<SEC-DOCUMENT>0000893838-17-000041.txt : 20170509
<SEC-HEADER>0000893838-17-000041.hdr.sgml : 20170509
<ACCEPTANCE-DATETIME>20170509163352
ACCESSION NUMBER:		0000893838-17-000041
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170509
FILED AS OF DATE:		20170509
DATE AS OF CHANGE:		20170509

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		17826969

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

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ypf6k05092017.htm
<DESCRIPTION>LETTER DATED MAY 9, 2017
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">FORM 6-K</div>

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

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Washington, D.C. 20549</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Report of Foreign Issuer</div>

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

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pursuant to Rule 13a-16 or 15d-16 of</div>

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

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

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">For the month of May, 2017</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Commission File Number: 001-12102</div>

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

<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;<font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; DISPLAY: inline">YPF Sociedad An&#243;nima</font></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Exact name of registrant as specified in its charter)</div>

<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;<font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; DISPLAY: inline">Macacha G&#252;emes 515</font></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">C1106BKK Buenos Aires, Argentina</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Address of principal executive office)</div>

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

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark whether the registrant files or will file</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">annual reports under cover of Form 20-F or Form 40-F:</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: arial; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Form 20-F</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">in paper as permitted by Regulation S-T Rule 101(b)(1):</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">in paper as permitted by Regulation S-T Rule 101(b)(7):</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: arial; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Yes</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1&#160;&#160;&#160; Translation of letter to the Buenos Aires Stock Exchange dated May 9, 2017</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Autonomous City of Buenos Aires, May 9, 2017</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">To the</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: normal; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">Re</font>:&#160; Financial Statements as of 03/31/2017</div>
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<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify">In order to fulfill the requirements of Article No. 63 of the Merval Listing Regulations, we advise you that the Company's Board of Directors approved, at its meeting held on May 9, 2017, the condensed interim financial statements for the three-month period ended March 31, 2017. Relevant information of such condensed consolidated interim financial statements of YPF S.A. follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
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<font style="FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"> </font><font style="FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">Statement of income</font><font style="FONT-WEIGHT: bold; DISPLAY: inline">&#160;<font style="FONT-WEIGHT: normal">(1) </font></font>(in millions of pesos)</font></div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table id="38b88e09d4244c148743f73675f1aaea" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 67%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 23px">
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 64%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Attributable to shareholders of the Company</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 6.33%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 11.75%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">25</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; PADDING-BOTTOM: 2px; FONT-STYLE: normal; WIDTH: 64%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Attributable to minority interests</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; PADDING-BOTTOM: 2px; FONT-STYLE: normal; TEXT-ALIGN: right; WIDTH: 6.33%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; BORDER-BOTTOM: black 2px solid; FONT-STYLE: normal; TEXT-ALIGN: right; WIDTH: 11.75%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">167</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; PADDING-BOTTOM: 4px; FONT-STYLE: normal; WIDTH: 64%" valign="top">
<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.8pt; TEXT-INDENT: 0pt">Total net income for the period</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; PADDING-BOTTOM: 4px; FONT-STYLE: normal; WIDTH: 6.33%" valign="top" align="right"></td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; BORDER-BOTTOM: black 4px double; FONT-STYLE: normal; WIDTH: 11.75%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">192</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">2) </font><font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">Other comprehensive income</font><font style="FONT-WEIGHT: bold; DISPLAY: inline"> <font style="FONT-WEIGHT: normal">(1)</font> </font>(in millions of pesos)</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table id="c0b2ac4b5e8c4928b72de5d7c443ee71" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 67%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 85.95%" valign="top">
<div style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: block; TEXT-INDENT: 0pt"></div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Attributable to shareholders of the Company</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 14.05%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(3,643)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 85.95%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Attributable to minority interests</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; BORDER-BOTTOM: black 2px solid; FONT-STYLE: normal; TEXT-ALIGN: right; WIDTH: 14.05%" valign="top">-</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 85.95%" valign="top">
<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.8pt; TEXT-INDENT: 0pt">Total other comprehensive income for the period</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; BORDER-BOTTOM: black 4px double; FONT-STYLE: normal; WIDTH: 14.05%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(3,643)</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">3) </font><font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">Comprehensive income&#160;</font><font style="FONT-WEIGHT: bold; DISPLAY: inline"> <font style="FONT-WEIGHT: normal">(1) </font></font>(in millions of pesos)</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table id="e2f2369d947e43baa7a2a05322204f09" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 67%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 85.95%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Attributable to shareholders of the Company</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 14.05%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(3,618)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 85.95%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Attributable to minority interests</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; BORDER-BOTTOM: black 2px solid; FONT-STYLE: normal; TEXT-ALIGN: right; WIDTH: 14.05%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">167</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 85.95%" valign="top">
<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.8pt; TEXT-INDENT: 0pt">Total comprehensive income for the period</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; BORDER-BOTTOM: black 4px double; FONT-STYLE: normal; WIDTH: 14.05%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(3,451)</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 8.4pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">4) </font><font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">Detail of Shareholders&#8217; equity as of 03/31/2017</font>&#160;(1) (in millions of pesos)</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: Times New Roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Shareholders&#8217; contributions:</div>

<div>
<table id="e66ac5f2f2df4b8b93ceb2727af0d1c1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 67%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 70.75%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">&#160;Subscribed capital</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">3,923</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">&#160;</td>
</tr>

<tr style="HEIGHT: 116px">
<td style="WIDTH: 70.75%" valign="top">
<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">&#160;Adjustment to contributions</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">&#160;Shares in treasury</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">&#160;Adjustment to shares in treasury</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">&#160;Stock compensation plan</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">&#160;Acquisition cost of treasury shares</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">&#160;Share trading premium</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">
<div style="TEXT-ALIGN: right">6,085</div>

<div>
<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">10</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">16</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">86</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(151)</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(180)</div>
</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="WIDTH: 9%" valign="top" align="right">
<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</td>
<td style="WIDTH: 9%" valign="top" align="right">&#160;</td>
</tr>

<tr style="TEXT-ALIGN: left">
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; PADDING-BOTTOM: 2px; FONT-STYLE: normal; WIDTH: 70.75%" valign="top">&#160;Issuance premiums</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;640</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; PADDING-BOTTOM: 2px; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; PADDING-BOTTOM: 2px; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; PADDING-BOTTOM: 2px; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="ee19cca04a0943c4ab779b09bc1baf5a" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 67%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 20px">
<td valign="top">&#160;</td>
<td style="WIDTH: 70.75%" valign="top">
<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt"></div>

<div style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Total shareholders&#8217;contributions</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top"></td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">10,429</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 70.75%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Legal reserve</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top"></td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">2,007</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 70.75%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Reserve for future dividends</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top"></td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">5</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">&#160;</td>
</tr>

<tr style="HEIGHT: 21px">
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 70.75%" valign="top">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Reserve for future investments</div>
</td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top"></td>
<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">24,904</div>
</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; FONT-STYLE: normal" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; WIDTH: 70.75%" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Reserve for repurchase of own shares</div>
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<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
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<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">490</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Special reserve for initial setting IFRS</div>
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<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
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<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">3,648</div>
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<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">101,886</div>
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<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(28,206)</div>
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<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">115,163</div>
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<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Minority interests</div>
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<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
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<div style="FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">73</div>
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<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 26.1pt; TEXT-INDENT: 0pt">Total Shareholders&#8217; equity</div>
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<td style="FONT-SIZE: small; FONT-FAMILY: times new roman; FONT-VARIANT: normal; PADDING-BOTTOM: 4px; FONT-STYLE: normal; WIDTH: 5.63%" valign="top">&#160;</td>
<td style="FONT-SIZE: small; FONT-VARIANT: normal; BORDER-BOTTOM: black 4px double; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">
<div style="FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">115,236</div>
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<td style="FONT-SIZE: small; FONT-VARIANT: normal; PADDING-BOTTOM: 4px; FONT-STYLE: normal; WIDTH: 9%" valign="top" align="right">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -35.45pt; TEXT-INDENT: 0pt">&#160;</div>

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</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(1) Amounts in accordance with IFRS</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><br>
<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: justify"><u>Subsection o)-Shares owned by the parent group:</u></div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify">As of March 31, 2017, the number of shares belonging to the controlling shareholder of the Company amounted to 200,593,289 shares, which include 200,589,525 class D shares and 3,764 class A shares.</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: justify"><u>Subsection p)-Shares with rights to securities representing debt convertible into shares and/or purchase options over company shares, corresponding to ownership of the shareholder or parent group:</u></div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify">None.</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: justify"><u>Subsection q) Parent shareholder of the company:</u></div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal"><br>
</div>

<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify">Federal Government - Ministry of Energy and Mining, with legal domicile at Hip&#243;lito Yrigoyen 250, Autonomous City of Buenos Aires.</div>
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<div style="FONT-SIZE: small; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Yours faithfully,</div>
</div>

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</div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diego Cela&#225;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Market Relations Officer</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">YPF S.A.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: left"></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURE</div>

<div style="TEXT-ALIGN: center">&#160;</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt">&#160;</div>

<div style="FONT-SIZE: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 27pt"></div>

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<td style="FONT-SIZE: 12pt; WIDTH: 9%" valign="middle" align="left">&#160;</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date: May 9, 2017</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By:</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/<font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">s/ <font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; DISPLAY: inline">Diego Cela&#225;</font></font></div>
</td>
<td style="FONT-SIZE: 12pt; PADDING-BOTTOM: 2px; WIDTH: 9%" valign="middle" align="left">&#160;</td>
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<tr>
<td style="FONT-SIZE: 12pt; WIDTH: 50%" valign="middle" align="left">&#160;</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diego Cela&#225;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Market Relations Officer</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
