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">9.94</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>7.33</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-26.3%</font></div>
    </td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">3,612</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,412</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,129</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">14.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Capital
        Expenditures</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">8,146</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>9,673</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">18.7%</font></div>
    </td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">Note: Unaudited
  figures. Information In accordance with International Financial Reporting Standards
  (IFRS)<br>
  </font><font size="2" face="Arial, Helvetica, sans-serif">EBITDA = Net Income+
  net interest + income tax + depreciation of fixed assets</font></p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p3"></a>1.
  MAIN MILESTONES AND ECONOMIC MAGNITUDES OF THE THIRD QUARTER 2012</u> </b> </font></p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Revenues were ARS 17,378
  million in the third quarter of 2012, 15.7% above the third quarter of 2011.
  This increase was the result of higher prices in liquid fuels and the delivery
  of higher volumes of fuel oil. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Cost of sales during the
  third quarter of 2012 was 26.3% higher than in the same period in 2011. This
  increase is mainly explained by the increase in production costs. Purchases
  of the period were similar to those observed in the third quarter of 2011, showing
  a slight decline of approximately 1%, as a result of lower imports of gasoline
  and diesel and a decrease in the purchases of crude oil from third parties in
  the local market, that were offset by higher prices, mainly of crude oil.</font>
</p>
<p> <font face="Arial, Helvetica, sans-serif" size="2">Operating income was ARS
  1,794 million in the third quarter of 2012, 31.2% lower than in the same period
  of 2011. This decrease was mainly driven by the operating income of our affiliated
  companies that was of ARS -104 million in this period, representing a decrease
  of ARS 314 million with respect to the same period in 2011. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Net income for the period
  was ARS 756 million, 51% lower than in the same period of 2011. It reflects
  the effect of recording deferred tax liability with an impact of ARS 408 million
  in the quarter. The comprehensive income, which considers the effects of the
  application of IFRS accounting standards, reached ARS 1,980 million, 3.2% below
  the third quarter of 2011.</font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Total capital expenditures
  reached ARS 4,129 million in the third quarter of 2012, outpacing those in the
  third quarter of 2011 by 14.3%. This increase was mainly driven by an increase
  in the value and greater activity in the Upstream business.</font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">For the nine month period
  ended September 30, 2012, total capex reached ARS 9,673 million, outpacing those
  of the same period of 2011 by 18.7%. This increase was mainly driven by an increase
  in capex in the Upstream business and also due to the progress and completions
  of Downstream projects.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">3</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_4"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p4"></a></u></b><u>2</u><u>.
  ANALYSIS OF OPERATING RESULTS</u><b> </b> </font></p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b> <u><a name="p4b"></a></u>2.1
  UPSTREAM </b> </font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr valign="middle" bgcolor="#003399">
    <td align="center" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q3</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td align="center" width="2%"><font color="#FFFFFF"></font></td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q2</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q3</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Var.%</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q312/Q311</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif" color="#FFFFFF">(Unaudited
        Figures)</font></div>
    </td>
    <td align="center" width="2%"><font color="#FFFFFF"></font></td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Jan-Sept</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Jan-Sept</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Var.%</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012/2011</b></font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,055</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,377</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,043</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-1.1%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Operating
        income*</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,472</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,410</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">27.0%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">6,183</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">7,963</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>8,587</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">38.9%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Net
        Sales</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">18,194</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>24,515</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">34.7%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">228.0</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">227.2</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>229.3</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0.6%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Crude
        oil production</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Kbbld)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">217.9</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>228.1</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">4.7%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">44.2</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">41.9</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>40.5</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-8.4%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>NGL
        production</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Kbbld)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">47.2</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>45.7</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-3.2%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">34.9</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">34.0</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>34.3</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-1.7%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Gas
        production</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Mm3d)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">34.6</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>33.6</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-2.9%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">491.8</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">483.1</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>485.2</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-1.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Total
        production</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Kboed)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">482.5</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>485.2</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0.6%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">60</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">174</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>176</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">193.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Exploration
        costs</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">384</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>464</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">20.8%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2,676</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2,434</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2,921</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">9.1%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Capital
        Expenditures</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">6,225</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>7,027</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">12.9%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,484</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,657</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,909</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">28.6%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Depreciation</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">4,033</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>5,101</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">26.5%</font></div>
    </td>
  </tr>
  <tr valign="middle">
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">International
        Prices</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">113.2</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">108.4</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>109.6</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-3.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Brent**</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(USD/bbl)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">111.9</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>112.2</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0.3%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">4.1</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2.4</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2.8</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-30.9%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Gas
        Henry Hub**</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(USD/Mmbtu)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">4.2</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2.6</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-38.2%</font></div>
    </td>
  </tr>
  <tr valign="middle">
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Realization
        Prices</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">60.8</font></div>
    </td>
    <td>&nbsp;</td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">70.4</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>70.4</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">15.8%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Crude
        oil prices</b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>in
        domestic market</b></font></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Period
        average (USD/bbl)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">57.3</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>70.2</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">22.5%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">1.77</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1.86</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1.67</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-5.6%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Average
        gas price</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(USD/Mmbtu)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2.23</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2.04</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-8.5%</font></div>
    </td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">* In accordance with International
  Financial Reporting Standards (IFRS). It Includes affiliate companies.<br>
  ** Source: Reuters <br>
  </font><font face="Arial, Helvetica, sans-serif" size="2">MARS: million of ARS</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Upstream operating income
  was ARS 1,043 million, only 1.1% lower than the third quarter of 2011, despite
  the negative impact of ARS 272 million in the operating income of the affiliate
  companies versus the third quarter of 2011, which includes, among others, the
  exploration expenses of the Jaguar offshore well drilled in Guyana that had
  negative results. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">The decrease in the operating
  income was principally due to the fact that higher revenues were more than offset
  by an increase in the operating costs and negative results from affiliate companies.
  Higher revenues were fueled by a constant adjustment of crude oil prices in
  the domestic market. The increase in operating costs was generated by higher
  operation services and other service contracts, repair and maintenance, higher
  payment of royalties to provinces (due to higher wellhead price and production
  increase) and heavier depreciations. </font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">4</font>
</p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_5"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font size="2" face="Arial, Helvetica, sans-serif">As a consequence of negotiations
  between producers and refining companies, the price of crude oil in the local
  market improved by 15.8%, to 70.4 USD/bbl. As for natural gas, average sales
  price was 1.67 USD/Mmbtu, 5.6% below that for the third quarter of 2011, mainly
  due to a different sales mix.</font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">As a consequence of greater
  activity, production of crude oil increased by 0.6% compared to third quarter
  of 2011, reaching 229.3 Kbbld, LNG production was 40.5 Kbbld during the third
  quarter, 8.4% below the third quarter of 2011, due to a lower volume of gas
  processed in our separation plants. As for natural gas, production reached 34.3
  Mm3d in the third quarter of 2012, 1.7% lower than for the same period in 2011.
  Total hydrocarbon production was 485.2 Kboed in the third quarter of this year,
  compared to 491.8 Kboed for same period last year. Both natural gas and crude
  production during the third quarter 2012 slightly exceeded production projected
  in the strategic plan presented by the company in August 2012. </font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">The 9-month cumulative hydrocarbon
  production as of September 2012 was 485.2 Kboed, 0.6% higher than for the same
  period in 2011. In the same period there was an increase in the oil production
  of 4.7%, offset by a decrease in the gas production of 2.9%.</font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Exploration costs for the
  third quarter of 2012 rose by 193.3 % to reach ARS 176 million mainly due to
  the ARS 90 million cost incurred in the drilling of the Jaguar well, as described
  above, where YPF holds a 30% interest.</font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">The third quarter results
  of the affiliate companies (controlled and non-controlled) in Upstream, including
  mainly YPF Holdings, YPF International, Mega, Pluspetrol and YPF Oil Services,
  was ARS -236 million compared to a ARS 36 million result in the third quarter
  of 2011, basically on account of the exploration expenses mentioned before and
  the results of Mega, which were affected by higher provision expenses in connection
  with higher tariffs for the purchase and transportation of natural gas in accordance
  with Resolutions 1982/2011 and 1991/2011 of ENARGAS. </font> </p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><u>Cumulative results</u>
  </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Cumulative operating income
  for the nine months ended September 30, 2012 was ARS 4,410 million, 27% higher
  than for the same period in 2011. This increase was mainly driven by the price
  adjustment in crude oil and stronger production levels recorded during the 2012
  period. </font> </p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><u>Capex</u> </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Capex in Upstream was ARS
  2,921 million in the third quarter of 2012, outpacing those for same period
  of 2011 by 9.1%. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Within conventional activity
  during the third quarter of 2012, capex related to increasing recovery factors
  continued in the areas of Zona Central and Catriel, in the Neuquina basin and
  in Las Heras and Manantiales Behr, in the Golfo San Jorge basin. Additionally,
  development and appraisal activities continued in the Vaca Muerta formation,
  basically in the area of Loma la Lata, in the Neuquina basin. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Upstream accumulated capex
  for the nine-month period ended September 30, 2012 was ARS 7,027 million, 12.9%
  higher than same nine-month period in 2011, basically due to greater activity
  in Neuquina basin both in development of conventional areas, and in unconventional
  exploration and development, where up to date more than 65 wells were drilled
  and over 50 were completed.</font> </p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">5</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_6"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p6"></a></u>2.2
  REFINING AND MARKETING </b> </font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr valign="middle" bgcolor="#003399">
    <td align="right" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q3</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q2</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q3</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Var.%</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q312/Q311</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="30%">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif" color="#FFFFFF">(
        Unaudited Figures)</font></div>
    </td>
    <td align="center" width="2%"><font color="#FFFFFF"></font></td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Jan-Sept</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Jan-Sept</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td align="center" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Var.%</b></font></div>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012/2011</b></font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,330</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">750</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>624</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-53.1%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Operating
        income*</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,288</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2,242</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-31.8%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">13,666</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">14,459</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>15,609</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">14.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Net
        Sales</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">35,903</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>43,186</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">20.3%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">4,180</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,868</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,215</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0.8%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Sales
        of petroleum products</b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>in
        domestic market</b></font></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Km3)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">11,706</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>11,704</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0.0%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td height="47">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">375</font></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">405</font></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>344</b></font></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-8.3%</font></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td height="47">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Exportation
        of petroleum</b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>products</b></font></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Km3)</font></div>
    </td>
    <td height="47">&nbsp;</td>
    <td height="47">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,355</font></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,122</b></font></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td height="47">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-17.2%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
    <td height="47">&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">305</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">289</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>306</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">0.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Crude
        oil processed</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Kbbld)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">291</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>287</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-1.4%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">95%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">90%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>96%</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Refinery
        utilization</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(%)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">91%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>90%</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">696</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">735</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>875</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">25.7%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Capital
        Expenditures</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,377</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,975</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">43.4%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">180</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">199</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>255</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">41.5%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Depreciation</b></font></div>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">523</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>644</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">23.2%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">613</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">677</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>672</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">9.7%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Average
        domestic market</b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>gasoline
        price</b></font></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(USD/m3)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">568</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>660</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">16.1%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">667</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">769</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>763</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">14.4%</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Average
        domestic market diesel</b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>price</b></font></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(USD/m3)</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">612</font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>752</b></font></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">23.0%</font></div>
    </td>
  </tr>
  <tr valign="middle" bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="left"><font size="2" face="Arial, Helvetica, sans-serif">* In accordance
  with International Financial Reporting Standards (IFRS). It includes affiliate
  companies.<br>
  MARS: Millions of ARS </font></p>
<p> <font face="Arial, Helvetica, sans-serif" size="2">Operating income in Refining
  and Marketing for the third quarter of 2012 was ARS 624 million, 53.1% below
  that for the third quarter of 2011. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Lower operating income
  was mainly explained by a higher purchase price of crude oil (approximately
  ARS 1,900 million), an increase in purchase of biofuels (FAME and bioethanol)
  that are mixed with the company's diesel and gasoline production and hikes in
  transport and freight costs. As for revenues, there was an increase of approximately
  14.2% as a consequence of a price increase in products sold in the local market
  (liquid fuels, fuel oil and lubricants) and the larger volumes of deliveries
  of refined products (0.8% higher than in the third quarter of 2011). With regards
  to exports, there was an 8.3% drop in operating income, mainly in petrochemical
  naphtha and LPG. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">The volume of crude oil
  processed in the quarter was 306 Kbbld, similar to the level in the third quarter
  of 2011, following the pattern of crude oil production. </font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">6</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_7"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font size="2" face="Arial, Helvetica, sans-serif">The third quarter results
  of affiliate companies within this segment, including mainly OPESSA and Refinor,
  was ARS 82 million, a 5% increase compared to the third quarter of 2011. </font>
</p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><u>Cumulative results</u>
  </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Cumulative operating income
  for the nine months ended September 30, 2012 was ARS 2,242 million, 31.8% lower
  than the level reached in the first nine months of 2011. Higher operating revenues
  did not offset the negative impact generated by stronger crude oil purchases
  and heavier operating costs. </font> </p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><u>Capex</u> </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Capex in Refining and Marketing
  segment in the quarter was ARS 875 million, 25.7% above that for the same quarter
  of 2011. The increase was mainly based on the start up of the desulphurization
  projects at Lujan de Cuyo and La Plata refineries to improve the quality of
  refined products and the progress of the coke unit replacement in the La Plata
  refinery.</font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Additionally, cumulative
  capex in the Refining and Marketing segment for the nine months ended September
  30, 2012 was ARS 1,975 million, 43.4% higher than in same period of 2011, mainly
  as a consequence of the progress achieved in the projects mentioned above. </font>
</p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p7"></a></u>2.3
  CHEMICALS </b> </font> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr bgcolor="#003399">
    <td rowspan="2" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2011</font></b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q2</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2012</font></b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2012</font></b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Var.%</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q312/Q311</font></b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" bgcolor="#003399" rowspan="2">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif" color="#FFFFFF">(
        Unaudited Figures)</font></div>
    </td>
    <td align="center" rowspan="2" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Jan-Sept</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2011</font></b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Jan-Sept</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2012</font></b></font></div>
    </td>
    <td width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Var.%</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">&acute;2012/2011</font></b></font></div>
    </td>
    <td align="center" width="2%">&nbsp;</td>
  </tr>
  <tr bgcolor="#003399">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">354</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">192</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>361</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2.0%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Operating
        income*</b></font></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">834</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>787</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-5.6%</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,136</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">831</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,216</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">7.1%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Net
        Sales</b></font></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,059</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,233</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">5.7%</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp; </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">220</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">199</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>189</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-14.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Sales
        of petrochemical products</b></font></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">644</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>611</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-5.1%</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>in
        domestic market (**)</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Ktn)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">87</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">53</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>78</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-10.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Exportation
        of</b></font></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">271</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>209</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="3">
      <div align="center"></div>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-22.9%</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>petrochemical
        products</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(Ktn)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp; </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">172</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">194</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>281</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">63.4%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Capital
        Expenditures</b></font></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">413</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>531</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">28.6%</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp; </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">19</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">31</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>41</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">115.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Depreciation</b></font></div>
    </td>
    <td rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">61</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td rowspan="2">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>99</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" rowspan="2">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">62.9%</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(MARS)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<p><font size="2" face="Arial, Helvetica, sans-serif">* In accordance with International
  Financial Reporting Standards (IFRS). It Includes affiliate companies.<br>
  ** It does not include sales of fertilizers since they are included in the Refining
  and Marketing business.<br>
  MARS: Millions of ARS </font></p>
<p> <font face="Arial, Helvetica, sans-serif" size="2">Operating income in Chemicals
  for the third quarter of 2012 was ARS 361 million, 2% above that for the third
  quarter of 2011. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Higher operating income
  of the quarter is mainly due to an increase in the results of Profertil, which
  reached ARS 158<i> </i>million, 27% above that of the third quarter of 2011.
  Moreover, it is important to mention that during the quarter we achieved higher
  revenues as a consequence of higher average chemical prices which were partially
  offset with the decrease of approximately 14.2% in domestic sales volumes compared
  to the third quarter of 2011. </font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">7</font>
</p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_8"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><u>Cumulative results</u>
  </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Cumulative operating income
  for the nine months ended September 30, 2012 was ARS 787 million, 5.6% lower
  than the level reached in the first nine months of 2011. The reason is that
  income increase fell short of offsetting stronger purchases to Refining and
  gas to E&amp;P as well as Profertil&#146;s lower results. </font> </p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><u>CAPEX</u> </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Capex in Chemicals in the
  quarter was ARS 281 million, 63.4% above that for same quarter of 2011.</font>
</p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Additionally, cumulative
  capex in the chemicals segment for the nine months ended September 30, 2012,
  were ARS 531 million, above that of same period of 2011 by 28.6% mainly as a
  consequence of the advances in the CCR project, which will increase gasoline
  production capacity at our chemical complex in Ensenada.</font> </p>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p8"></a></u>2.4
  CORPORATE </b> </font></p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">This business segment mainly
  involves running costs and other activities that are not reported against the
  business units previously mentioned. </font> </p>
<p> <font size="2" face="Arial, Helvetica, sans-serif">Corporate net costs for
  the third quarter were ARS 234 million, ARS 101 million more than for the same
  period in 2011. This cost increase was mainly generated by salary increase and
  charges related to IT licenses and other outsourced services. Also, results
  yielded by the controlled company A-Evangelista S.A were ARS 79 million lower,
  compared to same quarter of 2011 because of the recognition of lower margins
  in long-term developments.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">8</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_9"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p9"></a></u></b><img src="c107548x9x1.jpg" border=0>
  </font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">9</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_10"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p10"></a></u>3.1
  CONSOLIDATED STATEMENT OF INCOME<br>
  </b> </font><font face="Arial, Helvetica, sans-serif" size="2"><b>YPF SOCIEDAD
  ANONIMA AND CONTROLLED COMPANIES<br>
  </b></font><font size="2" face="Arial, Helvetica, sans-serif">(Unaudited figures
  in millions of Argentine pesos) </font> </p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr>
    <td align="right" rowspan="2" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q2</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Var.%</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>Q312/Q311</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" bgcolor="#003399">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="2%">&nbsp;</td>
    <td align="center" rowspan="2" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Jan-Sept</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Jan-Sept</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" width="8%" bgcolor="#003399">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Var.%</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>&acute;2012/2011</b></font></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" bgcolor="#003399">
      <div align="center"></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">15,017</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">16,084</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">17,378</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">15.7%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Revenues</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">41,299</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">48,312</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">17.0%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(10,770)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(12,112)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(13,603)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">26.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Costs
        of sales</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(29,299)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(36,129)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">23.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,247</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,972</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,775</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-11.1%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Gross
        profit</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>12,000</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>12,183</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1.5%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(1,347)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(1,432)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(1,362)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1.1%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Selling
        expenses</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(4,041)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(4,022)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-0.5%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(420)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(529)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(522)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">24.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Administration
        expenses</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(1,292)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(1,530)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">18.4%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(60)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(174)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(176)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">193.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Exploration
        expenses</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(384)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(464)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">20.8%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Other
        expenses, net and income</font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">186</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">79</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-57.5%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">on
        investments in companies</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">372</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(12)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-103.2%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2,606</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,859</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,794</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-31.2%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Operating
        income</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>6,655</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>6,155</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-7.5%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(73)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">59</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">35</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-147.9%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Financial
        income (expenses), net</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(128)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(61)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">-52.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(990)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(1,085)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(1,073)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">8.4%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Income
        tax</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(2,617)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(3,211)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">22.7%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,543</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>833</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>756</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-51.0%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Net
        income for the period</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,910</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>2,883</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-26.3%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Earnings
        per share, basic and</b></font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>3.92</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2.12</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1.92</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-51.0%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>diluted</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>9.94</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>7.33</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-26.3%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">503</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,004</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,224</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">143.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Other
        comprehensive Income</font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,231</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">2,896</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">135.3%</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>Total
        comprehensive income</b></font></div>
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>2,046</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,837</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,980</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-3.2%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>for
        the period</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>5,141</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>5,779</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>12.4%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,462</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,118</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,449</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>-0.3%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>EBITDA</b></font></div>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>11,834</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>13,014</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>10.0%</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan=9>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">Note:
        Information In accordance with International Financial Reporting Standards
        (IFRS). </font></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan=9>
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">EBITDA
        = Net Income+ net interest + income tax + depreciation of fixed assets</font></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">10</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_11"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p11"></a></u>3.2
  CONSOLIDATED BALANCE SHEET </b> </font><br>
  <font size="2" face="Arial, Helvetica, sans-serif">YPF SOCIEDAD ANONIMA AND
  CONTROLLED COMPANIES</font> <br>
  <font size="2" face="Arial, Helvetica, sans-serif">(Unaudited figures in millions
  of Argentine pesos) </font> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td>&nbsp;</td>
    <td align="center" width="15%"><font face="Arial, Helvetica, sans-serif" size="2"><b>12/31/2011</b></font></td>
    <td width="3%">&nbsp;</td>
    <td align="center" width="15%"><font face="Arial, Helvetica, sans-serif" size="2"><b>09/30/2012</b></font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1>
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Noncurrent Assets</b></font></td>
    <td align="center">
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td align="center">
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Intangible assets</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,300</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,412</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Fixed assets</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">43,788</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">50,851</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Investments in companies</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,013</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,075</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Deferred income tax
      assets</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">30</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">98</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Other receivables and
      advances</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">882</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">858</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Trade receivables</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">22</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Total
      Non-current assets</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>48,035</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>55,311</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Current Assets</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Inventories</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">6,006</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,060</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Other receivables and
      advances</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,788</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,663</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Trade receivables</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,315</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,355</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Cash and equivalents</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,112</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">978</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Total
      current assets</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>13,221</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>15,056</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Total
      assets</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>61,256</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>70,367</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=2 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Shareholders&#146;
      Equity</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Shareholders&#146;
      contributions</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,674</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,674</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Reserves and unnapropiated
      retained earnings</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,746</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">18,525</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total Shareholders&#146;
      Equity</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>23,420</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>29,199</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Noncurrent Liabilities</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Provisions</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,206</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">10,045</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Deferred income tax
      liabilities</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,724</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,757</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Other taxes payable</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">136</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">106</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Salaries and social
      security</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">38</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">36</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,435</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,574</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Accounts payable</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">326</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">344</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Total
      Noncurrent Liabilities</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>16,865</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>16,862</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Current Liabilities</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Provisions</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">965</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">842</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Income tax liability</font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2">-</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">722</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Other taxes payable</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">511</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">926</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Salaries and social
      security</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">537</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">724</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Loans</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">7,763</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,510</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Accounts payable</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,195</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">11,582</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Total
      Current Liabilities</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>20,971</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>24,306</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Total
      Liabilities</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>37,836</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>41,168</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=2 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Total
      Liabilities and Shareholders&#146;</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>61,256</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>70,367</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">Note:
        Information In accordance with International Financial Reporting Standards
        (IFRS).</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">11</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_12"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p12"></a></u>3.3
  CONSOLIDATED STATEMENT OF CASH FLOWS</b> </font> <br>
  <font face="Arial, Helvetica, sans-serif" size="2">YPF SOCIEDAD ANONIMA AND
  CONTROLLED COMPANIES<br>
  (Unaudited figures in millions of Argentine pesos) </font> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td align="right" rowspan="2" bgcolor="#003399" width="8%">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></div>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2011</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" bgcolor="#003399" width="8%">
      <div align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q2</font></b></font></div>
      <div align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" rowspan="2" bgcolor="#003399" width="8%">
      <div align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></div>
      <div align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2" color="#FFFFFF"><b>2012</b></font></div>
    </td>
    <td align="center" width="2%">
      <div align="center"></div>
    </td>
    <td align="center" bgcolor="#003399">&nbsp;</td>
    <td align="center" rowspan="2" width="2%">&nbsp;</td>
    <td align="center" rowspan="2" bgcolor="#003399" width="8%"><font face="Arial, Helvetica, sans-serif" size="2" bgcolor="#003399"><b><font color="#FFFFFF">Jan-Sept</font></b></font><font face="Arial, Helvetica, sans-serif" size="2" bgcolor="#003399" color="#FFFFFF"><b><br>
      2011</b></font></td>
    <td align="center" width="2%">&nbsp;</td>
    <td align="center" rowspan="2" bgcolor="#003399" width="8%"><font face="Arial, Helvetica, sans-serif" size="2" bgcolor="#003399"><b><font color="#FFFFFF">Jan-Sept</font></b></font><font face="Arial, Helvetica, sans-serif" size="2" bgcolor="#003399" color="#FFFFFF"><b><br>
      2012</b></font></td>
    <td align="center" width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center" bgcolor="#003399">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="left"><font face="Arial, Helvetica, sans-serif" size="2"><b>Cash
        Flows from operating activities</b></font></div>
    </td>
    <td align="center">&nbsp;</td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
    <td align="center">
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,543</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">833</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">756</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,910</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2,883</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">&nbsp; </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Adjustments to reconcile
      net income to cash flows provided by operating activities:</font></td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(186)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">11</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(106)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Income from investments
      in companies</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(484)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(98)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,722</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,925</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">2,246</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Depreciation of fixed
      assets</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">4,731</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">5,961</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">15</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">34</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">37</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Amortization of intangible
      assets</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">43</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">102</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">192</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">311</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">326</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Consumption of materials
      and fixed assets and intangible assets retired, net of provisions</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">678</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">846</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">299</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">224</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">525</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Net increase in provisions</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">948</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,309</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">642</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(23)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(757)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Changes in assets and
      liabilities</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(1,099)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(356)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">48</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">130</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">5</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Dividends from investments
      in companies</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">299</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">135</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">161</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">474</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">452</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Net charge of income
      tax payment</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(762)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,779</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,436</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,919</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,484</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Net
      cash flows provided by operating activities</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>8,264</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>12,561</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Cash flows used
      in investing activities Payments for investments:</b></font></td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(3,179)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(3,490)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(4,071)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Acquisitions of fixed
      assets and Intangible assets</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(7,792)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(11,379)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(3,179)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(3,490)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>(4,071)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Net
      cash flows used in investing activities</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(7,792)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(11,379)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Cash flows (used
      in) provided by financing activities</b></font></td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(4,143)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(8,059)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(6,689)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Payment of loans</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(11,234)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(22,377)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(108)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(199)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">(200)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Payment of interests</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(296)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(584)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">3,999</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">7,379</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">7,962</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Proceeds from loans</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">13,335</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">21,592</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">-</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">-</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2">-</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Payments of dividends</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">(2,753)</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">-</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(252)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(879)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,073</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<b>Net
      cash flows (used in) provided by financing activities</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(948)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(1,369)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
    <td>&nbsp;</td>
    <td>
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center">
        <hr noshade size=2 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">53</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>8</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">32</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Effect of changes
      in exchange rates on cash and</b></font> <font face="Arial, Helvetica, sans-serif" size="2"><b>equivalents</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>98</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>53</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,058</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(442)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>518</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Increase (Decrease)
      in Cash and Equivalents</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(378)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(134)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">890</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">902</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">460</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Cash and equivalents
      at the beginning of year</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">2,326</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,112</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,948</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">460</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">978</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">Cash and equivalents
      at the end of year</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,948</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">978</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center" bgcolor="#CCCCCC">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=1 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,058</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(442)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">518</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Increase (Decrease)
      in Cash and Equivalents</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(378)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>(134)</b></font></div>
    </td>
    <td>
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"></font></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>COMPONENTS OF CASH
      AND EQUIVALENT AT THE END OF THE PERIOD</b></font></td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">645</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">302</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">413</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cash</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">645</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">413</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">&nbsp; </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">&nbsp; </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,303</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">158</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif">565</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
      Financial Assets</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">1,303</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font size="2" face="Arial, Helvetica, sans-serif">565</font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <hr noshade size=2 align="center">
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,948</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>460</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>978</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>TOTAL CASH AND EQUIVALENTS
      AT THE END OF THE PERIOD</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,948</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td align="right" bgcolor="#CCCCCC">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><b>978</b></font></div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td>
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center" bgcolor="#CCCCCC">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td><font face="Arial, Helvetica, sans-serif" size="2"></font></td>
    <td>&nbsp;</td>
    <td>
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="center">
        <hr noshade size=1 align="center">
      </div>
    </td>
    <td>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="11">
      <div align="center"><font face="Arial, Helvetica, sans-serif" size="2">Note:
        Information In accordance with International Financial Reporting Standards
        (IFRS).</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">12</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_13"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font face="Arial, Helvetica, sans-serif" size="2"><b><u><a name="p13"></a></u>3.4
  MAIN PHYSICAL MAGNITUDES (unaudited figures) </b> </font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
  <tr>
    <td align="center" bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399">&nbsp;</td>
    <td align="center" colspan="7" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2011</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" colspan="7" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2012</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Unit</font></b></font></td>
    <td align="center" bgcolor="#003399"><font color="#003399"></font></td>
    <td bgcolor="#003399"><font color="#003399"></font></td>
    <td align="center" bgcolor="#003399"><font color="#003399"></font></td>
    <td bgcolor="#003399"><font color="#003399"></font></td>
    <td align="center" bgcolor="#003399"><font color="#003399"></font></td>
    <td bgcolor="#003399"><font color="#003399"></font></td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2" color="#003399"><b><font color="#FFFFFF">Cum</font>.</b></font></td>
    <td bgcolor="#003399"><font color="#003399"></font></td>
    <td align="center" bgcolor="#003399"><font color="#003399"></font></td>
    <td bgcolor="#003399"><font color="#003399"></font></td>
    <td align="center" bgcolor="#003399"><font color="#003399"></font></td>
    <td bgcolor="#003399"><font color="#003399"></font></td>
    <td align="center" bgcolor="#003399"><font color="#003399"></font></td>
    <td bgcolor="#003399"><font color="#003399"></font></td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Cum</font></b></font><font face="Arial, Helvetica, sans-serif" size="2" color="#003399"><b>.</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q1</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q2</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2011</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q1</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q2</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">Q3</font></b></font></td>
    <td bgcolor="#003399">&nbsp;</td>
    <td align="center" bgcolor="#003399"><font face="Arial, Helvetica, sans-serif" size="2"><b><font color="#FFFFFF">2012</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" bgcolor="#CCCCCC">
      <div align="left"><font face="Arial, Helvetica, sans-serif" size="2"><b>Upstream</b></font></div>
    </td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td bgcolor="#CCCCCC">&nbsp;</td>
    <td align="center" bgcolor="#CCCCCC">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">Crude oil production</font></td>
    <td width="5%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Kbbl</font></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">21,787</font></div>
    </td>
    <td width="2%">
      <div align="right"></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">16,731</font></div>
    </td>
    <td width="2%">
      <div align="right"></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,974</font></div>
    </td>
    <td width="2%">
      <div align="right"></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">59,492</font></div>
    </td>
    <td width="2%">
      <div align="right"></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,738</font></div>
    </td>
    <td width="2%">
      <div align="right"></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">20,678</font></div>
    </td>
    <td width="2%">
      <div align="right"></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">21,091</font></div>
    </td>
    <td width="2%">
      <div align="right"></div>
    </td>
    <td width="7%">
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">62,508</font></div>
    </td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">NGL production</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Kbbl</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,794</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,012</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,066</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,872</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">4,975</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,816</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,722</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">12,512</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">Gas production</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Mm3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,163</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,061</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,212</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,436</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,964</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,095</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3,153</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">9,211</font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total production</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Kbpe</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>46,476</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>39,995</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>45,241</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>131,710</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>44,352</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>43,958</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>44,642</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>132,952</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#CCCCCC"><font face="Arial, Helvetica, sans-serif" size="2"><b>Downstream</b></font></td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td bgcolor="#CCCCCC">
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Sales of petroleum
      products</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Domestic market</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Gasoline</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">984</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">887</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">986</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>2,857</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,029</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">921</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,053</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,003</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Diesel</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,054</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,154</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,180</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>6,388</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,910</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1,971</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">2,075</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>5,956</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Jet
      fuel and kerosene</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">108</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">92</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">106</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>306</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">109</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">107</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">112</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>328</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Fuel
      Oil</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">57</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">235</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>321</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">229</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">332</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>569</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>LPG</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">195</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">237</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">278</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>710</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">196</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">266</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">252</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>714</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Others*</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">345</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">384</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">395</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,124</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">369</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">374</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">391</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,134</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total domestic market</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Km3</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,743</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,783</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,180</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>11,706</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,621</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,868</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,215</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>11,704</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Export market</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Petrocuemical
      naphta</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">96</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">136</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">51</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>284</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">37</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">109</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">7</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>153</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Jet
      fuel and kerosene</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">145</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">126</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">127</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>398</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">139</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">125</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">130</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>394</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>LPG</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">85</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">76</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">40</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>200</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">8</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">17</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>53</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Bunker
      (Diesel and Fuel Oil)</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">171</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">123</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">146</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>440</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">175</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">142</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">160</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>477</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Others*</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Km3</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">10</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">11</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>34</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">14</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">19</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>45</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total export market</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Km3</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>507</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>473</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>375</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,355</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>373</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>405</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>344</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,122</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total sales of petroleum
      products</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Km3</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,250</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,256</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,555</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>13,061</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>3,994</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,273</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>4,559</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>12,826</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Sales of petrochemical
      products</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Fertilizers</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Ktn</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">35</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">90</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">120</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>245</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">18</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">56</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">61</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>136</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Methanol</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Ktn</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">54</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">103</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">47</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>204</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">80</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">63</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>220</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Others</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Ktn</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">149</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">118</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">173</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>440</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">143</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">122</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">126</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>391</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total domestic market</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Ktn</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>238</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>311</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>340</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>889</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>241</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>255</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>250</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>747</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Export market</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Methanol</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Ktn</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">31</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>31</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">0</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>1</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;<font size=2 face="ArialMT,Arial,Helvetica,sans-serif"></font>Others</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Ktn</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">103</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">50</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">87</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>241</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">77</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">53</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">78</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>208</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total export market</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Ktn</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>134</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>50</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>87</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>271</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>77</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>53</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>78</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>209</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total sales of petrochemical
      products</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Ktn</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>372</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>361</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>427</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>1,161</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>318</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>308</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>328</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>956</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Sales of other products</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Grain, flours and
      oils</b></font></td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">Domestic market</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Ktn</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">12</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">29</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">209</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>250</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">157</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">260</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">165</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>583</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2">Export market</font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Ktn</font></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">28</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">150</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">86</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>264</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">1</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">3</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">41</font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>45</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="Arial, Helvetica, sans-serif" size="2"><b>Total Grain, flours
      and oils</b></font></td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>Ktn</b></font></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>40</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>179</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>295</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>514</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>158</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>263</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>206</b></font></div>
    </td>
    <td>
      <div align="right"></div>
    </td>
    <td>
      <div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><b>628</b></font></div>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size=1>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>
      <div align="right">
        <hr noshade size=1 align="right">
      </div>
    </td>
    <td>
      <hr noshade size=1 align="right">
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="left"><font size="2" face="Arial, Helvetica, sans-serif">* Includes
  mainly sales of oil and base lubricants, greases, asphalts, coke coal and others.</font></p>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">13</font></p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<font face="Arial, Helvetica, sans-serif" size="2"><page></font>
<p><font face="Arial, Helvetica, sans-serif" size="2"><a href="#contents">Back
  to Contents</a></font></p>
<font face="Arial, Helvetica, sans-serif" size="2"><a name="page_14"></a> </font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><img src="ypf.jpg" width="152" height="61"></font></td>
    <td>
      <div align="right"><font size="2" face="Arial, Helvetica, sans-serif">Consolidated
        Results Q3 2012</font></div>
    </td>
  </tr>
  <tr>
    <td colspan="2">
      <hr noshade align="center" width="100%" size=2>
    </td>
  </tr>
</table>
<p> <font size="2" face="Arial, Helvetica, sans-serif">This document contains
  statements that YPF believes constitute forward-looking statements within the
  meaning of the US Private Securities Litigation Reform Act of 1995.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">These forward-looking statements
  may include statements regarding the intent, belief, plans, current expectations
  or objectives of YPF and its management, including statements with respect to
  YPF's future financial condition, financial, operating, reserve replacement
  and other ratios, results of operations, business strategy, geographic concentration,
  business concentration, production and marketed volumes and reserves, as well
  as YPF's plans, expectations or objectives with respect to future capital expenditures,
  investments, expansion and other projects, exploration activities, ownership
  interests, divestments, cost savings and dividend payout policies. These forward-looking
  statements may also include assumptions regarding future economic and other
  conditions, such as future crude oil and other prices, refining and marketing
  margins and exchange rates. These statements are not guarantees of future performance,
  prices, margins, exchange rates or other events and are subject to material
  risks, uncertainties, changes and other factors which may be beyond YPF's control
  or may be difficult to predict.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">YPF's actual future financial
  condition, financial ratios, operating, reserve replacement and other ratios,
  results of operations, business strategy, geographic concentration, business
  concentration, production and marketed volumes, reserves, capital expenditures,
  investments, expansion and other projects, exploration activities, ownership
  interests, divestments, cost savings and dividend payout policies, as well as
  actual future economic and other conditions, such as future crude oil and other
  prices, refining margins and exchange rates, could differ materially from those
  expressed or implied in any such forward-looking statements. Important factors
  that could cause such differences include, but are not limited to, oil, gas
  and other price fluctuations, supply and demand levels, currency fluctuations,
  exploration, drilling and production results, changes in reserves estimates,
  success in partnering with third parties, loss of market share, industry competition,
  environmental risks, physical risks, the risks of doing business in developing
  countries, legislative, tax, legal and regulatory developments, economic and
  financial market conditions in various countries and regions, political risks,
  wars and acts of terrorism, natural disasters, project delays or advancements
  and lack of approvals, as well as those factors described in the filings made
  by YPF and its affiliates with the Securities and Exchange Commission, in particular,
  those described in &#147;Item 3. Key Information-Risk Factors&#148; and &#147;Item
  5. Operating and Financial Review and Prospects&#148; in YPF's Annual Report
  on Form 20-F for the fiscal year ended December 31, 2011 filed with the US Securities
  and Exchange Commission. In light of the foregoing, the forward-looking statements
  included in this document may not occur.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Except as required by law,
  YPF does not undertake to publicly update or revise these forward-looking statements
  even if experience or future changes make it clear that the projected performance,
  conditions or events expressed or implied therein will not be realized.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">These materials do not constitute
  an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or
  otherwise. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The information contained
  herein has been prepared to assist interested parties in making their own evaluations
  of YPF.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><em><font face=arial,sans-serif lang=ES-AR style="font-size:9.0pt;font-style:normal;line-height:110%;">&nbsp;</font></em></p>
<h1 style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:10.0pt;letter-spacing:-.15pt;">Investors
  Relations</font></b></h1>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">E-mail:
  inversoresypf@ypf.com</font><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&#160;
  &nbsp;</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">Website:
  www.ypf.com</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">Macacha
  G&#252;emes 515 </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif lang=ES-AR style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">C</font><font face=arial,sans-serif lang=ES style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">1106BKK
  Buenos Aires (Argentina)</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif lang=ES style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">Phone:
  </font><font face=arial,sans-serif lang=ES-AR style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">54
  11 5441 2911</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif lang=ES-AR style="font-size:10.0pt;letter-spacing:-.15pt;line-height:115%;">Fax:
  54 11 5441 2113</font></p>

<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">14</font>
</p>
<hr noshade align="center" width="100%" size=2>
<div style="page-break-before:always"></div>
<page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><a name="page_sig"></a></p>
<p></p>
<p align="center"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURE</font></b><font face="TimesNewRoman,Times New Roman,Times,serif">
  </font> </p>
<p> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="TimesNewRoman,Times New Roman,Times,serif">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> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="47%">&nbsp;</td>
    <td align="center" colspan=2>
      <div align="left"><b><font face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">YPF
        Sociedad An&oacute;nima</font></b></div>
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td align="center" width="5%">&nbsp;</td>
    <td align="center" width="48%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td align="center" width="5%">&nbsp;</td>
    <td align="center" width="48%">&nbsp;</td>
  </tr>
  <tr>
    <td width="47%"><font face="TimesNewRoman,Times New Roman,Times,serif">Date:
      November 7, 2012</font></td>
    <td width="5%"><font face="TimesNewRoman,Times New Roman,Times,serif">By:</font></td>
    <td width="48%"><font face="TimesNewRoman,Times New Roman,Times,serif">/s/
      Gabriel E. Abalos</font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="48%">
      <hr noshade size=1 width="150" align="left">
    </td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="5%"><font face="TimesNewRoman,Times New Roman,Times,serif">Name:</font></td>
    <td width="48%"><font face="TimesNewRoman,Times New Roman,Times,serif">Gabriel
      E. Abalos</font></td>
  </tr>
  <tr>
    <td width="47%">&nbsp;</td>
    <td width="5%"><font face="TimesNewRoman,Times New Roman,Times,serif">Title:</font></td>
    <td width="48%"><font face="TimesNewRoman,Times New Roman,Times,serif">Market
      Relations Officer</font></td>
  </tr>
</table>
</body>

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