<SEC-DOCUMENT>0000903423-12-000308.txt : 20120601
<SEC-HEADER>0000903423-12-000308.hdr.sgml : 20120601
<ACCEPTANCE-DATETIME>20120601165137
ACCESSION NUMBER:		0000903423-12-000308
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20120601
DATE AS OF CHANGE:		20120601
GROUP MEMBERS:		ENRIQUE ESKENAZI
GROUP MEMBERS:		EZEQUIEL ESKENAZI STOREY
GROUP MEMBERS:		MATIAS ESKENAZI STOREY
GROUP MEMBERS:		PETERSEN ENERGIA INVERSORA HOLDINGS, S.A.
GROUP MEMBERS:		PETERSEN ENERGIA INVERSORA S.A.
GROUP MEMBERS:		PETERSEN ENERGIA INVERSORA, S.A.
GROUP MEMBERS:		PETERSEN ENERGIA, S.A.
GROUP MEMBERS:		PETERSEN INVERSIONES SPAIN, S.A.
GROUP MEMBERS:		SEBASTIAN ESKENAZI

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50107
		FILM NUMBER:		12883959

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETERSEN ENERGIA INVERSORA, S.A.
		CENTRAL INDEX KEY:			0001435384
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		VELAZQUEZ 9, PLANTA 1
		CITY:			MADRID
		STATE:			U3
		ZIP:			28006
		BUSINESS PHONE:		541155550103

	MAIL ADDRESS:	
		STREET 1:		C/O GRUPO PETERSEN, CERRITO 740
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1010AAP
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>petersen13da14_0531.htm
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Par value 10 pesos per share (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Class D Shares</font>&#8221;)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">American Depositary Shares, Each Representing One Class D Share (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">ADSs</font>&#8221;)<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">P9897X131 (Class D Shares); 984245100 (ADSs)<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">o </font>Piso</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">May 30, 2012<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Note:</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font> Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.&#160;&#160;See &#167;240.13d-7 for other parties to whom copies are to be sent.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Amendment No.14 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fourteenth Amendment</font>&#8221;) amends the initial Schedule 13D (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Schedule 13D</font>&#8221;) filed on February 29, 2008, with the Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">SEC</font>&#8221;), by the Reporting Persons (as defined in the Schedule 13D), as amended, with respect to Class D Shares par value 10 Argentine pesos per share (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Class D Shares</font>&#8221;) and American Depositary Shares (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">ADSs</font>&#8221;) of YPF Sociedad An&#243;nima (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">YPF</font>&#8221; or the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Issuer</font>&#8221;), with each ADS representing one Class D Share.&#160;&#160;Capitalized terms used but not otherwise defined in this Fourteenth Amendment have the meaning ascribed to such terms in the Schedule 13D, as amended.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Items 4, 5 and 6 of the Schedule 13D are hereby amended and supplemented to add the following:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 4</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Purpose of the Transaction</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)-(e) The description contained herein supplements Item 4 in Schedule 13D and should be read in connection therewith.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On May 30, 2012, Repsol, in its capacity as lender under each of the Seller Credit Agreement and the Second Option Seller Credit Agreement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seller Financing Agreements</font>&#8221;), gave notice to each of Petersen SA and PEISA alleging that certain Events of Default (as defined under the Seller Financing Agreements) had occurred and were continuing to occur and declaring the respective Loans (as defined in the Seller Financing Agreements, respectively) outstanding under the Seller Financing Agreements due and payable immediately, together with any accrued interest thereon and all fees and other obligations of Petersen SA and PEISA accrued under the Seller Financing Agreements (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seller Events of Default Notifications</font>,&#8221; copies of which are included in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 99.40</font> hereto).</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under section 4.04(b) of each of (i) the seller pledge and security agreement between Petersen SA and The Bank of New York, acting as collateral agent, dated February 21, 2008 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seller Pledge and Security Agreement</font>,&#8221;&#160; which is included in Exhibit 99.41 hereto) and (ii) the Second Option Seller Pledge and Security Agreement (previously filed as Exhibit 99.33) (together with the Seller Pledge and Security Agreement, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seller Security Agreements</font>&#8221;), Petersen SA and PEISA are entitled to exercise all voting, consensual and other powers of ownership pertaining to the ADSs representing Class D Shares pledged as security for the Seller Financing Agreements only for so long as no Event of Default has occurred and is continuing to occur.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">On May 30, 2012, Repsol requested confirmation from each of Petersen SA and PEISA, and each of Petersen SA and PEISA confirmed to Repsol (the &#8220;<font style="TEXT-DECORATION: underline">Voting Rights Confirmations</font>,&#8221;&#160;&#160;which are attached hereto as Exhibit 99.42) that&#160;&#160;pursuant to sections 4.04(b) and 4.05(a) of each of the Seller Security Agreements, (x) Petersen SA and PEISA, as applicable, ceased to be entitled to exercise the voting, consensual and other powers of ownership pertaining to the applicable ADSs representing Class D Shares pledged as security for the Seller Financing Agreements as of the occurrence of the relevant Events of Default, and (y) The Bank of New York, as collateral agent under the Seller Security Agreements, has the right to exercise the voting consensual and other powers of ownership pertaining to the applicable ADSs representing Class D Shares pledged as security for the Seller Financing Agreements, pursuant to the instructions provided by Repsol.</div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing description of the Seller Events of Default Notifications, the Seller Pledge and Security Agreement, the Voting Rights Confirmations and the Second Option Seller Pledge and Security Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Seller Events of Default Notifications, the Seller Pledge and Security Agreement, the Voting Rights Confirmations and the Second Option Seller Pledge and Security Agreement, as applicable, which are attached hereto as Exhibits 99.40, 99.41 and 99.42 and have been previously filed as Exhibit 99.33, respectively, and are incorporated by reference herein.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 5</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Interest in the Securities of the Issuer</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)-(b) The description contained in Item 4 above supplements Item 5 in Schedule 13D and should be read in connection therewith.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;99.12*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Direct Agreement, dated February 21, 2008</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.13*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Supplemental Agreement, dated February 21, 2008</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.14*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Options Registration Rights Agreement, dated February 21, 2008</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.15*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Letter Agreement, dated February 21, 2008</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.16*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Letter Agreement, dated February 5, 2008</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.17*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Intercreditor Agreement, dated February 21, 2008</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.18*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Powers of Attorney</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.19*</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Joint Filing Agreement</font></div>
</td>
</tr><tr>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.20**</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan Agreement among Banco Santander, Purchaser, and Repsol dated June 6, 2008 (English translation)</font></div>
</td>
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<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.21***</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Guaranty Agreement among Banco Santander, Purchaser, and Repsol dated June 6, 2008 (English translation)</font></div>
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<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.22***</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Option Stock Purchase Agreement among Repsol and certain of its affiliates, PEISA, and Petersen SA, dated November 12, 2008 <font style="DISPLAY: inline">(English translation)</font></font></div>
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<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.23***</font></div>
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<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Pledge and Security Agreement among PEISA, Repsol, and The Bank of New York Mellon, dated November 12, 2008.</font></div>
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<td valign="top" width="20%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.24****</font></div>
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<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Second Option Senior Secured Term Loan&#160;&#160;Facility dated May 3, 2011</font></div>
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<td valign="top" width="20%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.25****</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">G&amp;FS Loan Agreement, dated February 22, 2010</font></div>
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<td valign="top" width="20%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.26****</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">New Deeds of Pledge, dated February 22, 2010</font></div>
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<td valign="top" width="20%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.27****</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.28****</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.29****</font></div>
</td>
<td align="left" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accession Agreement, dated December 30, 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">New Power of Attorney</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">New Joint Filing Agreement</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CUSIP No. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">P9897X131(Class D); 984245100 (ADSs)</font></font></div>

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<td valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">13D/A</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Page&#160;6&#160;of 10</font></div>
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<table cellpadding="3" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.30*****&#160; </font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Option Seller Credit Agreement</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.31*****&#160;&#160;</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Option Share Purchase Agreement</font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.32*****&#160;&#160; </font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Option Intercreditor Agreement</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.33*****&#160;&#160; </font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Option Seller Pledge and Security Agreement</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.34*****&#160;&#160; </font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Option Security Agreement</font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.35*****&#160;&#160; </font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Seller Promissory Note</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.36*****&#160;</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Assignment of the Options Registration Rights Agreement</font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.37&#160;</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">First Events of Default Notifications</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.38&#160;</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Events of Default Notifications</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;99.39******&#160;</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Petersen SA Senior Security Agreement</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.40</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Seller Events of Default Notifications</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.41</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Seller Pledge and Security Agreement</font></td>
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<td valign="top" width="20%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.42</font></td>
<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Votings Rights Confirmation</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* Previously filed as an Exhibit to the Schedule 13D filed with the SEC on February 29, 2008.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">** Previously filed as an Exhibit to Amendment No. 4 to Schedule 13D filed with the SEC on September 11, 2008.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*** Previously filed as an Exhibit to Amendment No. 8 to Schedule 13D filed with the SEC on November 12, 2008.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">****Previously filed as an Exhibit to Amendment No. 10 to Schedule 13D filed with the SEC on May 5, 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">*****Previously filed as an Exhibit to Amendment No. 10 to Schedule 13D filed with the SEC on May 20, 2011.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">******Previously filed as an Exhibit to Amendment No. 13 to Schedule 13D filed with the SEC on May 18, 2012.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MDacomo@petersenenergia.com.ar</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Agreement dated as of February 21, 2008 (as modified and supplemented and in effect on the date hereof, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Agreement</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#8221;</font>)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>among Petersen Energ&#237;a, S.A., as borrower (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#8221;</font>),<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>the lenders from time to time party thereto as Lenders, Credit Suisse AG, London Branch (as successor to Credit Suisse, London Branch, &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Suisse</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">, </font>as administrative agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Administrative Agent</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#8221;</font>;<font style="FONT-STYLE: italic; DISPLAY: inline"> &#8220;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">us</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#8221; </font>and &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">we</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#8221;</font>)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>and HSBC Bank PLC, as collateral agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Collateral Agent</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#8221;</font>)<font style="FONT-STYLE: italic; DISPLAY: inline">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Sir,</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Credit Agreement and the letter delivered to you and dated April 23, 2012 from us, acting as Administrative Agent. This letter is being delivered by us in our capacity as Administrative Agent. Except as otherwise specified herein, capitalized terms used in this letter have the meanings given to them in the Credit Agreement. The Majority Lenders have requested that the Administrative Agent deliver this letter.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby notify you that, pursuant to the terms of the Credit Agreement, an Event of Default (i) under clause (e) of Article VII of the Credit Agreement has occurred and is continuing as a result of the failure of the Borrower to comply with the covenant contained in Section 6.10 of the Credit Agreement (Collateral Coverage Ratio) and the continuation of such failure unremedied for a period of more than five (5) Business Days; (ii) under clause (f) of Article VII of the Credit Agreement has occurred and is continuing as a result of the failure of the Borrower to deliver its annual financial statements required by Section 5.01(a) of the Credit Agreement within 90 days after the end of its fiscal year ending December 31, 2011 which failure has continued beyond the applicable grace period; and (iii) under clause (o) of Article VII of the Credit Agreement has occurred and is continuing as a result of the occurrence of a Change of Control.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without in any way limiting the foregoing, the Administrative Agent, the Collateral Agent and the Lenders (i) reserve all right as to whether any other Defaults or Events of Default exist under the Credit Agreement and further (ii) do not waive any such Defaults or Events of Default that exist or may in the future exist under the Credit Agreement and (iii) expressly reserve the right to exercise any and all of their respective rights, remedies, powers, privileges and defenses arising as a result of any of the Events of Default detailed herein, and any Defaults or Events of Default that exist, or may exist in the future under the Credit Agreement, and no failure on the part of the Administrative Agent, the Collateral agent and the Lenders to exercise and no delay in exercising, including without limitation the right to take any enforcement actions, and no course of dealing with respect to, any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, arising as the result of any Default or Event of Default detailed herein or that may exist now or in the future, or the occurrence thereof, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law, in equity or otherwise, preclude any other or further exercise thereof or the exercise of any other right, remedy, power, privilege or defense. The rights, remedies, powers, privileges and defenses provided for by the Credit Agreement, the other Loan Documents and any other document related thereto are cumulative, may be exercised separately, successively or concurrently at the sole discretion of the Administrative Agent, the Collateral Agent and the Lenders, and are not exclusive of any rights, remedies, powers, privileges and defenses provided at law, in equity or otherwise.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You are hereby advised that (i) no previous or future correspondence or discussions among the Borrower and its members, officers, directors, shareholders, employees, agents, affiliates, subsidiaries and assigns (collectively, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower Parties</font>&#8221;),<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>the Lenders, the Administrative Agent, the Collateral Agent or any other person regarding any Default or Event of Default or the obligations owed by any Borrower Party shall constitute a waiver, estoppel, agreement to forbear or limitation of the rights, remedies, powers, privileges and defenses of the Administrative Agent, the Collateral Agent and the Lenders under the Loan Documents, applicable law or otherwise and (ii) neither the delivery of this letter, nor the prior or future collection of any interest, principal or other amount by the Administrative Agent, the Collateral Agent or the Lenders with respect to the Credit Agreement, any other Loan Document or any other document related thereto shall be construed to limit or waive the right of the Administrative Agent, the Collateral Agent and the Lenders to receive any and all other sums which are or may become due or payable under the Credit Agreement, any other Loan Document, any other document related thereto or otherwise, including without limitation costs of collection, costs of enforcement and late payment charges.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Further, no waiver, forbearance or other similar action by Lenders with regard to any Default or Event of Default shall be effective unless the same has been reduced to writing and executed by authorized representatives of the percentage of Lenders required under the applicable provisions of the Credit Agreement and every other entity deemed necessary or desirable by the percentage of Lenders required under the applicable provisions of the Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This letter shall be construed in accordance with and governed by the law of the State of New York.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Milbank, Tweed, Hadley &amp; McCloy LLP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Marval, O'Farrell &amp; Mairal</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Repsol YPF, S.A.</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CREDIT SUISSE AG, LONDON BRANCH</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">as Administrative Agent</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/ Ian Croft&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Name:</font>&#160; Ian Croft</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Title:&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Assistant Vice President Operations</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;<font style="TEXT-DECORATION: underline">/s/ Melanie Harries&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Name:&#160;&#160; Melanie Harries</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Title:&#160;&#160;&#160;&#160; Assistant Vice President Operations</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">May 11<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA EMAIL AND FIRST CLASS MAIL</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ignacio Moran and Mauro Dacomo</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a Inversora, S.A.U.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c/o Vel&#225;zquez 9</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile: 011-54-11-5-555-0162</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ignacio Moran and Mauro Dacomo</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a Inversora, S.A.U.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> Floor</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">C1010AAP</font></div>

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

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

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Agreement dated as of May 4, 2011 (as modified and supplemented and in effect on the date hereof, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Agreement</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>among Petersen Energ&#237;a Inversora, S.A.U., as borrower (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower</font>&#8221;),<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>the lenders from time to time party thereto as Lenders, Credit Suisse AG, London Branch (&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Suisse</font>&#8221;),<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>as administrative agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Administrative Agent</font>&#8221;;<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">us</font>&#8221;<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>and &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">we</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>and The Bank of New York Mellon, as collateral agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Collateral Agent</font>&#8221;).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Sirs.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Credit Agreement and the letter delivered to you and dated April 23, 2012 from us, acting as Administrative Agent.&#160;&#160;This letter is being delivered by us in our capacity as Administrative Agent.&#160;&#160;Except as otherwise specified herein, capitalized terms used in this letter have the meanings given to them in the Credit Agreement.&#160;&#160;The Majority Lenders have requested that the Administrative Agent deliver this letter.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby notify you that, pursuant to the terms of the Credit&#160;&#160;Agreement, (i) an Event of Default under clause (o) of the Article VII of the Credit Agreement has occurred and is continuing as a result of the occurrence of a Company Change or Control; and (ii) an Event of Default under clause (f) of Article VII of the Credit Agreement has occurred and is continuing as a result of the failure of the Borrower to deliver its annual financial statements required by Section 5.01(a) of the Credit Agreement within 90 days after the end of its fiscal year ending December 31, 2011 which failure has continued beyond the applicable grace period; and (iii) a Default or Event of Default under clause (i) of Article VII of Credit Agreement may have occurred and be continuing as a result of the occurrence on or prior to the date hereof of a Default or Event of Default under the Petersen I Senior Credit Facility.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without in any way limiting the foregoing, the Administrative Agent, the Collateral Agent and the Lenders (i) reserve all rights as to whether any other Defaults or Events of Default exist under the Credit Agreement and further (ii) do not waive any such Defaults or Events of Default that exist or may in the future exist under the Credit Agreement and (iii) expressly reserve the right to exercise any and all of their respective rights, remedies, powers, privileges and defenses arising as a result of any of the Defaults and Events of Default detailed herein, and any others that exist, or may exist in the future under the Credit Agreement, and no failure on the part of the Administrative Agent, the Collateral Agent and the Lenders to exercise and no delay in exercising, including without limitation the right to take any enforcement actions, and no course of dealing with respect to, any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, arising as the result of any Default or Event of Default detailed herein or that may exist now or in the future, or the occurrence thereof, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law, in equity or otherwise, preclude any other or further exercise thereof or the exercise of any other right, remedy, power, privilege or defense. The rights, remedies, powers, privileges and defenses provided for by the Credit Agreement, the other Loan Documents and any other document related thereto are cumulative, may be exercised separately, successively or concurrently at the sole discretion of the Administrative Agent, the Collateral Agent and the Lenders, and are not exclusive of any rights, remedies, powers, privileges and defenses provided at law, in equity or otherwise.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You are hereby advised that (i) no previous or future correspondence or discussions among the Borrower and its members, officers, directors, shareholders, employees, agents, affiliates, subsidiaries and assigns (collectively, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower Parties</font>&#8221;),<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>the Lenders, the Administrative Agent, the Collateral Agent or any other person regarding any Default or Event of Default or the obligations owed by any Borrower Party shall constitute a waiver, estoppel, agreement to forbear or limitation of the rights, remedies, powers, privileges and defenses of the Administrative Agent, the Collateral Agent and the Lenders under the Loan Documents, applicable law or otherwise and (ii) neither the delivery of this letter, nor the prior or future collection of any interest, principal or other amount by the Administrative Agent, the Collateral Agent or the Lenders with respect to the Credit Agreement, any other Loan Document or any other document related thereto shall be construed to limit or waive the right of the Administrative Agent, the Collateral Agent and the Lenders to receive any and all other sums which are or may become due or payable under the Credit Agreement, any other Loan Document, any other document related thereto or otherwise, including without limitation costs of collection, costs of enforcement and late payment charges.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Further, no waiver, forbearance or other similar action by Lenders with regard to any Default or Event of Default shall be effective unless the same has been reduced to writing and executed by authorized representatives of the percentage of Lenders required under the applicable provisions of the Credit Agreement and every other entity deemed necessary or desirable by the percentage of Lenders required under the applicable provisions of the Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This letter shall be construed in accordance with and governed by the law of the State of New York.</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Milbank, Tweed, Hadley &amp; McCloy LLP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Marval, O'Farrell &amp; Mairal</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Repsol YPF, S.A.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Bank of New York Mellon, as Collateral Agent</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CREDIT SUISSE AG, LONDON BRANCH</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">May 16, 2012</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA EMAIL AND FIRST CLASS MAIL</font></font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ignacio Moran and Mauro Dacomo</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a Inversora, S.A.U.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c/o Vel&#225;zquez 9</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile: 011-54-11-5-555-0162</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MDacomo@petersenenergia.com.ar</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IMoran@petersenenergia.com.ar</font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ignacio Moran and Mauro Dacomo</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a Inversora, S.A.U.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> Floor</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cl010AAP</font></div>

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

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Agreement dated as of May 4, 2011 (as modified and supplemented and in effect on the date hereof, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Agreement</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>among Petersen Energ&#237;a Inversora, S.A.U., as borrower (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower</font>&#8221;),<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>the lenders from time to time party thereto as Lenders, Credit Suisse AG, London Branch (&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Suisse</font>&#8221;),<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>as administrative agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Administrative Agent</font>&#8221;; &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">us</font>&#8221; and &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">we</font>&#8221;) and The Bank of New York Mellon, as collateral agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Collateral Agent</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">.</font></font></div>
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<div>&#160;</div>

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

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Credit Agreement and the letter delivered to you and dated May 11, 2012 from us, acting as Administrative Agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">May 11 Letter</font>&#8221;), detailing certain Events of Default under the Credit Agreement.&#160;&#160;This letter is being delivered by us in our capacity as Administrative Agent.&#160;&#160;Except as otherwise specified herein, capitalized terms used in this letter have the meanings given to them in the credit Agreement.&#160;&#160;The majority Lenders have requested that the Administrative Agent deliver this letter.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby notify you that, pursuant to the terms of the Credit Agreement, the following additional Default and Event of Default have occurred and are continuing: (i) an Event of Default under clause (a) of Article VII of the Credit Agreement as a result of the failure of the Borrower to pay principal of the Loans due under the Credit Agreement on May 16, 2012; (ii) an Default under clause (b) of Article VII of the Credit Agreement as a result of the failure of the Borrower to pay interest on the Loans due under the Credit Agreement on May 16, 2012, which failure will constitute an Event of Default on May 22, 2012 if such failure is then continuing; and (iii) a Default or Event of Default under clause (i) of Article VII of the Credit Agreement may have occurred and be continuing as a result of the occurrence on or prior to the date of a Default or Event of Default under the Petersen I Senior Credit Facility.</font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a result of the Events of Default detailed above and in the May 11 Letter, pursuant to Article VII of the Credit Agreement we hereby declare the Loans outstanding to be due and payable in whole; therefore, the principal of the Loans, together with accrued interest thereon and all fees and other obligations of the Borrower accrued under the Credit Agreement, are now due and payable immediately, without presentment, demand, protest or other notice of any kind.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without in any way limiting the foregoing, the Administrative Agent, the Collateral Agent and the Lenders (i) reserve all rights as to whether any other Defaults or Events of Default exist under the Credit Agreement and further (ii) do not waive any such Defaults or Events of Default that exist or may in the future exist under the Credit Agreement and (iii) expressly reserve the right to exercise any and all of their respective rights, remedies, powers, privileges and defenses arising as a result of the acceleration of the Loans, any of the Events of Default detailed herein, and any Defaults or Events of Default that exist, or may exist in the future under the Credit Agreement, and no failure on the part of the Administrative Agent, the Collateral Agent and the Lenders to exercise and no delay in exercising, including without limitation the right to take any enforcement actions, and no course of dealing with respect to, any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, arising as the result of the acceleration of the Loans, any Default or Event of Default detailed herein or that may exist now or in the future, or the occurrence thereof, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law, in equity or otherwise, preclude any other or further exercise thereof or the exercise of any other right, remedy, power, privilege or defense.&#160;&#160;The rights, remedies, powers, privileges and defenses provided for by the Credit Agreement, the other Loan Documents and any other document related thereto are cumulative, may be exercised separately, successively or concurrently at the sole discretion of the Administrative Agent, the Collateral Agent and the Lenders, and are not exclusive of any rights, remedies, powers, privileges and defenses provided at law, in equity or otherwise.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You are hereby advised that (i) no previous or future correspondence or discussions among the Borrower and its members, officers, directors, shareholders, employees, agents, affiliates subsidiaries and assigns (collectively, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower Parties</font>&#8221;), the Lenders, the Administrative Agent, the Collateral Agent or any other person regarding the acceleration of the Loans, any Default or Event of Default or the obligations owed by any Borrower Party shall constitute a waiver, estoppel, agreement to forbear or limitation of the rights, remedies, powers, privileges and defenses of the Administrative Agent, the Collateral Agent and the Lenders under the Loan Documents, applicable law or otherwise and (ii) neither the delivery of this letter, nor the prior or future collection of any interest, principal or other amount by the Administrative Agent, the Collateral Agent or the Lenders with respect to the Credit Agreement, any other Loan Document or any other document related thereto shall be construed to limit or waive the right of the Administrative Agent, the Collateral Agent or the Lenders to receive any and all other sums which are or may become due or payable under the Credit Agreement, any other Loan Document, any other document related thereto otherwise, including without limitation costs of collection, costs of enforcement and late payment charges.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This letter shall be construed in accordance with and governed by the law of the State of New York.</font></div>

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Milbank, Tweed, Hadley &amp; McCloy LLP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Marval, O&#8217;Farrell &amp; Mairal</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Repsol YPF, S.A.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Bank of New York Mellon, as Collateral Agent</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CREDIT SUISSE AG, LONDON BRANCH </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">as Administrative Agent</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/ Ian Croft&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Name:</font>&#160; Ian Croft</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Title:&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Assistant Vice President Operations</font></font></div>

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&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;<font style="TEXT-DECORATION: underline">/s/ Melanie Harries&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Name:&#160;&#160; Melanie Harries</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Title:&#160;&#160;&#160;&#160; Assistant Vice President Operations</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">May 15, 2012</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA EMAIL AND FIRST CLASS MAIL</font></font></div>

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, Piso 1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">C1010AAP</font></div>

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile: 011-54-11-45-555-0162</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MDacomo@petersenenergia.com.ar</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Agreement dated as of February 21, 2008 (as modified and supplemented and in effect on the date hereof, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Agreement</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>among Petersen Energ&#237;a, S.A., as borrower (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">, </font>the lenders from time to time party thereto as Lenders, Credit Suisse AG, London Branch (as successor to Credit Suisse, London Branch, &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Credit Suisse</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">, </font>as administrative agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Administrative Agent</font>&#8221;;<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">us</font>&#8221;<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>and &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">we</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>and HSBC Bank PLC, as collateral agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Collateral Agent</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Sir,</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Credit Agreement and the letter delivered to you and dated May 11, 2012 from us, acting as Administrative Agent (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">May 11 Letter</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">, </font>detailing certain Events of Default under the Credit Agreement.&#160;&#160;This letter is being delivered by us in our capacity as Administrative Agent.&#160;&#160;Except as otherwise specified herein, capitalized terms used in this letter have the meanings given to them in the Credit Agreement.&#160;&#160;The Majority Lenders have requested that the Administrative Agent deliver this letter.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby notify you that, pursuant to the terms of the Credit Agreement, the following additional Default and Event of Default have occurred and are continuing: (i) an Event of Default under clause (a) of Article VII of the Credit Agreement as a result of the failure of the Borrower to pay principal of the Loans due under the Credit Agreement on May 14, 2012; and (ii) an Default under clause (b) of Article VII of the Credit Agreement on May 14, 2012, which failure will constitute an Event of Default on May 21, 2012 if such failure is then continuing.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a result of the Events of Default detailed above and in the May 11 Letter, pursuant to Article VII of the Credit Agreement we hereby declare the Loans outstanding to be due and payable in whole; therefore, the principal of the Loans, together with accrued interest thereon and all fees and other obligations of the Borrower accrued under the Credit Agreement, are now due and payable immediately, without presentment, demand, protest or other notice of any kind.</font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without in any way limiting the foregoing, the Administrative Agent, the Collateral Agent and the Lenders (i) reserve all rights as to whether any other Defaults or Events of Default exist under the Credit Agreement and further (ii) do not waive any such Defaults or Events of Default that exist or may in the future exist under the Credit Agreement and (iii) expressly reserve the right to exercise any and all of their respective rights, remedies, powers, privileges and defenses arising as a result of the acceleration of the Loans, any of the Events of Default detailed herein, and any Defaults or Events of Default that exist, or may exist in the future under the Credit Agreement, and no failure on the part of the Administrative Agent, the Collateral Agent and the Lenders to exercise and no delay in exercising, including without limitation the right to take any enforcement actions, and no course of dealing with respect to, any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, arising as the result of the acceleration of the Loans, any Default or Event of Default detailed herein or that may exist now or in the future, or the occurrence thereof, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, privilege or defense under the Credit Agreement, any other Loan Document or any other document related thereto, at law, in equity or otherwise, preclude any other or further exercise thereof or the exercise of any other right, remedy, power, privilege or defense.&#160;&#160;The rights, remedies, powers, privileges and defenses provided for by the Credit Agreement, the other Loan Documents and any other document related thereto are cumulative, may be exercised separately, successively or concurrently at the sole discretion of the Administrative Agent, the Collateral Agent and the Lenders, and are not exclusive of any rights, remedies, powers, privileges and defenses provided at law, in equity or otherwise.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You are hereby advised that (i) no previous or future correspondence or discussions among the Borrower and its members, officers, directors, shareholders, employees, agents, affiliates subsidiaries and assigns (collectively, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrower Parties</font>&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">, </font>the Lenders, the Administrative Agent, the Collateral Agent or any other person regarding the acceleration of the Loans, any Default or Event of Default or the obligations owed by any Borrower Party shall constitute a waiver, estoppel, agreement to forbear or limitation of the rights, remedies, powers, privileges and defenses of the Administrative Agent, the Collateral Agent and the Lenders under the Loan Documents, applicable law or otherwise and (ii) neither the delivery of this letter, nor the prior or future collection of any interest, principal or other amount by the Administrative Agent, the Collateral Agent or the Lenders with respect to the Credit Agreement, any other Loan Document or any other document related thereto shall be construed to limit or waive the right of the Administrative Agent, the Collateral Agent and the Lenders to receive any and all other sums which are or may become due or payable under the Credit Agreement, any other Loan Document, any other document related thereto or otherwise, including without limitation costs of collection, costs of enforcement and late payment charges.</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Further, no waiver, forbearance or other similar action by Lenders with regard to the acceleration of the Loans or any Default or Event of Default shall be effective unless the same has been reduced to writing and executed by authorized representatives of the percentage of Lenders required under the applicable provisions of the Credit Agreement and every other entity deemed necessary or desirable by the percentage of Lenders required under the applicable provisions of the Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This letter shall be construed in accordance with and governed by the law of the State of New York.</font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Milbank, Tweed, Hadley &amp; McCloy LLP</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Marval, O&#8217;Farrell &amp; Mairal</font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Repsol YPF, S.A.</font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CREDIT SUISSE AG, LONDON BRANCH </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">as Administrative Agent</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/ Ian Croft&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Name:</font>&#160; Ian Croft</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Title:&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Assistant Vice President Operations</font></font></div>

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&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;<font style="TEXT-DECORATION: underline">/s/ Melanie Harries&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Name:&#160;&#160; Melanie Harries</font></div>

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<DOCUMENT>
<TYPE>EX-99.40
<SEQUENCE>4
<FILENAME>petersen13da14ex9940_0531.htm
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    <title>Unassociated Document</title>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 324pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">May 30, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA EMAIL AND FIRST CLASS MAIL</font></font></div>

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, Piso 1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(C1010AAP) Buenos Aires</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile Number: +54-11-5555-0162</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">mdacomo@petersenenergia.com.ar</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Seller Credit Agreement dated as of February 21, 2008 (as modified and supplemented and in effect on the date hereof, the &#8220;Seller Credit Agreement&#8221;) among Petersen Energia, S.A., as borrower (the &#8220;Borrower&#8221;), Repsol YPF S.A. (the &#8220;Seller&#8221;) and The Bank of New York, as collateral agent (the &#8220;Collateral Agent&#8221;).</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.95pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Seller Credit Agreement.&#160;&#160;This letter is delivered by us in our capacity as Seller and Lender.&#160;&#160;Except as otherwise specified herein, capitalized terms used in this letter have the meanings given to them in the Seller Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.95pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby notify you that, pursuant to the terms of the Seller Credit Agreement, (i) an Event of Default under clause (f) of Article VII of the Seller Credit Agreement has occurred and is continuing as a result of the failure of the Borrower to deliver its annual financial statements required by Section 5.01 (a) of the Seller Credit Agreement within 90 days after the end of its fiscal year ending December 31, 2011 which failure has continued beyond the applicable grace period; (ii) an Event of Default under clause (b) of Article VII of the Seller Credit Agreement has occurred as a result of the failure of the Borrower to pay principal and interest on the Loans due under the Senior Term Loan Agreement; and (iii) a Default or Event of Default under clause (f) of Article VII of the Seller Credit Agreement may have occurred and be continuing us a<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>result of the occurrence on or prior to the date hereof of a Default or Event of Default under the Senior Term Loan Agreement, as evidenced by the letters dated May 11, 2012 and May 15, 2012, sent to you by Credit Suisse AG, London Branch, in its capacity as Administrative Agent of the Senior Term Loan Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.95pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a result of the Events of Default detailed above, pursuant to Article VII of the Seller Credit Agreement we hereby declare the Loan outstanding to be due and payable in whole; therefore, the principal of the Loan, together with accrued interest thereon and all fees and other obligations of the Borrower accrued under the Seller Credit Agreement, are now due and payable immediately, without presentment, demand, protest or other notice of any kind.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.95pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without in any way limiting the foregoing, the Collateral Agent and the Lender (i) reserve all rights as to whether any other Defaults or Events of Default exist under the Seller Credit Agreement and further (ii) do not waive any such Defaults or Events of Defaults that exist or may in the future exist under the Seller Credit Agreement and (iii) expressly reserve the right to exercise any and all of their respective rights, remedies, powers, privileges and defenses arising as a result of any of the Defaults or Events of Defaults detailed herein, and any others that exist, or may exist in the future under the Seller Credit Agreement, and no failure in the part of the Collateral Agent and the Lender to exercise and no delay in exercising, including without limitation the right to take any enforcement actions, and no course of dealing with respect to, any right, remedy, power, privilege and defense under the Seller Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, arising as the result of any Default or Event of Default detailed herein or that may exist now or in the future, or the occurrence thereof, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, privilege and defense under the Seller Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, preclude any other or further exercise thereof or the exercise of any other right, remedy, power, privilege and defense.&#160;&#160;The rights, remedies, powers, privileges and defenses provided for by the Seller Credit Agreement, the other Loan Document and any other document related thereto are cumulative, may be exercised separately, successively or concurrently at the sole discretion of the Collateral Agent and the Lender, and are not exclusive of any rights, remedies, powers, privileges and defenses provided at law, in equity or otherwise.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.95pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You are hereby advised that (i) no previous or future correspondence or discussions among the Borrower and its members, officers, directors, shareholders, employees, agents, affiliates, subsidiaries and assigns (collectively, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Borrowers Parties</font>&#8221;),<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>the Lender, the Collateral Agent or any other person regarding any Default or Event of Default or the obligations owed by any Borrower Party shall constitute a waiver, estoppel, agreement to forbear or limitation of the rights, remedies, powers, privileges and defenses of the Collateral Agent and the Lender under the Loan Documents, applicable law or otherwise and (ii) neither the delivery of this letter, nor the prior or future collection of any interest, principal or other amount by the Collateral Agent or the Lender with respect to the Seller Credit Agreement, any other Loan Document or any other document related thereto shall be construed to limit or waive the right of the Collateral Agent and the Lender to receive any and all other sums which are or may become due or payable under the Seller Credit Agreement, any other Loan Document or any other document related thereto or otherwise, including without limitation costs of collection, costs of enforcement and late payment charges.</font></div>

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<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Very truly yours,</font></font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, Piso I</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Seller Credit Agreement dated as of May 19, 2011 (as modified and supplemented and in the effect on the date hereof, the &#8220;Seller Credit Agreement&#8221;) among Petersen Energ&#237;a Inversora, S.A., as borrower (the &#8220;Borrower&#8221;), Repsol YPF S.A. (the &#8220;Seller&#8221;) and The Bank of New York, as collateral agent (the &#8220;Collateral Agent&#8221;).</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Seller Credit Agreement.&#160;&#160;This letter is delivered by us in our capacity as Seller and Lender.&#160;&#160;Except as otherwise specified herein, capitalized terms used in this letter have the meanings given to them in the Seller Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby notify you that, pursuant to the terms of the Seller Credit Agreement, (i) an Event of Default under clause<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>(f) of Article VII of the Seller Credit Agreement has occurred and is continuing as a result of the failure of the Borrower to deliver its annual financial statements required by Section 5.01 (a) of the Seller Credit Agreement within 90 days after the end of its fiscal year ending December 31, 2011 which failure has continued beyond the applicable grace period; (ii) an Event of Default under clause (b) of Article VII of the Seller Credit Agreement has occurred as a result of the failure of the Borrower to pay principal and interest on the Loans due under the Petersen I Senior Credit Facility and (iii) a Default or Event of Default under clause (i) of Article VII of the Seller Credit Agreement may have occurred and be continuing as a result of the occurrence on or prior to the date hereof of a Default or Event of Default under the Petersen I Senior Credit Facility, as evidenced by the letters dated May 11, 2012, and May 15, 2012 sent to you by Credit Suisse AG, London Branch, in its capacity as Administrative Agent of the Petersen I Senior Credit Facility.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a result of the Events of Default detailed above, pursuant to Article VII of the Seller Credit Agreement we hereby declare the Loan outstanding to be due and payable in whole; therefore, the principal of the Loan, together with accrued interest thereon and all fees and other obligations of the Borrower accrued under the Seller Credit Agreement, are now due and payable immediately, without presentment, demand, protest or ether notice of any kind.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without in any way limiting the foregoing, the Collateral Agent and the Lender (i) reserve all rights as to whether any other Defaults or Events of Default exist under the Seller Credit Agreement and further (ii) do not waive any such Defaults or Events of Defaults that exist or may in the future exist under the Seller Credit Agreement and (iii) expressly reserve the right to exercise any and all of their respective rights, remedies, powers, privileges and defenses arising as a result of any of the Defaults or Events of Defaults detailed herein, and any others that exist, or may exist in the future under the Seller Credit Agreement, and no failure on the part of the Collateral Agent and the Lender to exercise and no delay in exercising, including without limitation the right to take any enforcement actions, and no course of dealing with respect to, any right, remedy, power, privilege and defense under the Seller Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, arising as the result of any Default or Event of Default detailed herein or that may exist now or in the future, or the occurrence thereof, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, privilege and defense under the Seller Credit Agreement, any other Loan Document or any other document related thereto, at law or in equity or otherwise, preclude any other or further exercise thereof or the exercise of any other right, remedy, power, privilege and defense.&#160;&#160;The rights, remedies, powers, privileges and defenses provided for by the Seller Credit Agreement, the other Loan Document and any other document related thereto are cumulative, may be exercised separately, successively or concurrently at the sole discretion of the Collateral Agent and the Lender, and are not exclusive of any fights, remedies, powers, privileges and defenses provided at law, in equity or otherwise.</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Credit Suisse AG, London Branch</font></div>

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<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Very truly yours,</font></font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PLEDGE AND SECURITY AGREEMENT</font></font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PLEDGE AND SECURITY AGREEMENT (as the same may be amended, modified or supplemented from time to time hereto, this &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;) dated as of February&#160;21, 2008 between PETERSEN ENERG&#205;A, S.A., a <font style="FONT-STYLE: italic; DISPLAY: inline">sociedad an&#243;nima</font> duly organized and validly existing under the laws of the Kingdom of Spain (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Borrower</font>&#8221; or &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledgor</font>&#8221;), and THE BANK OF NEW YORK, as collateral agent for the Lenders as defined in the Seller Credit Agreement referred to below (in such capacity, together with its successors in such capacity, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Collateral Agent</font>&#8221;).</font></div>

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

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Borrower, Repsol YPF, S.A., a <font style="FONT-STYLE: italic; DISPLAY: inline">sociedad an&#243;nima</font> duly organized and validly existing under the laws of the Kingdom of Spain (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seller</font>&#8221;) and the Collateral Agent are parties to a Seller Credit Agreement dated as of February 21, 2008 (as from time to time amended, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seller Credit Agreement</font>&#8221;); and</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, to induce the Seller to enter into the Seller Credit Agreement and to make the Loan (as defined in the Seller Credit Agreement), the Borrower has agreed to grant a security interest in the Collateral (as hereinafter defined) as security for the Secured Obligations (as hereinafter defined), all as provided herein.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW, THEREFORE, in consideration of the mutual promises, covenants, representations and warranties set forth herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 1.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Definitions, Etc.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.01</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Terms Generally</font>.&#160;&#160;Terms used herein and not otherwise defined herein are used herein as defined in the Seller Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.02</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Uniform Commercial Code Terms</font>.&#160;&#160;As used herein, the terms &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General Intangible</font>&#8221;, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Investment Property</font>&#8221; and &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proceeds</font>&#8221; have the respective meanings set forth in Article 9 of the NYUCC, and the term &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Asset</font>&#8221; has the respective meaning set forth in Article 8 of the NYUCC.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.03</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Definitions</font>.&#160;&#160;In addition, as used herein:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Shares and Rights</font>&#8221; means, (a) any shares, rights or securities that the Borrower is entitled to receive or that are payable to it under or in connection with the Collateral, as a result of (without limitation) any exchange or subscription of capital stock, stock-split, dividends payable in kind (either in shares or otherwise), reserves, revaluations or other distribution of dividends paid in shares (&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">acciones liberadas</font>&#8221;), merger, consolidation, spin-off, liquidation, dissolution, and/or any other reason or circumstance, and any shares or securities subscribed under the preemptive or accretion rights attached to the Collateral; (b) any securities delivered as a result of any reimbursement, redemption, amortization and/or reduction of capital stock (either in whole or in part) of the Company to the extent related to the Collateral; (c) any non-cash dividends or other non-cash income received or receivable from time to time in respect of the Collateral; (d) any shares of, or rights on the shares of the Company hereinafter acquired by the Borrower; and (e) any irrevocable capital contributions hereinafter made by the Borrower to the Company.&#160;&#160;For the avoidance of doubt, it is hereby agreed that for purpose of this definition any Additional Shares and Rights shall automatically be deemed a &#8220;Pledged Share.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">NYUCC</font>&#8221; means the Uniform Commercial Code as in effect from time to time in the State of New York.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledged Shares</font>&#8221; means (a) the 9,832,819 Acquired Shares owned by the Borrower and represented by certificate number BNY14588 issued by the Depositary, (b) the American Depositary Shares now or hereafter owned by the Borrower and acquired with the proceeds of any Additional Seller Subordinated Debt, (c) all Released Shares (in accordance with the provisions of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 5.10(b)</font> of the Seller Credit Agreement), (d) upon repayment and discharge of the obligations of the Borrower under the Senior Term Loan Agreement, the Excluded Shares (other than Permitted Refinancing Excluded Shares) and (e) upon repayment and discharge of any Permitted Refinancing, the Permitted Refinancing Excluded Shares, in each case, together with all certificates representing the same.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Secured Parties</font>&#8221; means, collectively, the Lenders, the Collateral Agent, any other Agents appointed in accordance with the Seller Credit Agreement and, in each case, their respective successors and assigns.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations and Warranties</font>.&#160;&#160;The Borrower represents and warrants to the Collateral Agent for the benefit of the Secured Parties that:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.01</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Title</font>.&#160;&#160;The Borrower is the sole beneficial and legal owner of the Collateral in which it purports to grant a security interest pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font> and no Lien exists upon the Collateral (and no right or option to acquire the same exists in favor of any other Person) other than (a)&#160;the security interest created or provided for herein, which security interest constitutes a valid first and prior perfected Lien on the Collateral, and (b)&#160;the Liens expressly permitted by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;6.02</font> of the Seller Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.02</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Names, Etc.</font>&#160;&#160;The full and correct legal name, type of organization, jurisdiction of organization, organizational ID number (if applicable) and mailing address of the Borrower as of the date hereof are correctly set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Annex&#160;1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annex&#160;1</font> correctly specifies (a)&#160;the place of business of the Borrower or, if the Borrower has more than one place of business, the location of the chief executive office of the Borrower, and (b)&#160;each location where any financing statement naming the Borrower as debtor is currently on file.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.03</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Changes in Circumstances</font>.&#160;&#160;The Borrower has not (a)&#160;within the period of four months prior to the date hereof, changed its location (as defined in Section&#160;9-307 of the NYUCC), (b)&#160;except as specified in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Annex&#160;1</font>, heretofore changed its name, or (c)&#160;heretofore become a &#8220;new debtor&#8221; (as defined in Section&#160;9-102(a)(56) of the NYUCC) with respect to a currently effective security agreement previously entered into by any other Person.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.04</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledged Shares</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annex&#160;2</font> correctly identifies, as at the date hereof, the American Depositary Shares owned by the Pledgor and the Excluded Shares owned by the Pledgor.&#160;&#160;The Pledged Shares owned by the Pledgor are, and all other Pledged Shares in which the Pledgor shall hereafter grant a security interest pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font> will be, (i)&#160;duly authorized, validly existing, fully paid and non-assessable (in the case of any Equity Interests issued by a corporation) and (ii)&#160;duly issued and outstanding (in the case of any Equity Interest in any other entity), and none of the Pledged Shares is or will be subject to any contractual restriction, or any restriction under the charter, by-laws, partnership agreement or other organizational instrument of the Company, upon the transfer of such Pledged Shares (except for any such restriction contained herein or in the Transaction Documents, or under such organizational instruments).&#160;&#160;Pledgor has the right and requisite authority to pledge, assign, transfer, deliver, deposit and set over the Pledged Shares pledged by Pledgor to the Collateral Agent for the benefit of the Secured Parties as provided herein.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Collateral</font>.&#160;&#160;This Agreement secures, and the Collateral is security for, the Secured Obligations.&#160;&#160;As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, the Borrower hereby pledges to the Collateral Agent, and grants to the Collateral Agent for the benefit of the Secured Parties as hereinafter provided, a first priority security interest in all of the Borrower&#8217;s right, title and interest in, to and under the following property, in each case whether tangible or intangible, wherever located, and whether now owned by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font> being collectively referred to herein as &#8220;Collateral&#8221;):</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Pledged Shares and the certificates representing the Pledged Shares;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">all securities, moneys or property representing a dividend on any of the Pledged Shares, or representing a distribution or capital reduction upon or in respect of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged Shares or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Shares (other than (i) until the earlier of (A) the Senior Debt Discharge Date (as defined in the Seller Credit Agreement) and (B) the execution and delivery of the Junior Pledge Agreement (as hereinafter defined) (without prejudice to the proviso to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 5.1</font> of the Intercreditor Agreement), cash dividends and cash distributions on any of the Pledged Shares required to be deposited with HSBC Bank plc in the Collateral Agent&#8217;s Account (as such term is defined in the Senior Term Loan Agreement) and (ii) the Assigned Dividend, <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, however, that for the avoidance of doubt, the following shall be included in the Collateral pledged hereunder in respect of the Pledged Shares:&#160;&#160;(x) distributions resulting from a capital reduction or from a stock split, reclassification or stock dividend and (y) any in-kind dividends or distributions in respect of the Pledged Shares);</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">all Additional Shares and Rights; and</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">all Proceeds of any of the Collateral, and substitutions and replacements for, any of the Collateral, and all offspring, rents, profits and products of any of the Collateral.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 4.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Further Assurances; Remedies</font>.&#160;&#160;In furtherance of the grant of the security interest pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font>, the Borrower agrees with the Collateral Agent for the benefit of the Secured Parties as follows:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.01</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Delivery and Other Perfection</font>.&#160;&#160;The Borrower shall promptly from time to time give, execute, deliver, file, record, authorize or obtain all such financing statements, continuation statements, notices, instruments, documents, agreements or consents or other papers and do such other acts and things as may be reasonably required by the Majority Lenders to create, preserve, perfect, maintain the perfection of or validate the security interest granted pursuant hereto, to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such security interest or to otherwise fully effect the purposes of this Agreement, and without limiting the foregoing, shall:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">if any of the Pledged Shares, Investment Property or Financial Assets constituting part of the Collateral are received by the Borrower, forthwith deliver to the Collateral Agent any certificates or instruments representing or evidencing the same, duly endorsed in blank or accompanied by such instruments of assignment and transfer in such form and substance as the Majority Lenders may reasonably request or deem necessary, all of which thereafter shall be held by the Collateral Agent, pursuant to the terms of this Agreement, as part of the Collateral;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">keep full and accurate books and records relating to the Collateral, and stamp or otherwise mark such books and records in such manner as the Collateral Agent may reasonably require in order to reflect the security interests granted by this Agreement;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">permit representatives of the Collateral Agent, upon reasonable notice, at any time during normal business hours to inspect and make abstracts from its books and records pertaining to the Collateral, and permit representatives of the Collateral Agent to be present at the Borrower&#8217;s place of business to receive copies of communications and remittances relating to the Collateral, and forward copies of any notices or communications received by the Borrower with respect to the Collateral, all in such manner as the Collateral Agent may reasonably require; and</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">if the Deposit Agreement shall be terminated or any other event beyond the control of the Borrower shall occur as a result of which the American Depositary Shares shall be, or shall be required to be, exchanged for the Class&#160;D shares of the Company represented thereby, the Collateral Agent shall promptly execute and deliver a pledge agreement (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Junior Pledge Agreement</font>&#8221;) substantially in the form of the Borrower Pledge Agreement (as such term is defined in the Senior Term Loan Agreement) and attached as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Annex 3</font> hereto, which Junior Pledge Agreement shall provide a first-ranking pledge for the benefit of the Secured Parties hereunder on the Class D shares of the Company represented by the Pledged Shares, and cause the Class D Shares to be registered in the name of the Borrower, subject to the lien created pursuant to the Junior Pledge Agreement, <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font> that at the time of such registration the Borrower shall have executed and delivered to the Collateral Agent the Junior Pledge Agreement.&#160;&#160;The Borrower shall use commercially reasonable efforts to cause the Company to (i)&#160;acknowledge the existence of a pledge of the Class D Shares of the Company under the Junior Pledge Agreement, (ii) cause the <font style="FONT-STYLE: italic; DISPLAY: inline">Caja de Valores S.A.</font> or any other entity that keeps the registry of the Shares issued by the Company to register such pledge and (iii) take any other action necessary to perfect such pledge under applicable law and to permit the Collateral Agent to exercise its rights and remedies thereunder.&#160;&#160;Until such time as the Borrower shall have executed and delivered the Junior Pledge Agreement, the Collateral Agent shall be entitled to hold the Class D Shares as Collateral pursuant to the terms of this Agreement.&#160;&#160;The Borrower hereby acknowledges that the pledge of the Class D Shares of the Company under the Junior Pledge Agreement shall for all purposes constitute a continuation of the security interest created hereunder in the American Depositary Shares.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.02</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Financing Statements or Control</font>.&#160;&#160;The Borrower shall not (a)&#160;file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to any of the Collateral in which the Collateral Agent is not named as the sole secured party for the benefit of the Secured Parties, or (b)&#160;cause or permit any Person other than the Collateral Agent to have &#8220;control&#8221; (as defined in Section&#160;9-106 of the NYUCC) of any Investment Property constituting part of the Collateral.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.03</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Preservation of Rights</font>.&#160;&#160;The Collateral Agent shall not be required to take steps necessary to preserve any rights against prior parties to any of the Collateral.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.04</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledged Shares</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the last sentence of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 6.03</font> of the Seller Credit Agreement, the Borrower will cause the Collateral to constitute at all times 100% of the total number of Equity Interests then outstanding owned by the Borrower, except for the Excluded Shares.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">So long as no Event of Default shall have occurred and be continuing, the Borrower shall have the right to exercise all voting, consensual and other powers of ownership pertaining to the Pledged Shares for all purposes not inconsistent with the terms of this Agreement, the other Loan Documents or any other instrument or agreement referred to herein or therein; and the Collateral Agent shall execute and deliver to the Borrower or cause to be executed and delivered to the Borrower all such proxies, powers of attorney, dividend and other orders, and all such instruments received by it, without recourse, as the Borrower may reasonably request for the purpose of enabling the Borrower to exercise the rights and powers that it is entitled to exercise pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4.04(b)</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.05</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Rights and Remedies Generally upon Default</font>.&#160;&#160;Upon the acceleration of the Loan following the occurrence of an Event of Default, the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the NYUCC (whether or not the NYUCC is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if the Collateral Agent were the sole and absolute owner thereof (and the Borrower agrees to take all such action as may be appropriate to give effect to such right); and without limiting the foregoing:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 36pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Collateral Agent in its discretion may, in its name or in the name of the Borrower or otherwise, demand, sue for, collect or receive any money or other property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 36pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Collateral Agent may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 36pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Collateral Agent may require the Borrower to cause the Pledged Shares to be transferred of record into the name of the Collateral Agent or of the Lenders or their respective nominees; and</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 36pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iv)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Collateral Agent may sell, assign or otherwise dispose of all or any part of the Collateral, at such place or places as the Collateral Agent deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any such disposition or of the time or place thereof (except such notice as is required by applicable statute and cannot be waived), and the Collateral Agent or any other Secured Party or anyone else may be the purchaser, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Borrower, any such demand, notice and right or equity being hereby expressly waived and released.&#160;&#160;The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Proceeds of each collection, sale or other disposition under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4.05</font> shall be transferred to the account of the Collateral Agent (as such account may be established from time to time in accordance with the Seller Credit Agreement).&#160;&#160;The Collateral Agent shall provide to the Borrower prompt notice of the establishment of any such account and all relevant account information for any such account.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Securities Act Limitations</font>.&#160;&#160;The Borrower recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof.&#160;&#160;The Borrower acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that effecting a private sale in lieu of such public sale (as a result of, and as compelled by, such securities law restrictions) will not imply that such private sale, even if resulting in such prices and terms less favorable than such public sale solely by reason of being a private sale, shall not have been made in a commercially reasonable manner, and further agrees that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for public sale.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice</font>.&#160;&#160;The Borrower agrees that to the extent the Collateral Agent is required by applicable law to give reasonable prior notice of any sale or other disposition of any Collateral, ten Business Days&#8217; notice shall be deemed to constitute reasonable prior notice.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.06</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Deficiency</font>.&#160;&#160;If the proceeds of sale, collection or other realization of or upon the Collateral pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4.05</font> are insufficient to cover the costs and expenses of such realization and the payment in full of the Secured Obligations, the Borrower shall remain liable for any deficiency.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.07</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Locations; Names, Etc</font>.&#160;&#160;Without at least 30 days&#8217; prior written notice to the Collateral Agent, the Borrower shall not (i)&#160;change its location (as defined in Section&#160;9-307 of the NYUCC), (ii)&#160;change its name from the name shown as its current legal name on <font style="DISPLAY: inline; TEXT-DECORATION: underline">Annex&#160;1</font>, or (iii)&#160;agree to or authorize any modification of the terms of any item of Collateral that would result in a change thereof from one Uniform Commercial Code category to another such category (such as from a General Intangible to Investment Property), if the effect thereof would be to result in a loss of perfection of, or diminution of priority for, the security interests created hereunder in such item of Collateral, or the loss of control (within the meaning of Section&#160;9-104, 9-105, 9-106 or 9-107 of the NYUCC) over such item of Collateral.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.08</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Private Sale</font>.&#160;&#160;The Secured Parties shall incur no liability as a result of the sale of the Collateral, or any part thereof, at any private sale pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4.05</font> conducted in a commercially reasonable manner.&#160;&#160;The Borrower hereby waives any claims against the Secured Parties arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Secured Obligations, even if the Collateral Agent accepts the first offer received and does not offer the Collateral to more than one offeree.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.09</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Application of Proceeds</font>.&#160;&#160;The Proceeds of any collection, sale or other realization of all or any part of the Collateral pursuant hereto, and any other cash at the time held by the Collateral Agent under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4</font>, shall be transferred, by wire transfer of immediately available funds, to the designated account of the Collateral Agent for application thereof by the Collateral Agent as provided in the Seller Credit Agreement (the information relating to which account shall be provided by the Collateral Agent to the Borrower).</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.10</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Attorney-in-Fact</font>.&#160;&#160;Without limiting any rights or powers granted by this Agreement to the Collateral Agent while no Event of Default has occurred and is continuing, upon the occurrence and during the continuance of any Event of Default, and upon the occurrence of any event contemplated in Section 4.01(d), the Collateral Agent is hereby appointed the attorney-in-fact of the Borrower for the purpose of carrying out the provisions of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4</font> and taking any action and executing any instruments that the Majority Lenders may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest.&#160;&#160;Without limiting the generality of the foregoing, (a)&#160;the Collateral Agent shall have the power to appoint any attorney-in-fact for the purpose of carrying out the provisions of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4</font> and taking any action and executing any instruments that the Majority Lenders may deem necessary or advisable to accomplish the purposes hereof, (b)&#160;so long as the Collateral Agent shall be entitled under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4</font> to make collections in respect of the Collateral, the Collateral Agent shall have the right and power to receive, endorse and collect all checks made payable to the order of the Borrower representing any dividend, payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same, and (c)&#160;the Collateral Agent shall have the power to arrange for, including by an agent, affiliate or nominee, to execute and deliver the Junior Pledge Agreement on behalf of the Borrower and carry out any action required to perfect the security interest created thereby, and to translate the power of attorney granted by this Section&#160;4.10 and to incorporate it in a public deed by a notary public in Argentina.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.11</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Perfection and Recordation</font>.&#160;&#160;The Borrower authorizes the Lenders to file Uniform Commercial Code financing statements describing the Collateral as set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.12</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination</font>.&#160;&#160;When all Secured Obligations shall have been paid in full and the Commitments of the Lenders under the Seller Credit Agreement shall have expired or been terminated, this Agreement shall terminate, and the Collateral Agent upon receipt of written notification thereof shall forthwith cause to be assigned, transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Collateral and money received in respect thereof, to or on the order of the Borrower.&#160;&#160;The Collateral Agent shall also, at the expense of the Borrower, execute and deliver to the Borrower upon such termination such Uniform Commercial Code termination statements and such other documentation as shall be prepared by and reasonably requested by the Borrower to effect the termination and release of the Liens on the Collateral as required by this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;4.12</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.13</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Releases</font>.&#160;&#160;The Collateral Agent shall be deemed to have automatically released (without the need for any further action by the Borrower or any other Person) any Lien covering any asset that has been disposed of pursuant to the last sentence of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;6.03</font> of the Seller Credit Agreement or that has been disposed of with the written consent of Lenders (with a copy delivered to the Collateral Agent) in accordance with the Seller Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 5.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Miscellaneous.</font></font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.01</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices, requests, consents and demands hereunder shall be in the English language (or accompanied by a certified translation) and in writing and telecopied or delivered to the intended recipient at its address specified pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;9.01</font> of the Seller Credit Agreement and shall be deemed to have been given at the times specified in said <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;9.01</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.02</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Waiver</font>.&#160;&#160;No failure or delay by any Secured Party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy.&#160;&#160;The rights, powers and remedies of the Secured Parties hereunder are cumulative and are not exclusive of any rights, powers or remedies that the Secured Parties would otherwise have.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.03</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendments, Etc</font>.&#160;&#160;The terms of this Agreement may be waived, or amended or modified only by an instrument in writing duly executed by the Borrower and the Collateral Agent (with the consent of the Lenders as specified in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;9.02</font> of the Seller Credit Agreement).&#160;&#160;Any such waiver, amendment or modification shall be binding upon the Secured Parties and the Borrower.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.04</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Costs and Expenses</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Borrower agrees to reimburse each of the Secured Parties for all costs and expenses incurred by them (including the fees and expenses of legal counsel) in connection with (i)&#160;any Default and any enforcement or collection proceeding resulting therefrom, including all manner of participation in or other involvement with (w)&#160;performance by the Collateral Agent of any obligations of the Borrower in respect of the Collateral that the Borrower has failed or refused to perform, (x)&#160;bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation proceedings, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Collateral, and for the care of the Collateral and defending or asserting rights and claims of the Collateral Agent in respect thereof, by litigation or otherwise, including expenses of insurance, (y)&#160;judicial or regulatory proceedings and (z)&#160;workout, restructuring or other negotiations or proceedings (whether or not the workout, restructuring or transaction contemplated thereby is consummated) and (ii)&#160;the enforcement of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;5.04</font>, and all such costs and expenses shall be Secured Obligations entitled to the benefits of the collateral security provided pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Borrower further agrees:&#160;&#160;(i) to pay to the Collateral Agent from time to time such compensation as the Borrower and the Collateral Agent shall from time to time agree in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), (ii) except as otherwise expressly provided herein, to reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Agreement (including the compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or bad faith and (iii) to indemnify each of the Collateral Agent or any predecessor and their respective officers, employees, directors, counsel and agents for, and to hold them harmless against, any and all loss, damage, claims, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Collateral Agent) arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Borrower or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.04(b)</font>, except to the extent that such loss, damage, claim, liability or expense is attributable to its, his or her own negligence or bad faith.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In case of enforcement of the Collateral, the Collateral Agent shall be paid its fees, costs and expenses due and payable from the proceeds of such enforcement prior to distribution of such proceeds to the Lenders in accordance with the terms of the Loan Documents.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The provisions of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 5.04</font> shall survive the termination of this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.05</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Successors and Assigns</font>.&#160;&#160;This Agreement shall be binding upon and inure to the benefit of the Borrower and the Secured Parties and the respective successors and assigns thereof (<font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font> that the Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent of the Collateral Agent).</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.06</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Counterparts</font>.&#160;&#160;This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.07</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>.&#160;&#160;Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.08</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Governing Law</font>.&#160;&#160;This Agreement shall be construed in accordance with and governed by the law of the State of New York.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.09</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">WAIVER OF JURY TRIAL</font>.&#160;&#160;EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).&#160;&#160;EACH PARTY HERETO (A)&#160;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&#160;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.10</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Captions</font>.&#160;&#160;The captions and Section headings appearing herein are included solely for convenience of reference, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.11</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Agents and Attorneys-in-Fact</font>.&#160;&#160;The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registered Office: Plaza Pablo Ruiz Picasso, 1, Torre Picasso, Planta 38</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">JURISDICTION OF ORGANIZATION</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A., is a <font style="FONT-STYLE: italic; DISPLAY: inline">sociedad an&#243;nima</font> duly organized and validly existing under the laws of the Kingdom of Spain.</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"># of Shares</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">American Depositary Shares</font></div>
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<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Bank of New York</font></div>
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<td valign="top" width="15%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">984245 10 0</font></div>
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<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,832,819</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[See <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;2.04</font>]</font></div>

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<table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Type of</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Issuer</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">CUSIP #</font></font></div>
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<td valign="bottom" width="13%" style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Registered Owner</font></font></div>
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<td valign="bottom" width="15%" style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"># of Shares</font></font></div>
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<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">American Depositary Shares</font></div>
</td>
<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Bank of New York</font></div>
</td>
<td valign="top" width="15%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">984245 10 0</font></div>
</td>
<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>
</td>
<td valign="top" width="15%" style="BORDER-BOTTOM: #000000 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,770,787</font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font size="2" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Annex 2-1</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ANNEX 3 TO PLEDGE AND</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">STOCK PLEDGE AGREEMENT dated as of [________] by and among (i) PETERSEN ENERG&#205;A, S.A., a <font style="FONT-STYLE: italic; DISPLAY: inline">sociedad an&#243;nima</font> duly organized and validly existing under the laws of the Kingdom of Spain (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledgor</font>&#8221;); (ii) HSBC BANK PLC, a company duly organized and validly existing under the laws of the United Kingdom, as collateral agent for the Secured Parties (as hereinafter defined) (in such capacity, together with its successors in such capacity, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Collateral Agent</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Pledgor, certain lenders, Credit Suisse, London Branch, as Administrative Agent, and the Collateral Agent, are parties to a Credit Agreement dated as of February 21, 2008 (as from time to time amended, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Credit Agreement</font>&#8221;, a copy of which is attached hereto as Annex I), providing, subject to the terms and conditions thereof, for loans to be made to the Borrower in an aggregate principal amount not exceeding $1,026,000,000;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, to induce the Lenders to enter into the Credit Agreement and to make loans thereunder, the Pledgor has agreed to grant a security interest in the Collateral, as defined in the security agreement attached as Exhibit H to the Credit Agreement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Security Agreement</font>&#8221;), as security for the Secured Obligations (as hereinafter defined), all as provided therein;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Pledgor has agreed to grant a security interest in the Pledged Shares (as hereinafter defined) as security for the Secured Obligations in addition to and as a continuation of the security interest created under the Security Agreement, all as provided herein;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW, THEREFORE, in consideration of the mutual promises, covenants, representations and warranties set forth herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Defined Terms</font>. Capitalized terms not defined herein shall have the meanings set forth in the Security Agreement or, if not defined therein, in the Credit Agreement, as the same may be amended or otherwise modified from time to time.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Shares</font>&#8221; shall mean (i) any shares, rights or securities that the Pledgor is entitled to receive or that are payable under or in connection with the Pledged Shares until full repayment of the Secured Obligations, as a result of (without limiting the generality of the foregoing) any exchange, stock-split, dividends payable in kind (either in shares or otherwise), reserves, revaluations or other distribution of dividends paid in shares (&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">acciones liberadas</font>&#8221;), merger, consolidation, spin-off, liquidation, dissolution, and/or any other reason or circumstance, and any shares or securities subscribed under the preemptive or accretion rights attached to the Pledged Shares; (ii) any securities delivered as a result of any reimbursement, amortization and/or reduction of capital stock by redemption, and/or reimbursement (either in whole or in part) of the Pledged Shares; (iii) any non-cash dividends or other non-cash income or distribution received or receivable from time to time in respect of the Pledged Shares or the Proceeds (excluding non-cash dividends or such other non-cash income to the extent permitted under the Loan Documents); and (iv) any rights arising from any&#160;&#160;irrevocable capital contributions made by the Pledgor, but excluding Excluded Shares. For the avoidance of doubt, it is hereby agreed that for purpose of this definition any Additional Shares shall automatically be deemed a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledged Share</font>&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amount Payable</font>&#8221; shall have the meaning set forth in Section 7 hereof.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Argentine Collateral</font>&#8221; shall mean the Pledged Shares and the Proceeds.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Business Day</font>&#8221; shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York, NY, United States of America, London, England, Madrid, Spain and Buenos Aires, Argentina are authorized or required by law to remain closed and that is also a day on which dealings in Dollar deposits are carried out in the London interbank market.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Caja de Valores</font>&#8221; shall mean Caja de Valores S.A. or any successor thereof or any other entity that replaces Caja de Valores S.A. as the entity that keeps the registry of shares of the Issuer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Companies Act</font>&#8221; shall mean the Argentine Business Companies Act No. 19,550, as amended.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Credit Agreement</font>&#8221; shall have the meaning set forth in the recitals.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Dollar</font>&#8221; or &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">U$S</font>&#8221; shall mean the lawful currency of the United States of America.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Excluded Shares</font>&#8221; shall have the meaning set forth in the Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Issuer</font>&#8221; shall mean YPF S.A., a <font style="FONT-STYLE: italic; DISPLAY: inline">sociedad an&#243;nima </font>incorporated in Argentina.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Lien</font>&#8221; shall mean any right, title, claim or interest, by way of lien, pledge, charge, security interest, preferential agreement or, other encumbrances.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Minimum Opening Price</font>&#8221; shall have the meaning set forth in Section 7.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Newly Acquired Shares</font>&#8221; shall mean any share issued by the Issuer acquired by the Pledgor after the date hereof, but excluding Excluded Shares. For the avoidance of doubt, it is hereby agreed that for purposes of this definition any Newly Acquired Shares shall automatically be deemed a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledged Share</font>&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledged Shares</font>&#8221; shall mean the shares issued by the Issuer detailed in Annex II, together with the Newly Acquired Shares and the Additional Shares. For the avoidance of doubt, it is hereby agreed that for purposes of this definition any Excluded Shares shall not be deemed to constitute Pledged Shares.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proceeds</font>&#8221; shall mean any cash proceeds payable under or in connection with the Pledged Shares including, without limiting the generality of the foregoing, any cash income or any amounts that the Pledgor is entitled to receive or that are payable under or in connection with the Pledged Shares, while this Agreement is in effect, as a result of any exchange, distributions of reserves, revaluations or other distribution in relation to the Pledged Shares, or as a result of a merger, spin-off, liquidation or dissolution or of any other circumstance related to the Pledged Shares, any funds delivered as a result of any reimbursement and/or reduction of capital stock by redemption or amortization (either in whole or in part) of the Pledged Shares.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Secured Obligations</font>&#8221; shall mean, collectively, all obligations of the Pledgor under the Loan Documents to pay the principal of and interest and Call Premium on the Loans and all fees, indemnification payments and other amounts whatsoever, whether direct or indirect, absolute or contingent, now or hereafter from time to time owing to the Secured Parties or any of them under the Loan Documents, including all interest thereon and expenses related thereto, including any interest or expenses accruing or arising after the commencement of any case with respect to the Pledgor under any bankruptcy or insolvency law (whether or not such interest or expenses are allowed or allowable as a claim in whole or in part in such case).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Secured Parties</font>&#8221; shall mean, collectively, the Lenders, the Administrative Agent and the Collateral Agent and, in each case, their respective successors and assigns.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledge of Argentine Collateral; Grant of Security Interest; Appointment of the Collateral Agent</font>.&#160;&#160;(a)(i) The Pledgor hereby grants to the Collateral Agent for the benefit of the Secured Parties, a first priority lien (<font style="FONT-STYLE: italic; DISPLAY: inline">prenda</font>), pursuant to the terms of Article 580 <font style="FONT-STYLE: italic; DISPLAY: inline">et seq.</font> of the Commercial Code, in the Pledged Shares (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledge</font>&#8221;), as collateral security for the full and timely payment (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations, as well as the full and timely compliance with all and each of the obligations assumed hereunder.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(ii) To all legal effects and in order to comply with the provisions of Sections 213 et seq. of the Companies Act and, if applicable, with article 43 of the Registrar&#8217;s Operating Regulations (<font style="FONT-STYLE: italic; DISPLAY: inline">Reglamento Operativo de Caja de Valores S.A.</font>), the Pledgor shall give notice to the Issuer of the creation of the Pledge and shall notify and use commercially reasonable efforts in order for the Registrar to register the Pledge on its books (the &#8220;Registrar&#8217;s Book&#8221;), in the name of the Collateral Agent or its nominee, for the benefit of the Secured Parties.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Pledgor shall deliver to the Collateral Agent promptly but in no event later than (i) two (2) Business Days from the date hereof, a certified copy of the notice remitted to the Issuer (been such notice dully accepted by the Issuer), and (ii) five (5) Business Days from the date hereof, a certificate issued by the Registrar giving evidence of the registration of the Pledge in the Registrar&#8217;s Book.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) The Collateral Agent hereby accepts to act as Collateral Agent, to hold the Argentine Collateral for the benefit of the Secured Parties and to perform all the actions set forth in this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) The Pledge herein provided for also extends to the Additional Shares, the Newly Acquired Shares and the Proceeds. The Pledgor shall give notice to the Issuer to register the Pledge in favor of the Collateral Agent over any Additional Shares simultaneously with the issuance of such Additional Shares and shall give notice to and use commercially reasonable efforts in order for the Registrar to register the Pledge over the Additional Shares in the Registrar&#8217;s Book, all in accordance with the paragraph (a) of this Section.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Upon acquisition of Newly Acquired Shares, the Pledgor shall give immediate notice to the Issuer of the creation of the Pledge over the Newly Acquired Shares and shall give notice to and use commercially reasonable efforts in order for the Registrar to register the Pledge over the Newly Acquired Shares on the Registrar&#8217;s Book. The incorporation of the Additional Shares, the Newly Acquired Shares and the Proceeds in the Pledge shall operate automatically and, therefore, no other act, contract, document and/or proceeding shall be necessary, except for the delivery thereof if such Pledged Shares are represented by certificates, and the formal requirements, registrations and other acts as may be required by applicable law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) The Pledgor shall instruct the Issuer by public means (<font style="FONT-STYLE: italic; DISPLAY: inline">acto p&#250;blico</font>) to deposit all Proceeds in the Collateral Agent&#8217;s Account. If the Proceeds are received by the Collateral Agent in pesos, the Collateral Agent shall, to the extent permitted by Argentine law, promptly convert such pesos into United States Dollars (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Dollars</font>&#8221;) for deposit in the Collateral Agent&#8217;s Account at the exchange rate corresponding to the business day prior to the conversion date. If access by the Collateral Agent to the foreign exchange market for the acquisition of Dollars and its transfer outside of Argentina is limited by virtue of any law, rule, regulation or interpretation by a Governmental Authority, the Proceeds shall (i) be deposited into an account of the Collateral Agent maintained in Argentina or an account of any third party as instructed by the Collateral Agent and (ii) at the option of the Collateral Agent, be converted into free available Dollars, through (x) the purchase and sale of debt securities issued by the federal government of the Republic of Argentina denominated in Dollars or any other public or private bond or tradeable security quoted in any other foreign currency outside of Argentina or (y) any appropriate mechanism for the acquisition of Dollars in any exchange market. The Pledgor shall be responsible for the costs (including any loss due to unfavorable exchange rates) and expenses related to the export of such securities or the proceeds from the sale of such securities from Argentina and the sale of such securities or such proceeds outside Argentina to obtain freely available Dollars outside of Argentina in such amounts and on such dates as provided in the Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations and Warranties</font>.&#160;&#160;Without prejudice to the representations and warranties made under the Credit Agreement and the Security Agreement, which shall be deemed repeated herein, the Pledgor makes the following additional representations and warranties:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a) together with the execution of this Agreement, it has taken all necessary corporate action to authorize the execution, delivery and performance of, and the granting of the lien (prenda) on the Argentine Collateral pursuant to, this Agreement;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b) this Agreement constitutes a legal, valid and binding obligation of the Pledgor enforceable against it in accordance with its terms;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(c) the execution, delivery and performance of this Agreement will not violate any requirement of law applicable to, or contractual obligation of, the Pledgor;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(d) the Pledged Shares represent [__] per cent of the issued and outstanding shares of the Issuer indicated in Annex II and are not subject to restrictions on transfer&#160;&#160;or Liens, except as provided or permitted in the Security Agreement, the Transaction Documents, the Deposit Agreement or the by-laws of the Issuer;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(e) the Pledgor is the legal, beneficial owner of, and has good and marketable title to, the Pledged Shares and the Proceeds, free of any and all Liens or options in favor of, or claims of, any other Person, subject to the Lien provided for or permitted by this Agreement, the Security Agreement, the Deposit Agreement, the Transaction Documents or the by-laws of the Issuer;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(f) upon registration of the Pledge in the Registrar&#8217;s Book, the lien (prenda) granted pursuant to this Agreement will constitute a legal, valid and enforceable perfected lien (prenda) on the Pledged Shares, enforceable in accordance with its terms; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Covenants</font>.&#160;&#160;The Pledgor covenants and agrees as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a) If the Pledgor shall, as a result of its ownership of the Pledged Shares, become entitled to receive or shall receive any Additional Shares or Newly issued Shares,&#160;&#160;the Pledgor shall accept the same on behalf of the Collateral Agent for the benefit of the Secured Parties, hold the same in trust for the Collateral Agent for the benefit of the Secured Parties and deliver the same forthwith to the Collateral Agent in the exact form received having complied any formal requirements, registrations and acts required by law, subject to the terms hereof, as additional collateral security for the Secured Obligations, or if the Pledgor shall receive any dividends&#160;&#160;the property or sums of money so distributed shall be delivered to the Collateral Agent to be held by it hereunder as Collateral for the Secured Obligations or if any book entry representing any Argentine Collateral is made under the name of the Pledgor without the simultaneous registration of the Pledge pursuant to Section 2 hereof, the Pledgor shall notify the Pledge over such Argentine Collateral to the Issuer and shall use commercially reasonable efforts in order for the Pledge be registered forthwith. If any sums of money or property so paid or distributed in respect of the Shares shall be received by the Pledgor, the Pledgor shall, until such money or property is paid or delivered to the Collateral Agent, hold such money or property in trust for the Secured Parties, as Collateral&#160;&#160;for the Secured Obligations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b) The Pledgor will not create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: (i) Liens created pursuant to the Security Documents; (ii) Permitted Encumbrances; and (iii) Permitted Excluded Shares Liens, but only if all cash dividends and other cash distributions in respect of the Excluded Shares are deposited in the Collateral Agent&#8217;s Account.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(c) At any time and from time to time, upon the written request of the Collateral Agent, the Pledgor will, or will request the Issuer to promptly execute and deliver such further instruments and documents and take such further actions as the Collateral Agent may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement and enforcing the rights and powers herein granted.]</font></div>

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<div style="TEXT-INDENT: 72pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d) The Pledgor shall maintain its registration before the Public Registry of Commerce of the City of Buenos Aires under Section 123 of Law 19.550 for purposes of acting as a shareholder of an Argentine company and timely comply with the annual reporting requirement pursuant to Regulation 07/2003 issued by the General Inspection of Corporations of the City of Buenos Aires.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;SECTION 5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting Rights</font>.&#160;&#160;So long as no Event of Default shall have occurred and be continuing, the Pledgor shall have the right to exercise all voting, consensual and other powers of ownership pertaining to the Pledged Shares for all purposes not inconsistent with the terms of this Agreement, the other Loan Documents or any other instrument or agreement referred to herein or therein, the other Loan Documents or any such other instrument or agreement referred to herein or therein; and the Collateral Agent shall execute and deliver to the Pledgor or cause to be executed and delivered to the Pledgor all such instruments, if any, as the Pledgor may reasonably request for the purpose of enabling the Pledgor to exercise the rights and powers that it is entitled to exercise pursuant to this Section 5.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rights of the Collateral Agent</font>.&#160;&#160;If an Event of Default shall occur and be continuing (i) the Collateral Agent shall request the Pledgor to refrain from exercising any voting rights with respect to the Pledged Shares, and (ii) the Collateral Agent or its nominee will exercise all voting rights pertaining to the Shares at any meeting of shareholders of the Issuer or otherwise. In connection therewith, the Collateral Agent shall request the Pledgor to appoint the Collateral Agent as its true and lawful attorney, and agree to take any other action, including granting a power of attorney by means of a public notary, and executing any other documents as may be necessary to enable the Collateral Agent to exercise its rights hereunder for the benefit of the Secured Parties. The parties hereby agree that the provisions of Section 219 of the Companies Act may be waived by the parties&#8217; agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 7.&#160;&#160;(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies</font>.&#160;&#160;Upon the acceleration of the Loans following the occurrence of an Event of Default, the Collateral Agent, for the benefit of the Secured Parties, may exercise, in addition to all other rights and remedies granted in this Agreement or the Security Agreement, all rights and remedies of a secured party on default under the laws of Argentina. Without limiting the generality of the foregoing, the Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law) to or upon the Pledgor, the Issuer or any other Person (all and each of which demands, presentments, protests, defenses, advertisements and notices are hereby waived), may, in accordance with the provisions of the Security Agreement:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(i) transfer any Proceeds from time to time held by it to be applied by the Secured Parties to the payment in whole or in part of the Secured Obligations as set forth in the Loan Documents (hereinafter the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amount Payable</font>&#8221;) and, in case such Proceeds are not enough to pay in full such Amount Payable;</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(A) in any stock exchange or over the counter market, by means of a broker-dealer or any of the procedures permitted (including auctions);</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(B) in an auction pursuant to Section 585 of the Commercial Code called for by the Collateral Agent with 10 (ten) calendar days notice, by means of a 5 (five) days publication in one or more of the following newspapers: Clar&#237;n, La Naci&#243;n and Ambito Financiero (or in any other newspapers qualified under applicable law for such publication). The minimum opening price shall not be lower than the Amount Payable that has not been canceled by means of the application of the Proceeds pursuant to the provisions of Section 7 (a) (i) hereof plus any costs, expenses commissions, taxes, fees in relation to the auction and sale of the Argentine Collateral (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Minimum Opening Price</font>&#8221;). The price shall be paid in cash. If no offers, equal to or higher than such Minimum Opening Price are received at the auction, the auction shall be adjourned for 10 (ten) days and at such adjourned auction, the minimum opening price shall be not lower than fifty percent (50%) of the Minimum Opening Price. If no offers, equal to or higher than fifty percent (50%) of the Minimum Opening Price are received at this auction, the auction shall be adjourned for 10 (ten) days and at any such adjourned auction, there shall be no minimum opening price.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Pledgor shall be given 10 (ten) calendar days notice of the first auction. In no case (not even at the adjourned auction) shall the Argentine Collateral be transferred at the auction to the Pledgor or any of its Affiliates at a price lower than the Minimum Opening Price; or</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(C) at private sale, for cash, upon credit or for future delivery, and as otherwise permitted by applicable law. Sales in privately negotiated transactions are hereby expressly authorized by the Pledgor and may be made at a price negotiated by the Collateral Agent in good faith. The Collateral Agent is authorized, in connection with any such sale, if it deems it advisable so to do:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 144pt"></font>(1) to restrict the prospective bidders on or purchasers of any of the Pledged Shares to a limited number of investors;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(iv) appropriate the Argentine Collateral for the benefit of the Secured Parties in accordance with the provisions of Section 3,223 of the Civil Code.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) The Pledgor hereby agrees that the Collateral Agent shall have no responsibility before the Pledgor for the prices obtained in the case of foreclosure of the Pledged Shares conducted in a commercially reasonable manner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies - Collateral Agent&#8217;s Powers</font>. The Collateral Agent may, without notice or publication, adjourn any public or private sale or auction pursuant to Section 585 of the Commercial Code or cause any of the same to be adjourned from time to time by announcement at the time and place fixed for the sale or auction, and such sale or auction may be made at any time or place to which any of the same may be so adjourned. In case of any sale of all or any part of the Pledged Shares on credit or future delivery, the Pledged Shares so sold may be retained by the Collateral Agent until the price for the Pledged Shares sold is paid by the purchaser thereof, but the Collateral Agent shall not incur any liability in case of the failure of such purchaser to take up and pay for the Pledged Shares so sold and, in case of any such failure, such Pledged Shares may again be sold upon like notice.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(e) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies -</font>. If any notice of a proposed sale or other disposition of the Argentine Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 (ten) days before such sale or other disposition. All waivers by the Pledgor of rights (including rights to notice), and all rights and remedies afforded to the Collateral Agent and the Secured Parties herein, and all other provisions of this Agreement, are expressly made subject to any applicable mandatory provisions of law limiting, or imposing conditions (including conditions as to reasonableness) upon, such waivers or the effectiveness thereof or any such rights and remedies. Any sale or other disposition of the Argentine Collateral and the possession thereof by the Collateral Agent shall be in compliance with all provisions of applicable law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(f) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies - Further Assurances</font>. The Pledgor further agree to reasonably use its reasonable efforts to do or cause to be done all such other acts as may be necessary to expedite such sale or sales of all or any portion of the Argentine Collateral, and to make such sale or sales, pursuant to Section 7 valid and binding and in compliance with any and all other applicable requirements of law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(g) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies - Additional Covenant.</font> The Pledgor covenants and agrees that it will, or will instruct the Issuer to act, execute and deliver such documents and take such other action, as the Collateral Agent deems reasonably necessary or advisable in order that any such sale may be in compliance with law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(h) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies - Application of Proceeds</font>. Once the sale is concluded, all proceeds thereof shall be transferred to the Administrative Agent&#8217;s Account in accordance with Section 4.09 of the Security Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>If the proceeds of the sale, are higher than the Amount Payable, then the Collateral Agent shall deliver an amount equal to such Amount Payable to the Secured Parties to be applied to the satisfaction of the entire Amount Payable, and shall deposit the remaining amount in the account indicated in writing by the Pledgor provided, however, that in no event shall the Pledgor be entitled to any such amounts if the Secured Obligations then owing to the Collateral Agent and the Secured Parties have not been paid in full.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(i) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies - Secured Parties&#8217; Powers</font>. The Secured Parties may take part as a bidder in the private or public sale of, or auction to sell the Argentine Collateral, in which case, the Secured Parties will be entitled to set-of any outstanding amount under the Secured Obligations with the Amount Payable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 9. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Collateral Agent Appointed Attorney-in-Fact of the Pledgor; Powers Coupled with an Interest</font>.&#160;&#160;(b)&#160;&#160;The Pledgor hereby appoints the Collateral Agent as its attorney-in-fact, with full authority in the place and stead of it and in the name of the Pledgor or otherwise, from time to time in the Collateral Agent&#8217;s discretion, to take any action and to execute any instrument which the Collateral Agent may deem necessary or advisable to accomplish the purpose of this Agreement (subject to the rights of the Pledgor under Section 5 hereof), including, without limitation, to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend or other distribution&#160;&#160;in respect of the Argentine Collateral or any part thereof and to give full discharge for the same.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c)&#160;&#160;All authorizations and agencies herein contained with respect to the Argentine Collateral are irrevocable and powers coupled with an interest for so long as any obligations under the Secured Obligations remain outstanding.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d)&#160;&#160;If any of the Pledgor fails to perform any agreement contained herein, the Collateral Agent may itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgor under Section 4 (e) hereof.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION 10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Resignation or Removal of the Collateral Agent. Rights and Obligations of the Collateral Agent</font>.&#160;&#160;The Collateral Agent may resign or be removed as provided in the Loan Documentation, and shall act in accordance with the provisions set forth therein.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination and Release</font>.&#160;&#160;When the Secured Obligations have been paid in full, this Agreement shall terminate and the security interests created hereby shall be released and cancelled by the Collateral Agent. The Collateral Agent, upon the Pledgor' request and at the Pledgor' expense, shall promptly deliver to the Pledgor, all documents reasonably necessary to evidence such release.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Collateral Agent shall be deemed to have automatically released (without the need for any further action by the Borrower or any other person) the lien (prenda) over the Argentine Collateral from the Collateral pursuant to clause (x) of the proviso to Section 5.10(a) of the Credit Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>.&#160;&#160;Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Where provisions of any law or regulation resulting in such prohibition or unenforceability may be waived they are hereby waived by the Pledgor and the Collateral Agent to the full extent permitted by law so that this Agreement shall be deemed a valid, binding agreement, and the security interest created hereby shall constitute a continuing first lien (prenda) on and first perfected security interest in the Argentine Collateral, in each case enforceable in accordance with its terms.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Waiver</font>.&#160;&#160;No delay or waiver on the part of the Collateral Agent in exercising any power or right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any power or right preclude other or further exercise thereof or the exercise of any other power or right.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 16.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing, and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered to the addresses indicated on the signature page hereto by <font style="FONT-STYLE: italic; DISPLAY: inline">carta documento</font>, through a notary public or by certified email or courier, to the following addresses:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">if to the Pledgor, to it at [__________]; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">if to the Collateral Agent, to it at [__________].</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 17.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Authority of the Collateral Agent</font>. The Pledgor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Secured Parties, be governed by such agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Pledgor, the Collateral Agent shall be conclusively presumed to be acting for the benefit of the Secured Parties with full and valid authority to so act or refrain from acting, and the Pledgor shall be under no obligation or have any entitlement to make any inquiry respecting such authority.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 20.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Duty on Collateral Agent's Part</font>.&#160;&#160;The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's interests in the Argentine Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Collateral Agent nor any of its shareholders, officers, directors, employees or agents shall be responsible to the Pledgor for any act or failure to act hereunder, except for its own gross negligence or willful misconduct, and specifically disclaims any liability for negligence.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 21.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Successors and Assigns</font>. Without prejudice to the Credit Agreement, this Agreement shall inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns, and no other person shall be entitled to any of the benefits of this Agreement. The Pledgor may not assign its rights, interests or obligations hereunder without the prior written consent of the Collateral Agent.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 23.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Submission To Jurisdiction; Waivers</font>.&#160;&#160;The Pledgor hereby irrevocably and unconditionally (to the maximum extent not prohibited by law):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)&#160;&#160;submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the <font style="FONT-STYLE: italic; DISPLAY: inline">Tribunales Ordinarios en lo Comercial de la Ciudad de Buenos Aires</font> and appellate courts thereof;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b)&#160;&#160;consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(c)&#160;&#160;waives any motions requesting the plaintiff to post a bond to cover the costs of the complaint (excepci&#243;n de arraigo).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SECTION 24.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Language</font>.&#160;&#160;This Agreement has been executed in the English language.&#160;&#160;Notwithstanding this, a Spanish translation of this Agreement is attached hereto as Annex III for purposes of filings before Argentine Governmental Authorities.&#160;&#160;All documents to be delivered by any Party hereto pursuant to the terms of this Agreement shall be in the English language or, if originally written in another language, shall be accompanied by an accurate English translation upon which the other party hereto shall have the right to rely for all purposes under this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>IN WITNESS WHEREOF, three counterparts of this Agreement are executed and delivered as of the date first above written.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;PETERSEN ENERG&#205;A, S.A.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;By_______________________________</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>HSBC BANK PLC,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>By_______________________________</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ANNEX II</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Registered Owner</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"># of Shares</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">American Depositary Shares</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Bank of New York</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[__________]</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Registered Owner</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"># of Shares</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">American Depositary Shares</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Bank of New York</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[__________]</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[__________]</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CONTRATO DE PRENDA DE ACCIONES de fecha [________] celebrado entre (i) PETERSEN ENERG&#205;A, S.A., sociedad an&#243;nima debidamente constituida y que gira v&#225;lidamente conforme a las leyes del Reino de Espa&#241;a (el &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Deudor Prendario</font>&#8221;); (ii) HSBC BANK PLC, sociedad debidamente constituida y que gira v&#225;lidamente conforme a las leyes del Reino Unido, en calidad de Agente de la Garant&#237;a de las Partes Garantizadas (seg&#250;n se define m&#225;s adelante) (en tal car&#225;cter, junto con sus sucesores en tal car&#225;cter, el &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agente de la Garant&#237;a</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSIDERANDO</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Que el Deudor Prendario, algunos prestamistas, Credit Suisse, London Branch, en calidad de Agente Administrativo, y el Agente de la Garant&#237;a son partes de un Contrato de Pr&#233;stamo de fecha 21 de febrero de 2008 (y sus modificatorias, el &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Contrato de Pr&#233;stamo</font>&#8221;, copia del cual se adjunta al presente en car&#225;cter de Anexo I), en el que se establece, con sujeci&#243;n a los t&#233;rminos y condiciones de aqu&#233;l, que se otorgar&#225;n pr&#233;stamos al Prestatario por un monto total de capital no superior a <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">$</font>1.026.000.000;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Que, para inducir a los Prestamistas a celebrar el Contrato de Pr&#233;stamo y otorgar los pr&#233;stamos en virtud de &#233;l, el Deudor Prendario ha aceptado otorgar un derecho de garant&#237;a sobre los Bienes de la Garant&#237;a, seg&#250;n se definen en el acuerdo de garant&#237;a que se adjunta como Anexo H al Contrato de Pr&#233;stamo (el &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Acuerdo de Garant&#237;a</font>&#8221;), en calidad de garant&#237;a de las Obligaciones Garantizadas (seg&#250;n se definen m&#225;s adelante), todo seg&#250;n se dispone en ese documento; y</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Que, el Deudor Prendario ha aceptado otorgar un derecho de garant&#237;a sobre las Acciones Prendadas (conforme se las define en el presente) como garant&#237;a de las Obligaciones Garantizadas y en forma adicional al derecho de garant&#237;a creado en virtud del Acuerdo de Garant&#237;a y como continuaci&#243;n de &#233;ste, todo seg&#250;n lo dispuesto en este documento;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">POR LO TANTO, en virtud de las promesas, las declaraciones, las garant&#237;as y los acuerdos rec&#237;procos estipulados en el presente y de otra contraprestaci&#243;n v&#225;lida y onerosa, cuya carta de pago se extiende mediante el presente, las partes del presente acuerdan lo siguiente:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 1. <font style="DISPLAY: inline; TEXT-DECORATION: underline">T&#233;rminos definidos</font>. Los t&#233;rminos en may&#250;scula que no se definen en el presente tendr&#225;n los significados que se indican en el Acuerdo de Garant&#237;a o, si all&#237; no se definieran, en el Contrato de Pr&#233;stamo, y sus futuras modificaciones.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Acciones Adicionales</font>&#8221; significar&#225; (i) todas las acciones, derechos o t&#237;tulos valores que el Deudor Prendario tuviera derecho a recibir o que debieran abonarse en virtud de las Acciones Prendadas, o con relaci&#243;n a &#233;stas, hasta la cancelaci&#243;n total de las Obligaciones Garantizadas, como resultado (sin limitar la generalidad de lo antedicho) de un canje o divisi&#243;n de acciones, dividendos a pagar en especie (ya sea en acciones o de alg&#250;n otro modo), reservas, re-valuaciones o cualquier otra distribuci&#243;n de dividendos en acciones liberadas, fusi&#243;n, absorci&#243;n, escisi&#243;n, liquidaci&#243;n, disoluci&#243;n y/o cualquier otro motivo o circunstancia, y las acciones o t&#237;tulos valores suscritos en virtud de derechos de suscripci&#243;n preferencial o de acrecer inherentes a las Acciones Prendadas; (ii) todos los t&#237;tulos valores entregados como resultado de un reembolso, amortizaci&#243;n y/o reducci&#243;n de capital por rescate, y/o reembolso (ya sea en forma total o parcial) de las Acciones Prendadas; (iii) los dividendos distintos de efectivo o las distribuciones o ingresos distintos de efectivo recibidos o por recibir oportunamente respecto de las Acciones Prendadas o el Producido (excluidos los dividendos distintos de efectivo y otros ingresos distintos de efectivo en la medida de lo permitido en virtud de los Documentos del Pr&#233;stamo); y (iv) los derechos que surjan de los aportes irrevocables realizados por el Deudor Prendario, pero con exclusi&#243;n de las Acciones Excluidas. Para evitar dudas, se acuerda por el presente que, a los efectos de esta definici&#243;n, las Acciones Adicionales se considerar&#225;n autom&#225;ticamente &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Acciones Prendadas</font>&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Monto a Pagar</font>&#8221; tendr&#225; el significado que se le asigna en el Art&#237;culo 7 del presente.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Garant&#237;a en Argentina</font>&#8221; significar&#225; las Acciones Prendadas y el Producido.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">D&#237;a H&#225;bil</font>&#8221; significar&#225; todo d&#237;a distinto de un s&#225;bado, domingo o cualquier otro d&#237;a en el que los bancos comerciales de Nueva York, NY, Estados Unidos de Am&#233;rica, Londres, Inglaterra, Madrid, Espa&#241;a, o Buenos Aires, Argentina, est&#233;n autorizados a permanecer cerrados o deban permanecer cerrados por ley, en los que tambi&#233;n se realicen operaciones con dep&#243;sitos en D&#243;lares en el mercado interbancario de Londres.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Caja de Valores</font>&#8221; significar&#225; Caja de Valores S.A. o cualquier sucesora de &#233;sta o cualquier otra entidad que reemplace a Caja de Valores S.A. como entidad que lleva el registro de las acciones del Emisor.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">C&#243;digo Civil</font>&#8221; significar&#225; el C&#243;digo Civil de Argentina.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">C&#243;digo de Comercio</font>&#8221; significar&#225; el C&#243;digo de Comercio de Argentina.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Ley de Sociedades</font>&#8221; significar&#225; la Ley de Sociedades de Argentina N&#176; 19.550 y sus modificatorias.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Contrato de Pr&#233;stamo</font>&#8221; tendr&#225; el significado que se le asigna en los considerandos.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">D&#243;lar</font>&#8221; o &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">USD</font>&#8221; significar&#225; la moneda de curso legal en los Estados Unidos de Am&#233;rica.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Supuesto de Incumplimiento</font>&#8221; tendr&#225; el significado que se le asigna en el Contrato de Pr&#233;stamo.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Acciones Excluidas</font>&#8221; tendr&#225; el significado que se le asigna en el Contrato de Pr&#233;stamo.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Emisor</font>&#8221; significar&#225; YPF S.A., <font style="FONT-STYLE: italic; DISPLAY: inline">sociedad an&#243;nima </font>constituida en Argentina.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Gravamen</font>&#8221; significar&#225; todo derecho, t&#237;tulo o reclamo, ya sea en forma de gravamen, prenda, garant&#237;a, acuerdo preferencial o cualquier otra carga.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Precio Base</font>&#8221; tendr&#225; el significado que se le asigna en el Art&#237;culo 7.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Nuevas Acciones Adquiridas</font>&#8221; significar&#225; las acciones emitidas por el Emisor adquiridas por el Deudor Prendario con posterioridad a la fecha del presente, pero con exclusi&#243;n de las Acciones Excluidas. Para evitar dudas, por el presente se acuerda que, a los efectos de esta definici&#243;n, las Nuevas Acciones Adquiridas se considerar&#225;n autom&#225;ticamente &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Acciones Prendadas</font>&#8221;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Persona</font>&#8221; significar&#225; toda persona f&#237;sica, sociedad de personas, sociedad por acciones (incluidos los fideicomiso, sociedad de hecho, <font style="FONT-STYLE: italic; DISPLAY: inline">joint ventures</font>, sociedad de responsabilidad limitada o cualquier otra entidad, o un gobierno o cualquier subdivisi&#243;n pol&#237;tica u organismo de ese gobierno.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pesos</font>&#8221; significar&#225; la moneda de curso legal en la Rep&#250;blica Argentina.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prenda</font>&#8221; tendr&#225; el significado que se le asigna en el Art&#237;culo 2.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Acciones Prendadas</font>&#8221; significar&#225; las acciones emitidas por el Emisor que se detallan en el Anexo II, junto con las Nuevas Acciones Adquiridas y las Acciones Adicionales. Para evitar dudas, por el presente se acuerda que, a los efectos de esta definici&#243;n, las Acciones Excluidas no se considerar&#225;n Acciones Prendadas.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Encargado de Registro</font>&#8221; significar&#225; Caja de Valores.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Obligaciones Garantizadas</font>&#8221; significar&#225;, en su conjunto, todas las obligaciones del Deudor Prendario en virtud de los Documentos del Pr&#233;stamo de abonar el capital y los intereses y la Prima de Compra de los Pr&#233;stamos y todos los honorarios, pagos de indemnidad y otros montos, cualquiera sea su naturaleza, ya sean &#233;stos directos o indirectos, absolutos o contingentes, presentes o futuros adeudados a las Partes Garantizadas o cualquiera de ellos en virtud de los Documentos del Pr&#233;stamo, incluidos los intereses y gastos relacionados con ellos, incluyendo sin limitaci&#243;n los intereses o gastos devengados o que surjan con posterioridad al inicio de alg&#250;n proceso con respecto al Deudor Prendario en virtud de alguna ley de quiebras o insolvencia (ya sea que esos intereses o gastos se admitan o no como cr&#233;ditos total o parcialmente en dicho proceso).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Los t&#233;rminos &#8220;del presente&#8221;, &#8220;en el presente&#8221; o cualquier referencia al &#8220;presente&#8221; deber&#225;n entenderse referidos a este contrato (el &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Contrato de Prenda</font>&#8221;), salvo que se indique expresamente de otro modo o por el contexto quepa razonablemente interpretarlo de otro modo.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 2. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Prenda sobre la Garant&#237;a en Argentina. Creaci&#243;n de un derecho de garant&#237;a. Designaci&#243;n del Agente de la Garant&#237;a</font>. (a)(i) El Deudor Prendario por el presente crea a favor del Agente de la Garant&#237;a, en beneficio de las Partes Garantizadas, una prenda en primer grado de conformidad con el Art&#237;culo 580 y siguientes del C&#243;digo de Comercio respecto de las Acciones Prendadas (la &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prenda</font>&#8221;), como garant&#237;a del cumplimiento pleno y puntual (ya sea en el vencimiento establecido, por caducidad de los plazos o de alg&#250;n otro modo) de las Obligaciones Garantizadas, como tambi&#233;n del cumplimiento pleno y puntual de todas y cada una de las obligaciones contra&#237;das en virtud del presente.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 11.5pt"></font>(ii) A todo efecto legal y con el fin de cumplir con las disposiciones de los Art&#237;culos 213 y subsiguientes de la Ley de Sociedades Comerciales N&#176; 19.550 y, si fuese aplicable, con el art. 43 del Reglamento Operativo de la Caja de Valores S.A., el Deudor Prendario notificar&#225; al Emisor la constituci&#243;n de la Prenda y notificar&#225; y utilizar&#225; todos los esfuerzos razonables para que el Encargado de Registro inscriba la Prenda en sus libros (el &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Libro del Encargado de Registro</font>&#8221;) a nombre del Agente de la Garant&#237;a o quien &#233;ste designe, en beneficio de las Partes Garantizadas.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">El Deudor Prendario se obliga a enviar en forma inmediata pero en ning&#250;n caso mayor al plazo de (i) 2 (dos) d&#237;as h&#225;biles desde la firma del presente, (i) una copia certificada de la notificaci&#243;n remitida al Emisor (una vez que haya sido debidamente aceptada por el Emisor), y (ii) 5 (cinco) d&#237;as h&#225;biles desde la firma del presente, un certificado emitido por el Encargado de Registro acreditando el registro de la prenda en los Libros del Encargado de Registro.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) La Prenda que se prev&#233; en el presente tambi&#233;n se extiende a las Acciones Adicionales, las Nuevas Acciones Adquiridas y el Producido. El Deudor Prendario notificar&#225; al Emisor para que inscriba la Prenda a favor del Agente de la Garant&#237;a respecto de las Acciones Adicionales simult&#225;neamente con la emisi&#243;n de dichas Acciones Adicionales y le cursar&#225; notificaci&#243;n al Encargado de Registro para que &#233;ste inscriba la Prenda sobre las Acciones Adicionales en el Libro del Encargado de Registro y emplear&#225; esfuerzos razonables para que as&#237; se haga, todo ello de conformidad con el p&#225;rrafo (a) de este ART&#205;CULO 2.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cuando se adquieran Nuevas Acciones Adquiridas, el Deudor Prendario cursar&#225; inmediata notificaci&#243;n al Emisor de la creaci&#243;n de la Prenda respecto de las Nuevas Acciones Adquiridas y le cursar&#225; notificaci&#243;n al Encargado de Registro para que &#233;ste inscriba la Prenda sobre las Nuevas Acciones Adquiridas en el Libro del Encargado de Registro y emplear&#225; esfuerzos razonables para que as&#237; se haga. La incorporaci&#243;n de las Acciones Adicionales, las Nuevas Acciones Adquiridas y el Producido en la Prenda tendr&#225; efecto autom&#225;tico y, por lo tanto, no ser&#225; necesario realizar ning&#250;n otro acto ni procedimiento, ni otorgar ning&#250;n otro contrato o documento, con excepci&#243;n de la entrega de ellas si las Acciones Prendadas estuvieran representadas por certificados, y los requisitos de forma, inscripci&#243;n y cualquier otro acto que exija la ley aplicable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) El Deudor Prendario le dar&#225; instrucciones al Emisor, a trav&#233;s de un Escribano P&#250;blico, para que deposite todo el Producido en la Cuenta del Agente de la Garant&#237;a. Si el Agente de la Garant&#237;a recibiera el Producido en pesos, el Agente de la Garant&#237;a deber&#225;, dentro de lo permitido por las leyes de Argentina, convertir inmediatamente esos pesos por D&#243;lares estadounidenses (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">D&#243;lares</font>&#8221;), para depositarlos en la Cuenta del Agente de la Garant&#237;a, al tipo de cambio aplicable el d&#237;a h&#225;bil anterior a la fecha de conversi&#243;n. Si alguna ley, norma, regulaci&#243;n o interpretaci&#243;n de Autoridades Gubernamentales limitara el acceso del Agente de la Garant&#237;a al mercado de cambios para adquirir los D&#243;lares y transferirlos al exterior, el Producido deber&#225; (i) depositarse en una cuenta que el Agente de la Garant&#237;a tenga en Argentina o en una cuenta de alg&#250;n tercero que indique el Agente de la Garant&#237;a y (ii) a discreci&#243;n del Agente de la Garant&#237;a, convertirse a D&#243;lares de libre disponibilidad a trav&#233;s de (x) la compra o venta de t&#237;tulos de deuda emitidos por el gobierno nacional de la Rep&#250;blica Argentina denominados en D&#243;lares o de cualquier otro bono p&#250;blico o privado o t&#237;tulo negociable que cotice en cualquier otra moneda extranjera fuera de Argentina o (y) alg&#250;n mecanismo apropiado para adquirir D&#243;lares en cualquier mercado de cambios. El Deudor Prendario tendr&#225; a su cargo los costos (incluidas las p&#233;rdidas incurridas por tipos de cambio desfavorables) y los gastos relativos a la exportaci&#243;n de dichos t&#237;tulos o el producido de la venta de dichos t&#237;tulos de Argentina y la venta de dichos t&#237;tulos o producido fuera de Argentina para obtener D&#243;lares de libre disponibilidad fuera de Argentina por los montos y en las fechas &#8211;as&#237; como de conformidad con los t&#233;rminos y condiciones&#8211; que se establezcan en el Contrato de Pr&#233;stamo.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 3. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Declaraciones y Garant&#237;as</font>. Sin perjuicio de las declaraciones y garant&#237;as efectuadas en virtud del Contrato de Pr&#233;stamo y del Acuerdo de Garant&#237;a, que se considerar&#225;n repetidas en el presente, el Deudor Prendario realiza las siguientes declaraciones y garant&#237;as adicionales:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b) este Contrato constituye fuente de obligaciones l&#237;citas, v&#225;lidas y vinculantes para el Deudor Prendario, exigible al Deudor Prendario de conformidad con los t&#233;rminos del presente;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(c) la celebraci&#243;n y el cumplimiento de este Contrato no viola alguna ley aplicable al Deudor Prendario ni obligaciones contractuales del Deudor Prendario;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(d) las Acciones Prendadas representan [__] % (_______por ciento) de las acciones emitidas y en circulaci&#243;n del Emisor que se indica en el <font style="DISPLAY: inline; FONT-WEIGHT: bold">Anexo II </font>y no se encuentran sujetas a restricciones a la transferencia o Grav&#225;menes, con excepci&#243;n de lo dispuesto o permitido en el Acuerdo de Garant&#237;a, los Documentos de la Operaci&#243;n, el Contrato de Dep&#243;sito o el estatuto del Emisor;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(e) el Deudor Prendario es el titular de registro y el beneficiario, o tiene t&#237;tulo suficiente, de las Acciones Prendadas y el Producido, libre de todo Gravamen u opci&#243;n a favor de otras Personas y libre de todo reclamo de cualquier otra Persona, sujeto al Gravamen establecido o permitido en este Contrato, el Acuerdo de Garant&#237;a el Contrato de Dep&#243;sito, los Documentos de la Operaci&#243;n o el estatuto del Emisor;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(f) cuando se realice la inscripci&#243;n de la Prenda en el Libro del Encargado de Registro, la prenda creada de conformidad con este Contrato constituir&#225; una prenda l&#237;cita, v&#225;lida y exigible sobre las Acciones Prendadas, exigible de conformidad con sus t&#233;rminos; y</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(g) el Deudor Prendario ha realizado todos los actos societarios necesarios, obtenido todas las autorizaciones necesarias y realizado todas las presentaciones e inscripciones exigidas para ejercer sus derechos como accionista del Emisor incluidas, entre otras, la inscripci&#243;n del Deudor Prendario ante el Registro P&#250;blico de Comercio de la Ciudad de Buenos Aires en virtud del art&#237;culo 123 de la ley 19.550 a los fines de actuar como accionista de una sociedad argentina, y ha cumplido con la presentaci&#243;n anual exigida por la Resoluci&#243;n General 07/2003 de la Inspecci&#243;n General de Justicia de la Ciudad de Buenos Aires.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 4. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Obligaciones</font>. Ser&#225;n obligaciones del Deudor Prendario:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a) Si, (i) como consecuencia de ser el titular de las Acciones Prendadas, el Deudor Prendario tuviese derecho a recibir o recibiese Acciones Adicionales o nuevas Acciones, el Deudor Prendario las aceptar&#225; en nombre del Agente de la Garant&#237;a para beneficio de las Partes Garantizadas, y las poseer&#225; en nombre del Agente de la Garant&#237;a para beneficio de las Partes Garantizadas y las entregar&#225; inmediatamente al Agente de la Garant&#237;a exactamente en la misma forma en las que las ha recibido y luego de haber cumplido con todos los requisitos formales, inscripciones y actos exigidos por ley, sujeto a los t&#233;rminos del presente, como garant&#237;a adicional de las Obligaciones Garantizadas, o (ii) si el Deudor Prendario percibiese dividendos, los bienes o montos distribuidos ser&#225;n entregados al Agente de la Garant&#237;a para que los posea en virtud del presente como Garant&#237;a de las Obligaciones Garantizadas o (iii) si se realizar&#225; un asiento a nombre del Deudor Prendario que represente cualquier Garant&#237;a en Argentina sin la inscripci&#243;n simult&#225;nea de la Prenda de conformidad con el Art&#237;culo 2 del presente, el Deudor Prendario notificar&#225; la Prenda sobre la Garant&#237;a en Argentina al Emisor y emplear&#225; esfuerzos razonables para que la Prenda se inscriba en forma inmediata. Si el Deudor Prendario recibiese cualquier monto o bien pagado o distribuido respecto de las Acciones, el Deudor Prendario poseer&#225; esos montos o bienes, hasta que sean entregados al Agente de la Garant&#237;a,&#160;&#160;para beneficio de las Partes Garantizadas, como Garant&#237;a de las Obligaciones Garantizadas.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b) El Deudor Prendario no (i) crear&#225; o permitir&#225; que se cree un Gravamen, sobre cualquier activo o propiedad que posee actualmente y/o que en el futuro adquiera, ni ceder&#225; o vender&#225; ning&#250;n ingreso (incluyendo sin limitaci&#243;n sus cr&#233;ditos) o derechos con respecto a lo anterior, excepto: (i) Grav&#225;menes constituidos de conformidad con los Documentos de Garant&#237;a; (ii) Grav&#225;menes Permitidos; y (iii) Acciones Prendadas Excluidas y Permitidas, pero s&#243;lo si el importe de los dividendos y el importe de las distribuciones con respecto a las Acciones Excluidas son depositados en la Cuenta del Agente de Garant&#237;a.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">(d) El Deudor Prendario mantendr&#225; su inscripci&#243;n ante el Registro P&#250;blico de Comercio de la Ciudad de Buenos Aires en virtud del art&#237;culo 123 de la Ley 19.550 a los fines de actuar como accionista de una sociedad argentina, y cumplir&#225; puntualmente con la presentaci&#243;n anual exigida por la Resoluci&#243;n General 07/2003 de la Inspecci&#243;n General de Justicia de la Ciudad de Buenos Aires.</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 7. (a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos</font>. En caso de caducidad de los plazos de los Pr&#233;stamos como resultado de la ocurrencia de un Supuesto de Incumplimiento, el Agente de la Garant&#237;a, para beneficio de las Partes Garantizadas, podr&#225; ejercer, adem&#225;s de todos los otros derechos y recursos otorgados en el presente Contrato y el Acuerdo de Garant&#237;a, todos los derechos y recursos de una parte garantizada en el caso de un incumplimiento en virtud de las leyes de Argentina. Sin limitar la generalidad de lo anterior, el Agente de la Garant&#237;a, sin cursar o realizar aviso de incumplimiento, intimaci&#243;n, presentaci&#243;n, protesto, publicaci&#243;n de aviso o notificaci&#243;n de cualquier otro tipo (excepto alguna notificaci&#243;n exigida por ley) al Deudor Prendario, al Emisor o a cualquier otra Persona (por el presente se renuncia al derecho a recibir esas intimaciones, presentaciones, protestos, avisos o notificaciones), podr&#225;, de conformidad con las disposiciones del Acuerdo de Garant&#237;a:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(ii) conservar todos y cada uno de los dividendos, intereses y otras distribuciones pagadas a partir de ese momento respecto de las Acciones Prendadas y entregarlos a las Partes Garantizadas o a la persona designada por ellas para que sean aplicados a la cancelaci&#243;n de las Obligaciones Garantizadas de conformidad con las disposiciones de los Documentos del Pr&#233;stamo;</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(A) en una bolsa o mercado extraburs&#225;til mediante un corredor o cualquier otro procedimiento permitido (incluidas subastas);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(B) en un remate de conformidad con el art&#237;culo 585 del C&#243;digo de Comercio anunciado por el Agente de la Garant&#237;a con 10 (diez) d&#237;as corridos de anticipaci&#243;n, mediante una publicaci&#243;n durante 5 (cinco) d&#237;as en uno o m&#225;s de los siguientes diarios: Clar&#237;n, La Naci&#243;n y &#193;mbito Financiero (o en cualquier otro diario habilitado por la ley aplicable para esa publicaci&#243;n). El precio base no podr&#225; ser inferior al Monto a Pagar que no haya sido cancelado mediante la aplicaci&#243;n del Producido de conformidad con las disposiciones del art&#237;culo 7 (a) (i) del presente, m&#225;s los costos, gastos, comisiones, impuestos y honorarios relacionados con el remate y venta de la Garant&#237;a en Argentina (el &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Precio Base</font>&#8221;). El precio se pagar&#225; en efectivo. En caso de que en el remate no se reciban ofertas iguales o superiores al Precio Base, se pasar&#225; a cuarto intermedio por 10 (diez) d&#237;as y en la reanudaci&#243;n del remate el precio base no ser&#225; inferior al cincuenta por ciento (50%) del Precio Base. En caso de que en este remate no se reciban ofertas iguales o superiores al cincuenta por ciento (50%) del Precio Base, se pasar&#225; a cuarto intermedio por 10 (diez) d&#237;as y, en la reanudaci&#243;n del remate, no habr&#225; un precio base.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(C) en una venta privada, en efectivo, a cr&#233;dito o para entrega futura, o de cualquier otra forma permitida por la ley aplicable. Las ventas en operaciones negociadas en forma privada quedan expresamente autorizadas por el presente por el Deudor Prendario y podr&#225;n realizarse al precio negociado de buena fe por el Agente de la Garant&#237;a. El Agente de la Garant&#237;a queda autorizado, en relaci&#243;n con esa venta, a hacer lo siguiente si cree que es conveniente:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 144pt"></font>(1) restringir los posibles oferentes por las Acciones Prendadas o los posibles compradores de ellas a una cantidad limitada de inversores;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 144pt"></font>(3) realizar esas ventas durante un plazo que no podr&#225; superar los 6 (seis) meses en un lote &#250;nico o en parcelas separadas, seg&#250;n lo determine el Agente de la Garant&#237;a a efectos de evitar alteraciones en el precio de las Acciones Prendadas; o</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(iv) adquirir la Garant&#237;a en Argentina para beneficio de las Partes Garantizadas de conformidad con las disposiciones del art&#237;culo 3223 del C&#243;digo Civil.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) El Deudor Prendario acepta por el presente que el Agente de la Garant&#237;a no tendr&#225; responsabilidad alguna ante el Deudor Prendario por los precios obtenidos en caso de ejecuci&#243;n de las Acciones Prendadas, siempre que la ejecuci&#243;n se realice de una forma comercialmente razonable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos &#8211; Facultades del Agente de la Garant&#237;a</font>. El Agente de la Garant&#237;a podr&#225;, sin necesidad de cursar notificaci&#243;n o realizar publicaci&#243;n alguna, pasar a un cuarto intermedio en cualquier subasta o remate p&#250;blico o privado de conformidad con el art&#237;culo 585 del C&#243;digo de Comercio o hacer que se pase a cuarto intermedio mediante un anuncio realizado en el lugar y a la hora fijados para la subasta o remate, y esa subasta o remate podr&#225;n realizarse en cualquier lugar y hora fijados para la reanudaci&#243;n de la subasta o remate. En caso de una venta de todas o parte de las Acciones Prendadas a cr&#233;dito o para entrega futura, las Acciones Prendadas vendidas podr&#225;n ser retenidas por el Agente de la Garant&#237;a hasta que el precio fijado para las Acciones Prendadas vendidas sea pagado por el comprador, y el Agente de la Garant&#237;a no tendr&#225; responsabilidad alguna en caso de que el comprador no adquiera la titularidad y pague las Acciones Prendadas vendidas y, en caso de que eso suceda, las Acciones Prendadas podr&#225;n ser vendidas nuevamente mediante la misma notificaci&#243;n.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos &#8211; Transferencia de la Garant&#237;a en Argentina</font>. Contra el pago del precio de compra de las Acciones Prendadas por parte del comprador o compradores, el Deudor Prendario (o el Agente de la Garant&#237;a en su nombre de conformidad con el poder otorgado en el art&#237;culo 9 del presente) transferir&#225; las Acciones Prendadas a ese comprador o a esos compradores, y el Deudor Prendario por el presente se obliga a notificar al Emisor y al Encargado de Registro para que registren los asientos correspondientes en el Libro del Encargado de Registro y a realizar todos los actos y/o procedimientos necesarios y todas las presentaciones ante las autoridades del gobierno argentino que, seg&#250;n la opini&#243;n razonable del Agente de la Garant&#237;a, sean necesarios para perfeccionar la ejecuci&#243;n y transferencia de las Acciones Prendadas.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(e) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos</font>. En caso de que las leyes argentinas exigiesen alg&#250;n tipo de notificaci&#243;n de una venta u otro acto de disposici&#243;n propuesto de la Garant&#237;a en Argentina, se considerar&#225; que esa notificaci&#243;n es razonable y fehaciente si es otorgada al menos con 10 (diez) d&#237;as de antelaci&#243;n respecto de la venta u otro acto de disposici&#243;n. Todas las renuncias de derechos del Deudor Prendario (incluyendos el derecho a ser notificado) y todos los derechos y recursos otorgados al Agente de la Garant&#237;a y a las Partes Garantizadas en el presente, y todas las otras disposiciones de este Contrato, quedan regidos por las disposiciones de orden p&#250;blico aplicables de cualquier ley que limite o condicione (incluso aquellas condiciones relacionadas con la razonabilidad) esas renuncias o la vigencia de ellas, o los derechos y recursos. Cualquier venta u otro acto de disposici&#243;n de la Garant&#237;a en Argentina y su posesi&#243;n por parte del Agente de la Garant&#237;a deber&#225;n cumplir con las disposiciones de las leyes aplicables.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(f) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos &#8211; Otras declaraciones</font>. El Deudor Prendario se compromete tambi&#233;n a utilizar sus esfuerzos razonables para realizar o hacer que se realicen todos los otros actos que sean necesarios para facilitar esa venta o ventas de todo o parte de la Garant&#237;a en Argentina, y a hacer que esa venta o esas ventas, de conformidad con el Art&#237;culo 7, sean v&#225;lidas y vinculantes y se ajusten a todos los requisitos aplicables establecidos en las leyes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(g) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos &#8211; Obligaci&#243;n adicional.</font> El Deudor Prendario se compromete a firmar y entregar, o a instruir al Emisor para que firme y entregue, los documentos, y a realizar, o instruir al Emisor para que realice, los actos que el Agente de la Garant&#237;a considere razonablemente necesarios o aconsejables a fin de que esa venta se ajuste a lo establecido por ley.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(h) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> &#8211; Aplicaci&#243;n del Producido</font>. Una vez que se haya consumado la venta, el producido se transferir&#225; a la Cuenta del Agente Administrativo de conformidad con el art&#237;culo 4.09 del Acuerdo de Garant&#237;a.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Si el producido de la venta fuese mayor que el Monto a Pagar, el Agente de la Garant&#237;a entregar&#225; un monto igual al Monto a Pagar a las Partes Garantizadas para que sea aplicado a la cancelaci&#243;n del Monto a Pagar, y depositar&#225; el saldo en la cuenta indicada por escrito por el Deudor Prendario. Sin embargo, el Deudor Prendario no tendr&#225; derecho alguno a recibir esos montos si las Obligaciones Garantizadas adeudadas al Agente de la Garant&#237;a y las Partes Garantizadas no han sido canceladas en su totalidad.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(i) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Recursos &#8211; Facultades de las Partes Garantizadas</font>. Las Partes Garantizadas pueden participar como oferente de la subasta o remate p&#250;blico o privado para la venta de la Garant&#237;a en Argentina. En ese caso, las Partes Garantizadas estar&#225;n facultadas para compensar el monto adeudado en virtud de las Obligaciones Garantizadas con el Monto a Pagar.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 8. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Posibilidad de acumular derechos</font>. Los derechos, las facultades y los recursos de cada una de las partes en virtud de este Contrato se sumar&#225;n a todos los derechos, facultades y recursos otorgados a cada parte en los Documentos del Pr&#233;stamo u otros acuerdos de garant&#237;a y en las leyes. Todos esos derechos, facultades y recursos podr&#225;n acumularse y ejercerse en forma sucesiva o simult&#225;nea sin afectar la Prenda de ninguna de las partes en la Garant&#237;a en Argentina.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 9. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Nombramiento del Agente de la Garant&#237;a como apoderado del Deudor Prendario; Poder sumado a un inter&#233;s de apoderado en el asunto</font>. (a) El Deudor Prendario por el presente nombra al Agente de la Garant&#237;a como su apoderado, con plenas facultades para actuar en nombre y representaci&#243;n del Deudor Prendario, a efectos de que, oportunamente y a su entera discreci&#243;n, el Agente de la Garant&#237;a realice los actos y firme los documentos que el Agente de la Garant&#237;a considere necesarios o aconsejables para cumplir con el objeto de este Contrato (sujeto a los derechos del Deudor Prendario en virtud del Art&#237;culo 5 del presente), incluidos, entre otros, percibir, endosar y cobrar todos los instrumentos pagaderos al Deudor Prendario que representen cualquier dividendo u otra distribuci&#243;n respecto de la Garant&#237;a en Argentina o cualquier parte de ella, y otorgar los recibos correspondientes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) Todas las autorizaciones y facultades incluidas en el presente con respecto a la Garant&#237;a en Argentina son irrevocables y acarrean un inter&#233;s del apoderado en el asunto en tanto permanezca pendiente de cumplimiento alguna obligaci&#243;n en virtud de las Obligaciones Garantizadas.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) Si el Deudor Prendario no cumpliese alguno de los acuerdos incluidos en el presente, el Agente de la Garant&#237;a puede cumplir, en forma directa o indirecta, ese acuerdo y los gastos del Agente de la Garant&#237;a incurridos en relaci&#243;n con ello deber&#225;n ser afrontados por el Deudor Prendario en virtud del Art&#237;culo 4 (e) del presente.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ART&#205;CULO 10. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Renuncia o remoci&#243;n del Agente de la Garant&#237;a</font>. Derechos y obligaciones del Agente de Garant&#237;a. El Agente de la Garant&#237;a puede renunciar o ser removido de su cargo de conformidad con lo dispuesto en los Documentos del Pr&#233;stamo, y actuar&#225; de conformidad con los t&#233;rminos del presente.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 11. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Extinci&#243;n y cancelaci&#243;n</font>. Cuando las Obligaciones Garantizadas hayan sido pagadas en su totalidad, se extinguir&#225; este Contrato y el Agente de la Garant&#237;a liberar&#225; y cancelar&#225; la prenda creada mediante el presente. El Agente de la Garant&#237;a, a pedido del Deudor Prendario y con cargo al Deudor Prendario, entregar&#225; en forma inmediata al Deudor Prendario todos los documentos razonablemente necesarios para probar esa cancelaci&#243;n.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Se considerar&#225; que el Agente de la Garant&#237;a ha cancelado autom&#225;ticamente (sin necesidad de ning&#250;n acto de parte del Deudor o cualquier otra persona) la prenda sobre la Garant&#237;a en Argentina respecto de la Garant&#237;a de conformidad con el apartado (x) de la Cl&#225;usula 5.10(a) del Contrato de Cr&#233;dito.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 12. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Divisibilidad</font>. Cualquier disposici&#243;n de este Contrato que estuviera prohibida o fuera inexigible en alguna jurisdicci&#243;n ser&#225;, respecto de esa jurisdicci&#243;n, ineficaz en la medida de esa prohibici&#243;n o inexigibilidad, sin invalidar el resto de las disposiciones del presente, y esa prohibici&#243;n o exigibilidad en alguna jurisdicci&#243;n no invalidar&#225; o tornar&#225; inexigible esa disposici&#243;n en otras jurisdicciones. Cuando pueda renunciarse a las disposiciones de cualquier ley o reglamentaci&#243;n que dispongan esa prohibici&#243;n o inexigibilidad, el Deudor Prendario y el Agente de la Garant&#237;a renuncian por el presente a ellas hasta el m&#225;ximo permitido por ley para que este Contrato sea considerado un contrato v&#225;lido y vinculante y el derecho de garant&#237;a creado por el presente constituya una prenda en primer grado sobre la Garant&#237;a en Argentina, en todos los casos exigible de conformidad con sus t&#233;rminos.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 14. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Ausencia de renuncias</font>. Las demoras o renuncias del Agente de la Garant&#237;a respecto del ejercicio de cualquier facultad o derecho en virtud del presente no significar&#225;n una renuncia a ellos, y ning&#250;n ejercicio individual o parcial de una facultad o derecho dejar&#225; sin efecto la posibilidad de volver a ejercerlo nuevamente o en su totalidad o la posibilidad de ejercer cualquier otro derecho o facultad.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 15. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Modificaciones</font>. Podr&#225; renunciarse a los t&#233;rminos de este Contrato o podr&#225;n modificarse los t&#233;rminos de este Contrato s&#243;lo mediante un instrumento por escrito debidamente firmado por el Deudor Prendario y el Agente de la Garant&#237;a (con el consentimiento de los Prestamistas seg&#250;n se especifica en el Art&#237;culo 9.02 del Contrato de Cr&#233;dito). La renuncia o modificaci&#243;n ser&#225; vinculante para las Partes Garantizadas y el Deudor Prendario.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 16. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Notificaciones</font>. Para que sean v&#225;lidas, todas las notificaciones, pedidos e intimaciones a las partes del presente se cursar&#225;n por escrito y, a menos que se establezca expresamente otra cosa en el presente, se considerar&#225; que han sido debidamente cursadas o realizadas cuando sean entregadas en las direcciones indicadas en la p&#225;gina de firmas del presente mediante carta documento, a trav&#233;s de un escribano p&#250;blico o mediante correo certificado, a los siguientes domicilios:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii) al Agente de la Garant&#237;a: [_________]</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 17. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Facultades del Agente de la Garant&#237;a</font>. El Deudor Prendario reconoce que los derechos y las responsabilidades del Agente de la Garant&#237;a en virtud de este Contrato con respecto a cualquier acto realizado por el Agente de la Garant&#237;a o el ejercicio o falta de ejercicio por parte del Agente de la Garant&#237;a de cualquier opci&#243;n, derecho de voto, pedido, criterio o cualquier otro derecho o recurso establecido en el presente o que resulte o surja de este Contrato se regir&#225;, entre el Agente de la Garant&#237;a y las Partes Garantizadas, por los acuerdos respecto de ellos que pudieran existir oportunamente entre ellos, pero, entre el Agente de la Garant&#237;a y el Deudor Prendario, se presumir&#225; de forma concluyente que el Agente de la Garant&#237;a act&#250;a para beneficio de las Partes Garantizadas con facultades v&#225;lidas y suficientes para actuar o no actuar, y el Deudor Prendario no tendr&#225; obligaci&#243;n o facultad alguna de realizar averiguaciones respecto de esa facturad.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 18. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Integraci&#243;n</font>. Excepto por las disposiciones de los Documentos del Pr&#233;stamo, este Contrato representa el acuerdo entre el Deudor Prendario y el Agente de la Garant&#237;a para beneficio de las Partes Garantizadas respecto del objeto del presente y no existen en los Documentos del Pr&#233;stamo promesas, compromisos, declaraciones o garant&#237;as del Agente de la Garant&#237;a o de alguna de las Partes Garantizadas en relaci&#243;n con el objeto del presente que no est&#233;n expresamente establecidas o mencionadas en el presente.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 20. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Inexistencia de deberes del Agente de Garant&#237;a</font>. La facultades otorgadas al Agente de la Garant&#237;a en virtud del presente han sido otorgadas s&#243;lo a los fines de proteger los derechos del Agente de la Garant&#237;a en la Garant&#237;a en Argentina y no impondr&#225;n deber alguno al Agente de la Garant&#237;a de ejercer esas facultades. El Agente de la Garant&#237;a ser&#225; responsable s&#243;lo por los montos que reciba realmente como resultado del ejercicio de esas facultades, y ni el Agente de la Garant&#237;a ni ninguno de sus accionistas, funcionarios, directores, empleados o agentes ser&#225;n responsables ante el Deudor Prendario por actos u omisiones en virtud del presente, excepto en caso de su propia culpa grave o dolo, y espec&#237;ficamente se exime de cualquier responsabilidad por negligencia.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 21. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sucesores</font>. Sin perjuicio de lo establecido en el Contrato de Cr&#233;dito, este Contrato redundar&#225; en beneficio de las partes del presente y sus respectivos sucesores y cesionarios permitidos, y ser&#225; exigible por ellos, y ninguna otra persona tendr&#225; derecho a los beneficios de este Contrato. El Deudor Prendario no podr&#225; ceder sus derechos u obligaciones en virtud del presente sin el consentimiento expreso, otorgado por escrito, del Agente de Garant&#237;a.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 22. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Agentes y apoderados</font>. El Agente de la Garant&#237;a podr&#225; utilizar agentes y apoderados en relaci&#243;n con el presente y no ser&#225; responsable por la negligencia o mala conducta de ellos en caso de que hubieran sido seleccionados de buena fe.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ART&#205;CULO 23. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Jurisdicci&#243;n. Renuncias</font>. El Deudor Prendario, en forma irrevocable e incondicional (hasta el m&#225;ximo permitido por ley):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>EN PRUEBA DE CONFORMIDAD, se otorgan tres ejemplares de este Contrato en la fecha que se indica al inicio.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;PETERSEN ENERG&#205;A, S.A.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Representada por_________________________</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Nombre:</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Cargo:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;HSBC BANK PLC,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;como Agente de la Garant&#237;a</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Representada por_________________________</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Nombre:</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Cargo:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Emisor</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"># de acciones</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">American Depositary Shares</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Bank of New York</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[__________]</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Petersen Energ&#237;a, S.A.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[__________]</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Bank of New York</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[__________]</font></div>
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<DOCUMENT>
<TYPE>EX-99.42
<SEQUENCE>6
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<head>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energ&#237;a Inversora, S.A.U.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c/o Vel&#225;zquez 9, Planta 1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">28006 Madrid</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile:&#160;&#160;+ 54 11 5 555 0162</font></div>

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, Piso 1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">C1010AAP, Buenos Aires</font></div>

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

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Bank of New York Mellon</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">101 Barclay Street 4E</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New York, NY&#160;&#160;10286</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile:&#160;&#160;+1 (212) 815-5390</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With a copy to (which shall not constitute notice):</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Emmet, Marvin &amp; Martin, LLP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">120 Broadway 32nd Floor</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New York, NY&#160;&#160;10271</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile:&#160;&#160;&#160;+1 (212) 238-3100</font></div>

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Madrid, May 30, 2012</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Re:&#160;&#160;Pledge and Security Agreement dated as of May 19, 2011 (&#8220;the Pledge Agreement&#8221;) between Petersen Energ</font>&#237;<font style="DISPLAY: inline; FONT-WEIGHT: bold">a Inversora, S.A.O (&#8220;PEISA&#8221;) and The Bank of New York Mellon (&#8220;BoNY&#8221;).</font></font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Pledge Agreement.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In particular, reference is made to section 4.04(b) and section 4.05(a) of the Pledge Agreement.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unless otherwise defined in this letter, defined terms used in this letter shall have the meaning assigned to them in the Pledge Agreement.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the terms of the Seller Credit Agreement, on May 30, 2012, Seller notified PEISA the occurrence of certain Events of Default and the acceleration of the Seller Credit Agreement.</font></div>

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

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By this letter, we request your confirmation in respect to the following facts (i) pursuant to section 4.04(b) of the Pledge Agreement, PE1SA ceased to be entitled to exercise the voting, consensual and other powers of ownership pertaining to the Pledged Shares as of the occurrence of the Events of Default; and (ii) pursuant to section 4.05(a) of the Pledge Agreement, BoNY has the right to exercise the voting, consensual and other powers of ownership pertaining to the Pledged Shares pursuant to the instructions provided by the Seller.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Should you agree with the facts set out above, please sign the enclosed copy of this letter acknowledging and accepting them and return it to us.</font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/ Miguel Martinez San Mart&#237;n&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Miguel Martinez San Mart&#237;n</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Repsol YPF, S.A.</font></div>

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

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

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/&#160; Mauro Dacomo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Petersen Energia lnversora, S.A.U.</font></div>

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

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

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
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<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Chief Financial Officer and Affiliated Companies</font></font></font></div>
</div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Petersen Energia, S.A.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cerrito 740, Piso 1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(C1010AAP) Buenos Aires Argentina</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile:&#160;&#160;+ 54 11 45 555 0162</font></div>

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

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

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">101 Barclay Street 4E</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New York, NY&#160;&#160;10286</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile:&#160;&#160;+1 (212) 815-5802</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Madrid, May 30, 2012</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Re&#160;&#160;Pledge and Security Agreement dated as of February 21, 2008 (&#8220;the Pledge Agreement&#8221;) between Petersen Energia, SA (&#8220;PESA&#8221;) and The Bank of New York (&#8220;BoNY&#8221;).</font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reference is made to the Pledge Agreement.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In particular, reference is made to section 4.04(b) and section 4.05(a) of the Pledge Agreement.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unless otherwise defined in this letter, defined terms used in this letter shall have the meaning assigned to them in the Pledge Agreement.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the terms of the Seller Credit Agreement, on May 30, 2012, Seller notified PESA the occurrence of certain Events of Default and the acceleration of the Seller Credit Agreement.</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By this letter, we request your confirmation in respect to the following facts (i) pursuant to section 4.04(b) of the Pledge Agreement, PESA ceased to be entitled to exercise the voting, consensual and other powers of ownership pertaining to the Pledged Shares as of the occurrence of the Events of Default; and (ii) pursuant to section 4.05(a) of the Pledge Agreement, BoNY has the right to exercise the voting, consensual and other powers of ownership pertaining to the Pledged Shares pursuant to the instructions provided by the Seller.</font></div>

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</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Should you agree with the facts set out above, please sign the enclosed copy of this letter acknowledging and accepting them and return it to us.</font></div>

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

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

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/ Miguel Martinez San Mart&#237;n&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Miguel Martinez San Mart&#237;n</font></font></div>

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

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

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

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