----

| a)   | To accomplish      its purpose, the Corporation may carry out any kind of legal act or      transaction, including those of a financial nature but excluding      intermediation, which are incidental to its corporate purpose, or related      thereto, since for the purpose of fulfilling its purpose, the Corporation      has full legal capacity to acquire rights, undertake obligations, and      exercise any act not prohibited by the laws or these    By-laws. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           |                                     |
|----------------|------------------------------------------|
| b)   | In particular,      the Corporation may: |

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i)   | Purchase or      otherwise acquire real estate, personal property, livestock, facilities      and any other class of rights, titles, shares or securities, sell,      exchange, assign or dispose of them under any instrument, give them as      security and encumber them, including pledges, mortgages or any other      real-property interests and constitute ease of ways thereon, become      associated with individuals or legal persons, enter into joint ventures      and business collaborationagreements. |

|             |                                                                                                                                                                                                                                                                                                                                                                                                     |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)   | Enter into any      kind of agreement and undertake obligations, even loans or other      liabilities, with official or private banks, whether national or foreign,      international credit institutions and/or organizations of any other      nature, accept and grant consignments, commissions and/or agency      agreements and grant commercial credits related to its business      activities. |

|              |                                                                                                                                                                                                         |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iii)   | Issue, in the      country or abroad, debentures, corporate bonds, and other debt securities      in any currency with or without a security interest, whether special or      floating, convertible or not. |

----

|  | a) | Amount of      capital stock: The capital stock is fixed in the amount of THREE THOUSAND      NINE HUNDRED THIRTY-THREE MILLION ONE HUNDRED AND TWENTY-SEVEN THOUSAND      NINE HUNDRED AND THIRTY ($ 3,933,127,930) fully subscribed and paid in,      represented by THREE HUNDRED NINTY-THREE MILLION THREE HUNDRED AND TWELVE      THOUSAND SEVEN HUNDRED NINETY-THREE (393,312,793) book-entry shares of      common stock, of TEN PESOS ($10.00) nominal value each, entitled to one      vote per share. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| b)     | Classes of      shares of common stock: The capital stock is divided into four classes of      shares of common stock as per the following  detail: |

|  | (i) | Class A shares      of stock, only the National Government shall be the holder of class A      shares of stock. |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

|  | (ii) | Class B shares      of stock, originally destined to be acquired by holders      of  Consolidation Bonds of Gas and Oil Royalties or creditors of      the Nation on account of gas and oil royalties. Class B shares of      stock  acquired by a holder of such Bonds other than a Province      or the National Government shall become Class D shares of      stock. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | Class C shares      of stock, originally destined by the National Government to the      Corporation’s employees under the Shared Ownership Program set forth in      Act 23,696. Class C shares of stock not purchased by the Corporation’s      employees under the Shared Ownership Program shall become class A shares      of stock; and |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | Class D shares      of stock, thus converted due to the transfer of class A, B or C shares of      stock to any person in accordance with the following  rules: |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | -   | Class A shares      of stock transferred by the National Government to any person shall become      class D shares of stock, except for transfers to the  Provinces,      if previously authorized by law, in which case they shall not change their      class. |
|--|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Class B shares      of stock that the Provinces transfer to any person other than a Province      shall become class D shares ofstock. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | Class C shares      of stock that are transferred to third parties beyond the Shared Ownership      Program shall become class D shares ofstock. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Class D shares      of stock shall not change to other classes by virtue of the subscription      or acquisition thereof by the National Government, the Provinces, other      public legal entity or by the personnel participating in the Shared      Ownership Program. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c) | Class A      special rights: The affirmative vote of class A shares of stock, whatever      the percentage of capital stock that such class of shares represents,      shall be required so that the Corporation validly resolves    to: |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i)  | Determine the      merger with another or othercompanies; |
|--|-----------|-----------------------------------------------------------|

|  | (ii) | Accept that      the Corporation, through the acquisition of its shares by third parties,      shall become subject to a takeover, whether consented or hostile,      representing the holding of more than fifty percent (50 %) of the capital      stock of the Corporation; |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii)  | Transfer to      third parties all of the exploitation rights granted within the framework      of Act 17,319, its supplementary and regulatory rules, and Act 24,145, for      it to determine the full suspension of the exploration and exploitation      activities of theCorporation; |
|--|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv)  | Determine the      voluntary dissolution of theCorporation. |
|--|------------|-------------------------------------------------------------|

|  | (v) | Transfer the      corporate or fiscal domicile of the Corporation outside the Argentine      Republic. |
|--|-----|--------------------------------------------------------------------------------------------------------|

|  | d) | Preferred      shares of stock: The Corporation may issue preferred shares with or      without voting right, which shall be divided into classes A, B, C, and D.      The same rules on ownership and conversion set forth in subsection b)      above for the same class of shares of common stock shall be applied to      each class of preferred stock. When preferred shares of stock exercise      their voting right (whether temporarily or permanently), they shall do so      as members, to such effect, of the class they belong  to. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | e) | Capital      Increases: The capital may be increased up to five times its original      amount by resolution passed at the regular shareholders’ meeting, in      accordance with the provisions of section 188 of Act 19,550, such limit      being |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | ruled out if      the Corporation is authorized to make a public offering of its shares of      stock. The regular shareholders’ meeting shall establish the nature of the      shares to be issued on account of the capital increase, pursuant to the      conditions set forth in these By-laws, it being able to delegate to the      Board of Directors the power to set the time of issuance, as well as the      determination of the payment terms and conditions of the shares, being      also empowered to carry out any other delegation authorized by law. The      issuance of shares of preferred or common stock shall be carried out per      classes, respecting the proportion existing among the different classes as      of the date of issuance, without prejudice to the modifications that may      subsequently be derived from the exercise of the preemptive and accretion      rights, as provided for in section 8hereof. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | Book-entry      stocks: Shares shall not be represented by certificates. Instead, they      shall be book-entry shares and shall be recorded in accounts kept under      their holder’s names in the Corporation, commercial banks, investment      banks or securities clearing houses as authorized by the Board of      Directors. Shares of stock shall be indivisible. Should there be      co-ownership, the representation to exercise the rights or the fulfillment      of obligations shall be unified. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | Transfer of      class A or C shares: Any transfer of class A shares carried out in breach      of the provisions of the last paragraph of section 8 of Act 24,145, or of      class C shares carried out in breach of the rules of the Shared Ownership      Program or the relevant General Transfer Agreement notified by effective      means to the Corporation, shall be null and void and shall not be      acknowledged by theCorporation. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c) | Information      duty: Any person who shall, directly or indirectly, acquire by any means      or instrument, class D shares, or which upon transfer shall be converted      into class D, or securities of the Corporation of any type that may be      convertible into class D shares (including, within the meaning of the term      “securities”, but without limitation, debentures, corporate bonds, and      stock coupons), which shall grant control over more than three per cent      (3%) of the class D shares, shall notify the Corporation within five (5)      days as from the acquisition that caused such excess, and report such      circumstance to the Corporation, notwithstanding |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | the compliance      of the additional measures imposed by the applicable regulations on      capital markets for this kind of event. The information referred to above      shall also include the transaction date, the price, the number of shares      purchased and the intent of the purchaser to acquire a larger stake or to      take over control of the corporate will.  If the purchaser is      made up of a group of individuals, it shall be bound to identify the      members composing the group. The information herein provided for shall be      furnished in relation to acquisitions carried out after the one informed      first, when the limit on the amounts of class D shares indicated in the      latest information shall be exceeded again in accordance with the      provisions hereunder. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d) | Takeover: If      the terms of subsections e) and f) hereof are not complied with, it shall      be forbidden to acquire shares or securities of the Corporation, whether      directly or indirectly, by any means or instrument, (including within the      meaning of the term  “securities”, but without limitation,      debentures, corporate bonds and stock coupons) convertible into shares      when, as a consequence of such acquisition, the purchaser becomes the      holder of, or exercises the control of, class D shares of stock of the      Corporation which, in addition to his prior holdings of such class (if      any) represent, in the aggregate,  FIFTEEN PER CIENT (15%) or      more of the capital stock, or TWENTY PER CENT (20%) or more of the      outstanding class D shares of stock, if the shares that represent such      TWENTY PER CENT (20%) constitute, at the same time, less than FIFTEEN PER      CENT (15%) of the capital stock. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | e) | Requirements:      The person wishing to a Takeover (hereinafter called “the Bidder”)      shall: |
|--|----|---------------------------------------------------------------------------------------------------------------|

|  | (i)  |   Obtain      the prior consent of the special shareholders’ meeting of class A      shareholders; and |
|--|-----------|------------------------------------------------------------------------------------------------------------------------|

|  | (ii)  | Arrange a      takeover bid for the acquisition of all the shares of all classes of the      Corporation and all securities convertible into  shares. |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | f) | Takeover Bid:      Each takeover bid shall be conducted in accordance with the procedure      herein stipulated and, to the extent that applicable regulations in the      jurisdictions where the takeover bid takes place and the provisions of the      stock exchanges where the Corporation’s shares and securities are listed      impose additional or stricter requirements than the ones provided      hereunder, such additional or stricter requirements shall be complied with      in the stock exchanges or markets where they are    applicable. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i)  | The Bidder      shall notify the Corporation in writing about the takeover bid at least      fifteen business days in advance to the starting date thereof. The      Corporation shall be notified about all terms and conditions of any      agreement or memorandum of understanding that the Bidder might have      entered into or might intend to enter into with a holder of shares of the      Corporation whereby, if such agreement or memorandum of understanding were      executed, the Bidder would be in the situation described in the first      paragraph of subsection d) of this Section (hereinafter called “Prior      Agreement”). Such notice shall include the following minimum      information: |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (A)  | The Bidder’s      identification, nationality, domicile, and telephone    number; |
|--|-----------|-----------------------------------------------------------------------------------------|

|  | (B)  | If the Bidder      is made up by a group of persons, the identification and domicile of each      Bidder of the group and of the managing officer of each person or entity      making up the group; |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (C)  | The      consideration offered for the shares of stock and/or securities. If the      takeover bid is subject to the condition that a certain number of shares      be acquired, such minimum number shall be  indicated; |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (D)  | The scheduled      expiration date of the takeover bid period, whether it can be extended,      and if so, the proceduretherefor; |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | (E)  | A statement by      the Bidder indicating the exact dates before and after which the      shareholders and security holders, who subjected them for sale subject to      the takeover bid regime, shall be entitled to withdraw them, how the      shares and securities thus subjected to sale shall be accepted, and in |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | accordance to      which the withdrawal of the shares and securities from sale under the      takeover bid regime shall be carriedout; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|  | (F) | A statement      indicating that the takeover bid shall be open to all shareholders and      holders of securities convertible into shares of  stock; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (G) | Any additional      information, including the Bidder’s accounting statements, as the      Corporation may reasonably request or which may be necessary so as to      avoid the above-mentioned notice from leading to wrong conclusions or when      the information submitted is incomplete or  insufficient. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii)  | The Board of      Directors shall call special meeting of class A shares of stock, by any      effective means, to be held ten business days following the receipt by the      Corporation of the notice indicated under paragraph (i), for the purpose      of considering the approval of the takeover bid, and it shall submit to      such meeting its recommendation in that regard. If the meeting is not held      despite the call, or if it is held but the takeover bid is rejected, the      latter shall not be carried out, nor shall the Prior Agreement, if any, be      executed. |
|--|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii)  | The      Corporation shall send by mail to each shareholder or holder of securities      convertible into stock, at the Bidder’s cost and expense, and with      reasonable due diligence, a copy of the notice delivered to the      Corporation in accordance with the provisions of paragraph (i). The Bidder      shall make an advance payment to Corporation of the funds required for      such purpose. |
|--|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | The Bidder      shall send by mail or otherwise deliver, with reasonable due diligence, to      each shareholder or holder of securities convertible into stock who shall      so request, a copy of the notice delivered to the Corporation and shall      publish a notice containing substantially the information stated in      paragraph (i), at least once a week, starting on the date such notice is      served on the Corporation pursuant to paragraph (i) and ending upon the      expiration date of the takeover bid. Subject to the applicable legal      provisions, this information shall be published in the business section of      the major newspapers of the Argentine Republic, in the City of New York,      U.S.A. and any other city where the shares shall be  listed. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | The      consideration for each share of stock or security convertible into stock      payable to each shareholder or security holder shall be the same, in cash, |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | and shall not      be lower than the highest of the following prices of each class D share of      stock or security convertible into a class D  share: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (A) | the highest      price per share or security paid by the Bidder, or on behalf thereof, in      relation to any acquisition of class D shares of stock or securities      convertible into class D shares of stock within the two-year period      immediately preceding the notice of Takeover, adjusted as a consequence of      any division of shares, stock dividend, subdivision or reclassification      affecting or related to class D shares of stock;  or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (B) | The highest      closing price, at the seller’s rate, during the thirty-day period      immediately preceding such notice, of a class D share of stock as quoted      by the Buenos Aires Stock Exchange, in each case as adjusted as a      consequence of any division of shares, stock dividend, subdivision or      reclassification affecting or related to class D shares of stock;      or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (C) | A price per      share equal to the market price per class D share of stock determined as      stated in paragraph (B) herein multiplied by the ratio between: (a) the      highest price per share paid by the Bidder, or on his behalf, for any      class D share of stock, in any share acquisition of this class within the      two-year term immediately preceding the notice date indicated in paragraph      (i), and (b) the market price for class D share of stock on the day      immediately preceding the first day of the two-year period in which the      Bidder acquired any type of interest or right in a class D share of stock.      In each case the price shall be adjusted taking into account the      subsequent division of shares, stock dividend, subdivision or      reclassification affecting or related to class D;  or |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (D) | The      Corporation’s net income per class D share during the last four complete      fiscal quarters immediately preceding the notice date indicated in      paragraph (i), multiplied by the higher of the following ratios: the      price/income ratio for that period for class D shares of stock (if any) or      the highest price/income ratio for the Corporation during the two-year      period immediately preceding the notice date indicated in paragraph      (i).  Such multiples shall be determined by applying the regular      method used by the financial community for computing and reporting      purposes. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (vi)  |  The      shareholders or security holders that have subjected them to the takeover      bid may withdraw them from the bid before the date established for the      expiration of such bid. |
|--|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vii) |  The      takeover bid shall be open for a minimum term of TWENTY (20) days and a      maximum term of THRITY (30) days as from the date the bid was authorized      by Comisión Nacional de Valores de Argentina (Argentine Securities      Exchange Commission). |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (viii) | The Bidder      shall acquire all shares and/or securities convertible into stock that      before the expiration date of the takeover bid are set on sale in      accordance with the regime ruling takeover bids. If the number of such      shares or securities is lower than the minimum number to which the Bidder      conditioned the takeover bid, the Bidder may withdraw  it. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ix) | If the Bidder      has not set a minimum number as a condition to the takeover bid as stated      in paragraph (i) (C) of this subsection, once this procedure has finished,      the Bidder may execute the Prior Agreement, if any, whatever the number of      shares of stock and/or securities purchased thereby under the regime      regulating takeover bids. If he has set that minimum number, the Bidder      shall execute the Prior Agreement only if the minimum number required      under the regime ruling takeover bids has been exceeded. The prior      agreement shall be executed within thirty days as from the closing of the      takeover bid, otherwise, it shall be necessary to repeat the procedure      provided for in this section to executeit. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | g) | Related      transactions: Any merger, consolidation or any other combination leading      to substantially the same effects (hereinafter called “the Related      Transaction”) comprising the Corporation or any other person (hereinafter      “the Interested Shareholder”) that has previously carried out a Takeover,      or having |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | for the      Interested Shareholder the effects, regarding the holding of class D      shares of stock, of a Takeover, shall only be performed if the      consideration to be received by each shareholder from the Corporation in      such Related Transaction is equal for all shareholders and not lower      than: |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | The      highest price per share of stock paid by or on account of such Interested      Shareholder in relation to the acquisitionof: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|  | (A) | Shares of the      class to be transferred by the shareholders in such Related Transaction      (hereinafter called “the Class”), within the two-year period immediately      preceding the first public announcement of the Related Transaction      (hereinafter called “the Announcement Date”),or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (B) | Shares of the      Class purchased by said Interested Shareholder in any      Takeover. |
|--|-----|-----------------------------------------------------------------------------------------|

|  | (ii) | The highest      closing price, at the seller’s rate, during the thirty-day period      immediately preceding the announcement date or the date of purchase of the      shares of the Class by the Interested Shareholder in any Takeover, of a      share of the Class as quoted at the Buenos Aires Stock Exchange, adjusted      by any division of shares, stock dividend, subdivision or reclassification      affecting or related to theClass. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | A price per      share equal to the market price of a share of the Class determined as      established in subsection (ii) of this section multiplied by the ratio      between: (a) the highest price per share paid by the Interested      Shareholder or on his behalf, for any share of the Class, in any      acquisition of shares of the Class within the two-year period immediately      preceding the Announcement Date, and (b) the market price per share of the      Class on the day immediately preceding the first day of the two-year      period in which the Interested Shareholder acquired any type of interest      or right in a share of the Class. In each case the price shall be adjusted      taking into account the subsequent division of shares, stock dividend,      subdivision or reclassification affecting or related to the      Class. |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (iv) | The net income      of the Corporation per each share of the Class during the last four      complete fiscal quarters immediately preceding the Announcement Date,      multiplied by the higher of the following ratios: the price / income ratio      for that period for the shares of stock of the Class (if any) or the      highest price / income for the Corporation in the two-year period      immediately preceding the Announcement Date. Such multiples shall be      determined using the regular method used by the financial community for      their computation andreporting. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h) | Breach of      Requirements: Shares of stock and securities acquired in breach of the      provisions of subsections 7 c) through 7 g), both included, of this      section, shall not grant any right to vote or collect dividends or other      distributions that the Corporation may carry out, nor shall they be      computed to determine the presence of the quorum at any of the      shareholders’ meetings of the Corporation, until such shares of stock are      sold, in the case the purchaser has obtained the direct control of YPF, or      until the purchaser loses the control of the YPF’s parent company, if the      takeover has been indirect. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | i) | Construction:      For the purposes of section 7, the term "indirectly" shall include the      purchaser’s parent companies, the companies controlled by it or that would      end up under the control thereof as a consequence of the Takeover,      Takeover Bid, Prior Agreement, or Related Transaction, as the case may be,      that would grant at the same time the control of the Corporation, the      companies submitted to the common control of the purchaser and other      persons acting jointly with the purchaser; likewise, the holdings a person      has through trusts, American Depositary Receipts (“ADR”) or other similar      mechanisms shall be included. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | General rules:      The holders of each class of common or preferred stock shall be entitled      to a preemptive right in the subscription of the shares of stock of the |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | same class to      be issued, pro rata their holdings. This right shall be exercised under      the conditions and terms established in the applicable Law and      regulations. The conditions of issuance, subscription and payment of class      C shares of stock may be more advantageous for their purchasers than the      ones provided for the rest of the shares; however, under no circumstances      shall they be more onerous. Any preemptive right holder, whatever the      class of stock originating it, may assign it to any third party, in which      case the share of stock entitled to such preemptive right shall become or      consist of a class D share ofstock. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | Accretion      Right: The accretion right shall be exercised within the same period fixed      for the preemptive right, and with respect to all classes of shares that      have not been initially subscribed.  To such      purposes: |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | Class A shares      that have not been subscribed in exercise of the preemptive right of by      the National Government shall be converted into class D shares and shall      be offered to the shareholders of such Class that have expressed their      intention to exercise their accretion right with respect to non-subscribed      class A shares; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | Class B shares      that have not been subscribed by the Provinces in exercise of their      original preemptive rights, for failure to exercise such right or due to      the assignment thereof, shall be      allocated to the Provinces having subscribed class B shares and having      expressed their intention to exercise their accretion right, and the      balance shall be converted into class D shares to be offered to class D      shareholders who have expressed their intention to exercise their      accretion right with respect to non-subscribed class B    shares; |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | Class C shares      that have been subscribed by the persons comprised in the Shared Ownership      Program in exercise of their original preemptive rights, due to failure to      do so or to assignment thereof, shall be assigned to those persons      comprised in such regime that have subscribed class C shares and have      stated their intention to exercise their accretion right, and the balance      shall be converted into class D shares to be offered to shareholders of      that class who have stated their intention to exercise their accretion      right with respect to non-subscribed class C  shares; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (iv) | Class D shares      not subscribed in exercise of the preemptive rights incidental to that      class of shares shall be assigned to the subscribers of that class who      have stated their intention to exercise their accretion    right; |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | The remaining      class D shares shall be assigned to shareholders of other classes who have      stated their intention to exercise their accretion  right. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c) | Limits: The      preemptive and accretion rights set forth in the preceding paragraphs      shall only exist provided they are required by the corporate legislation      in force at the time or that they are necessary to comply with the      applicable provisions of Acts 23,696 and24,145. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | Corporate      bonds: The Corporation may issue corporate bonds, whether convertible or      not. When it is required by law that the issuance of corporate bonds be      decided by the shareholders’ meeting, said meeting may delegate all or      some of the issuance conditions to the Board of  Directors. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | Other      securities: The Corporation may issue preferential right securities      (“bonos de      preferencia”) and other securities authorized by the applicable      law. The preferential right securities shall grant their holders the      preemptive subscription right in the event of capital increases decided in      the future and up to the amount that such securities shall allow. In the      subscription of such securities and other convertible securities, the      shareholders shall have the preemptive right under the terms and in the      cases established in section 8 of theseBy-laws. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c) | Conversion      into class D: Any convertible security issued by the Corporation shall      grant the conversion right only into class D shares of stock. Its issuance      shall be authorized at a special meeting of class D      shareholders. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | Number: The      administration and management of the Corporation shall be in the hands of      a Board of Directors composed of at least eleven (11) and not |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | more than      twenty-one (21) regular Directors, as may be decided at the Shareholders'      Meeting, who shall be appointed to serve for a term of 1 to 3 fiscal      years, as may be decided at the Shareholders Meeting in each case, and may      be reelected indefinitely, notwithstanding the provisions of subsection e)      of this section. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b)  |  Alternate      directors: Each class of shares shall appoint an equal or lower number of      alternate directors than the number of regular directors it is authorized      to appoint. Alternate directors shall fill the vacancies within their      respective class in the order of their appointment upon the occurrence of      such vacancy, whether by absence, resignation, license, incapacity,      disability or death, prior acceptance by the Board of the grounds for      substitution, should it betemporary. |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c) | Appointment:      Directors shall be appointed by the majority vote within each of the      classes of ordinary shares of stock, as indicated  below: |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | class A shall      appoint a regular and an alternate director provided there exists at least      one class A share; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------|

|  | (ii) | The      appointment of the other regular and alternate directors (which shall in      no case be lower than six regular directors and an equal or lower number      of alternate directors) shall correspond to class D. Classes B and C shall      cast their votes together with class D shares at the special meeting of      shareholders of such class called for the appointment of      Directors; |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | at Class D      special meetings of shareholders called for the appointment of directors,      directors may be elected by cumulative voting in compliance with      provisions of section 263 of Act 19,550, even when such meeting is      attended by holders of shares A, B or C as  afore-mentioned. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d) | Absence of a      class: If no shares of a given class entitled to vote in the election of      directors of a class of shares are present at a meeting held on second      call for the appointment of directors, then the directors of such class      shall be elected by the shareholders of the remaining classes voting      jointly as if they belonged to a single class, except when the absence of      shareholders shall occur at meetings of Class A, B or C shareholders, in      which case the statutory auditor elected by class A shares or jointly by      classes A, B and C, as appropriate pursuant to the |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | provisions of      section 21, subsection b), shall appoint the regular and alternate      directors of those classes that areabsent. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|  | e) |  Staggered      Appointment: Directors shall be appointed for the term decided at the      meeting as provided for in section11, subsection a), except when directors      are appointed to complete the term of office of the directors being      replaced. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | f) | Candidate      nomination: Each meeting at which directors for class D shares are to be      elected, any class D shareholder or group of shareholders holding more      than three per cent (3%) of the capital represented by class D shares, may      request that all shareholders of such class be sent a list of the      candidates to be proposed by such shareholder or group of shareholders at      the meeting of such class for the election thereof. In the case of      depositary banks having shares registered in their name, these provisions      shall apply with respect to the beneficiaries. Likewise, the board of      directors may propose candidates for the office of directors to be elected      at the shareholders’ meetings of the respective classes, whose names shall      be notified to all shareholders together with the lists proposed by the      shareholders first above-mentioned. The preceding provisions shall not      prevent any shareholder present at the meeting from proposing candidates      not included in the nominations notified by the Board. No proposal for the      election of directors for any of the classes may be made, prior to the      meeting or during the course thereof, unless the written acceptance of the      offices by the nominated candidates is presented to the      Corporation. |
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|  | g) | Manner of      election: Notwithstanding the provisions related to cumulative voting set      forth in paragraph (vi), subsection c) of this Section, class D Directors      shall be elected by voting a whole list provided no shareholder shall      object thereto; otherwise, it shall be carried out individually. The list      or person, as the case may be, shall be considered elected when it has      obtained the absolute majority vote of class D shares of stock present at      the meeting. Should no list obtain a majority vote, a new voting shall      take place in which the two lists or persons receiving the higher number      of votes shall participate, and the list or person obtaining the higher      number of votes shall be deemedelected. |
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|  | h) | Removal:      Subject to the requirements of applicable quorums, each class, by a      majority vote of the shares of the class present at the meeting, may      remove the |
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|  |   | directors      elected thereby, provided the removal has been included in the      agenda. |
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|  | a) | Non-executive      members: The duties of non-executive Board members shall be compensated      pursuant to the resolution passed annually at the regular meeting in      global terms and shall be distributed in equal parts among them, whereas      among alternate directors, such distribution shall be made pro rata the      term during which they replaced such regular members. The meeting shall      authorize the amounts that may be paid on account of such fees during the      current fiscal year, subject to the approval at the meeting at which such      fiscal year shall beconsidered. |
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|  | b) | Executive      members: The Corporation directors performing executive, technical and      administrative functions or special assignments shall receive a |
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|  |   | remuneration      for such duties or assignments which shall be in line with those      prevailing in the market, and which shall be fixed by the Board, with      abstention of the above-mentioned. Such remunerations, together with those      of the whole Board, shall be subject to the approval of the shareholders’      meeting, pursuant to the system provided for by section 261 of Act.      19,550. |
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|  | c) | General rule:      Directors’ remunerations set forth in the foregoing subsections a) and b)      shall comply with the limits provided for by section 261 of Act 19,550,      except for the case provided for in the last paragraph of such      section. |
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| (i) | Grant general      and special powers of attorney – including those having the purpose set      forth in section 1881 of the Civil Code – as well as those authorizing to      lodge criminal actions, and to revoke them.  For the purposes of      filing and answering interrogatories, acknowledge documents in court      proceedings, make statements answering charges at the preliminary      investigation proceedings or declare at administrative proceedings, the |
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|   | Board shall be      allowed to grant powers so that the Corporation be represented by a duly      appointed director, manager, or  attorney-in-fact. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Purchase,      sell, assign, grant, exchange and give and accept in gratuitous bailment      all kinds of real and personal property, business and industrial      facilities, vessels, shipping equipment and aircraft, rights, including      trade-marks and letters patent and industrial and intellectual property      rights; enter into easement agreements, either as grantor or grantee,      mortgages, ship mortgages, pledges or any other security interest and, in      general, carry out any and all acts and enter into all the contracts      deemed convenient with respect to the Corporate purpose, whether within      the country or abroad, including leases for the maximum term established      by law. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | Become      associated with individuals or legal persons, in compliance with the      legislation in force and these By-laws and enter into joint ventures or      business collaboration agreements. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) | Take all the      necessary steps before national or foreign authorities for the fulfillment      of the Corporation’s purpose. |
|------|---------------------------------------------------------------------------------------------------------------------------------------|

| (v) | Approve staff      appointments, appoint general or special managers, fix the compensation      levels and working conditions thereof, and any other action related to      staff policy, decide promotions, transfers and removals, and apply the      penalties that might be applicable. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi) | Issue, within      the country or abroad, in national or foreign currency, debentures,      corporate bonds or bonds guaranteed by a security interest, or by a      special or floating guarantee or unsecured, whether convertible or not,      pursuant to the legal applicable provisions and with the prior consent of      the pertinent shareholders meeting when legally  required. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vii) | Make court or      out-of-court settlements in all kind of matters, submit to arbitration      proceedings, file and answer all kinds of legal and administrative      complaints and assume the capacity as accuser in the competent criminal or      correctional jurisdiction, grant all kinds of bonds and extend      jurisdictions within the country or abroad, waive the right to appeal and      any applicable statutes of limitation, file or answer interrogatories in      court, make novations, grant debt reductions or grace periods and, in      general, perform all acts for which the law requires a special power of      attorney. |
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|  | (viii) | Carry out all      kinds of transactions with banks and financial institutions, including      Banco de la Nación Argentina, Banco de la Provincia de Buenos Aires, and      other official banking and financial institutions, whether private,      semi-private existing within the country or abroad. Perform transactions      and take out loans and other liabilities with official or private banks,      including those mentioned in the preceding phrase, international credit      institutions or agencies or of any other nature, individuals or legal      persons domiciled in the country orabroad. |
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| (ix) | Create,      maintain, close, restructure or transfer the offices and divisions of the      Corporation and create new regional administrations, agencies or branches      within the country or abroad; set up and accept      representations. |
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| (x) | Approve and      submit the Annual Report, Inventory, General Balance Sheet and Statement      of Income of the Corporation at the shareholders’ meeting for the      consideration thereof, proposing, on an annual basis, the allocation of      the Fiscal Year profits. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xi) | Approve the      contracting system of the Corporation, which shall ensure the      participation of bidders as well as the transparency and publicity of the      bidding process. |
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|  | (xii) | Decide, if he      shall deem it convenient and necessary, the creation of an executive      committee and other committees of the Board, determine the functions and      performance restrictions thereof within the powers granted by these      By-laws and issue the internal rules of procedure  thereof. |
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|  | (xiii) | Approve, if      applicable, the appointment of the General Manager and Assistant General      Manager, as provided for in section 18(c). |
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|  | (xiv) | Resolve all      doubts or issues derived from the application of these By-laws, for which      purpose the Board of Directors shall be vested with ample powers, all of      which shall be reported in due time at the shareholders’      meeting. |
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|  | (xv) | Issue its own      internal rules of procedure. |
|--|------|-------------------------------------------------|

|  | (xvi) | Request and      maintain the quotation, on the domestic and foreign stock and security      markets, of its shares of stock and other securities when deemed      necessary. |
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|  | (xvii) | Approve the      annual budget, expenditure and investment estimates, the necessary      borrowing levels and the annual action plan of the      Corporation. |
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|  | (xviii) | Exercise the      other powers granted by theseBy-laws. |
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|  | a) | Appointment:      The Board shall appoint a Chairman from among the members elected by Class      D shares, and it may appoint, as applicable, Vice Chairmen of the Board.      In the event of a tie, it shall be decided by the votes cast by the      Directors elected by Class D. The Chairman and Vice Chairmen of the Board      shall hold office for two (2) fiscal years, provided such term shall not      exceed their respective terms of office, and may be indefinitely reelected      under such conditions should they be elected or reelected as Directors by      Class D. The Chairman of the Board shall also serve as General Manager. He      shall be the Corporations' chief executive officer and shall be      responsible for the executive management functions. Should the Chairman of      the Board state upon his election, or subsequently thereto, that he does      not wish to serve as General Manager, he shall propose the person (who may      be a Director or not, but in the first case he shall have been elected by      Class D shareholders) who shall hold such office, subject to the Board’s      consent. The Chairman of the Board may resume at any time the position as      General Manager. The Chairman or the General Manager may propose another      person to the Board (who may be a Director or not, but in the first case      he shall have been elected by Class D) who, subject to the Board’s      approval, shall serve as Assistant General Manager. The Assistant General      Manager shall report directly to the General Manager and shall assist him      in the management of the corporate affairs as well as in other executive      functions assigned or delegated thereto by the General Manager, whom he      shall replace in case of absence or other interim    impediment. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | Vice Chairmen      of the Board: The Executive Vice Chairman of the Board shall replace the      Chairman of the Board in case of resignation, death, incapacity, |
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|  |   | disability,      removal or temporary or definite absence of the latter. In all these      cases, save in the case of temporary absence, the Board shall appoint a      new Chairman of the Board within sixty days as from the date in which the      vacancy occurred and in compliance with the provisions of subsection a) of      this section. Should there be more than one Vice Chairman, the Chairman’s      vacancy shall be filled by the Vice Chairman who has been discharging the      functions of the Executive Vice President, and in second place by the      eldest Vice Chairman. |
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|  | c) | When one of      the Vice Chairmen is appointed as General Manager or as Assistant General      Manager, he shall be called “Executive Vice Chairman”. When the Chairman      of the Board serves as General Manager, if the Vice Chairman of the Board      does not serve as Executive Vice Chairman, the latter shall only replace      the former in the position as Chairman of the  Board. |
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|  | d) | In case of a      tie vote in the approval of the General Manager’s or the Assistant General      Manager’s designation, it shall be decided by the votes cast by the      Directors elected by Class D. |
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|  | e) | For the      purposes of his activities abroad and with respect to the international      capital markets, the General Manager shall be appointed as “Chief      Executive Officer” and the Assistant General Manager shall be designated      as “Chief Operating Officer”. The General Manager and the Assistant      General Manager shall be authorized to sign all contracts, commercial      papers, public deeds and other public and private documents binding and/or      granting rights to the Corporation within the scope of the powers granted      by the Board, without detriment to the legal representation corresponding      to the Chairman of the Board and the Executive Vice Chairman of the Board,      as the case may be, and notwithstanding the other powers and delegations      of executing authority as the Board shall  decide. |
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|  | (i) | To exercise      the legal representation of the Corporation in compliance with the      provisions of section 268 of Act 19,550 and to comply with and verify the |
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|  |   | compliance of      the laws, decrees, these By-laws and the resolutions adopted by the      shareholders’ meeting, the Board and the Executive    Committee. |
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|  | (ii) | To call and      preside over all meetings of the Board of Directors, being entitled to      vote in all cases and to cast two votes in case of a  tie. |
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|  | (iii) | To serve, if      appropriate, as General Manager. |
|--|-------|----------------------------------------------------|

|  | (iv) | To execute      public and private documents in the name and on behalf of the Corporation,      without detriment to the delegation of executing authority or powers      granted by the Board thereto and to the powers which, as the case may be,      are vested in the General Manager and Assistant General      Manager. |
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|  | (v) | To perform or      order the performance of Board resolutions, without detriment to the      powers vested, as the case may be, on the General Manager and Assistant      General Manager, and notwithstanding the fact that the Board may decide to      undertake on its own behalf the performance of a resolution or functions      or powers of a particularnature. |
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|  | (vi) | To preside      over the shareholders’ meetings of the  Corporation. |
|--|------|----------------------------------------------------------------------------|

| a) | Number of      members: The supervision of the Corporation shall be in the hands of a      statutory audit committee composed of three (3) to five (five) regular      statutory auditors and three (3) to five (5) alternate statutory auditors,      as shall be decided by the shareholdersmeeting. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) | Appointment:      Class A shares shall appoint one regular and one alternate statutory      auditors, provided at last one share of such class shall exist; the      remaining regular and alternate statutory auditors shall be appointed by      Class D shares. Statutory auditors shall serve for one (1) fiscal year and      shall have the powers established in Act No. 19,550 and in the legal      regulations in force. Meetings of the Statutory Audit Committee may be      called by any of the statutory auditors. The presence of all its members      shall be necessary at such meetings and resolutions shall be adopted by a      majority vote. The dissident statutory auditor shall have the rights,      powers and duties established in Act No.19,550. |
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| c) | Compensation:      Statutory auditors’ compensation shall be fixed at shareholders’ regular      meeting within the limits provided for by the legislation in      force. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | Public notice:      Notice of shareholders’ meetings, whether regular or special, shall be      published in the Official Gazette (“Boletín Oficial”), in one of the major      newspapers in the Argentine Republic and in the reports of the stock and      securities exchange markets of the country where the shares of the company      shall be listed. Such notice shall be published during the term with the      anticipation provided for by legal provisions in force. The Board shall      order the publications to be made abroad in order to comply with the rules      and practices in force in the jurisdictions corresponding to the stock and      exchange markets where the said shares shall be  listed. |
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|  | b) | Other media:      The Board may hire the services of companies specialized in the      communication with shareholders, and may resort to other media in order to      inform them about their points of view regarding the items of the agenda      to be submitted for consideration at the shareholders’ meetings being      called. The cost of such services and publicity shall be borne by the      Corporation. |
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|  | a) | Quorum and      majorities: The applicable quorum and majorities are those provided for in      sections 243 and 244 of Act 19,550 according to the nature of the meeting,      notice and matters to be considered, exceptfor: |
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|  | (i) | quorum at      special meeting at second call, which shall be deemed validly held      whatever the number of shares entitled to vote present      thereat; |
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|  | (ii) | decisions      regarding the matters listed in subsection (c) of Section 6, which shall      require the affirmative vote of class A shares of stock cast at a Special      Meeting; |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | decisions      related to the issues listed in subsection (b) below, which shall require,      both at meetings on first and second call, a majority equivalent to 75%      (seventy-five percent) of the shares entitled to  vote. |
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|  | (iv) | decisions      regarding the issues listed in subsection (c) below, which shall require      both at first and second call a majority equivalent to 66% (sixty-six      percent) of the shares entitled tovote. |
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|  | (v) | decisions      modifying the rights of a class of shares, which shall require the consent      of such class given at specialmeeting; |
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|  | (vi) | decisions      related to the amendment of any provision of these By-laws requiring a      special majority, which shall require to such end a special majority;      and |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vii) | other cases in      which these By-laws require the voting per class or the consent of each of      the classes. |
|--|-------|------------------------------------------------------------------------------------------------------------------|

|  | b) | The decisions      requiring the special majority provided for in paragraph (iii) of the      preceding subsection, notwithstanding the consent given by at the Special      Meeting of the class which rights are being modified, are the following:      (i) the transfer of the corporate office to a foreign country; (ii) a      substantial change of the corporate purpose whereby the activity defined      in section 4 of these By-laws shall cease to be the main or principal      activity of the corporation, (iii) the approval to cancel the listing of      shares in the Buenos Aires and New York Stock Exchanges (iv) the      Corporation splitting-up into various companies, if as a result thereof at      least 25% of the assets of the Corporation are transferred to the      resulting companies, even when such percentage shall be reached by      successive splitting-ups operated in a one-year  term. |
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|  | c) | The decisions      that shall require the special majority provided for in paragraph (iv) of      the preceding subsection, notwithstanding the consent given at the Special      Meeting of Shareholders by the class of shares the rights of which are      being affected, are the following: (i) the amendment of these By-laws when      it shall imply (A) modifying the percentages set forth in paragraphs 7      (c) or 7      (d) or (B) or eliminating the requirements set forth in paragraphs      7(e)  (ii) 7 (f) (i) (F) and 7 (f) (v) of section 7 in the sense      that the public offering shall reach 100% of the shares of stock and      convertible securities, shall be payable in cash and shall not be lower      than the price resulting form the mechanisms provided therein; (ii) the      granting of guarantees in favor of the shareholders of the Corporation,      except when the guarantee and the guaranteed obligation shall have been      assumed in furtherance of the corporate purpose; (iii) the complete      suspension of all refining, commercialization and distribution activities;      and (iv) the amendment of the provisions related to the number,      nomination, election and structure of the Board of    Directors. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d) | Special      shareholders’ meetings: Special meetings of classes of shares shall follow      the quorum rules provided for regular shareholders’ meetings applied to      the total number of outstanding shares of such class. Should the general      quorum of all classes of shares be present, any number of shares of the      classes A, B and C shall constitute quorum at first and subsequent calls      for special meetings of the said classes. Should the holder of all class A      shares be the National Government, the special meeting of such class may      be replaced by a notice signed by the public officer authorized to vote      such shares. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | Date: the      fiscal year of the Corporation shall commence on January 1 of each year      and shall close on December 31 of like year. The Inventory, General      Balance Sheet and Statement of Income shall be drawn up as of that date      according to the pertinent legal regulations and technical accounting      standards. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | Modification:      The fiscal year closing date may be modified by decision passed at the      shareholders’ meeting, which shall be registered with the Public Registry      of Commerce and notified to the supervisory  authorities. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | c) | Allocation of      profits: The liquid and realized profits shall be allocated as      follows: |
|--|----|-------------------------------------------------------------------------------------------------|

|  | (i) | Five percent      (5%) up to the twenty percent of the capital stock, to the Legal Reserve      Fund; |
|--|-----|-------------------------------------------------------------------------------------------------------|

|  | (ii) | To fees      payable to the Board of Directors and statutory auditors, as the case may      be; |
|--|------|-------------------------------------------------------------------------------------------------|

|  | (iii) | To payment of      fixed dividends on preferred shares of stock, if any with such preference,      and otherwise the unpaid cumulativedividends; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | The balance,      in whole or in part, to dividends in cash to holders of shares of common      stock or to contingency Reserve Funds or carried forward to the next      fiscal year or to the purpose that the shareholder’s meeting shall      determine. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d) | Dividend      payment: Dividends shall be paid pro rata  the respective      holdings, within ninety (90) days as from the approval thereof and the      collection right shall revert to the Company upon the expiration of a      three (3) year term as from the date they were made available to the      shareholders. The shareholders’ meeting, or the Board of Directors, as the      case may be, may authorize the payment of dividends on a quarterly basis,      provided the applicable provisions are not be  infringed. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (A) | The provisions      of subsections e) and f) of Section 7 (with the sole exception of the      provisions of paragraph B of the said Section) shall apply to all      acquisitions made by the National Government, whether directly or      indirectly, by any means or instrument, of shares or securities of the      Corporation, 1) if, as a consequence of such acquisition, the National      Government becomes the owner, or exercises the control of, the shares of      the Corporation, which, in addition to the prior holdings thereof of any      class of shares, represent, in the aggregate, at least 49% of the capital      stock; or 2) if the National Government acquires at least 8% of class D      outstanding shares of stock, while withholding class A shares of stock      amounting at least to 5% of the capital stock provided for in subsection      (a) of section 6 of these By-laws upon registration thereof with the      Public Registry of Commerce. Should class A shares represent a lower      percentage than the one previously mentioned, the provisions set forth in      point 2) of this Section shall not be applicable. Instead, the general      criteria set forth in subsection d) of Section 7 shall    apply. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (B) | The purchase      offer provided for in the cases contemplated in the preceding points (1)      and (2) in A) above shall be limited to the aggregate amount of class D      shares of stock. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (C) | The penalties      provided for in subsection (h) of Section 7 shall be limited, in the case      of the National Government, to the loss of the right to vote, provided the      acquisition in breach of the provisions of Section 7 and this section has      occurred gratuitously or due to a question of fact or a question of law in      which the National Government has acted with the intention and purpose of      acquiring shares exceeding the established limits, except if, as a      consequence of such acquisition, the National Government becomes the owner      of, or exercises the control over at least 49% of the capital stock, or      over at least 50% of class D shares of stock. In all other cases, the      penalties provided for in subsection h) of Section 7 shall be applied with      no kind of limitationwhatsoever. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (D) | For the      purposes provided for in this section and in subsections e) and f) of      section 7, the term “companies” contemplated in paragraph (i) of section      7, in its relevant parts, comprises any kind of entity or organization      having a relationship with the National Government of the nature described      in the mentioned subsection. The term “securities” as used in this section      shall have |
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|  |   | the scope      provided for in subsection d) of section 7. The term “Takeover” used in      section 7 is applied to the acquisitions provided for in paragraph (A) of      this section 28. |
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