Document:

Exhibit
      4.1

     

    June
      17,
      1993

     

    YPF
      SOCIEDAD ANONIMA

     

    AND

     

    THE
      BANK
      OF NEW YORK

     

    As
      Depositary

     

    AND

     

    OWNERS
      OF
      AMERICAN DEPOSITARY RECEIPTS

     

    Deposit
      Agreement

     

    Dated
      as
      of  June 17, 1993

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      TABLE
        OF CONTENTS

      
        
          

        

      

       

      
        	 	
                Page

              
	
                Parties

              	
                1

              
	
                Recitals

              	
                1

              
	 	 
	
                ARTICLE
                  1

              
	
                Definitions

              
	 	 
	
                Section
                  1.01.  American Depositary Shares

              	
                1

              
	
                Section
                  1.02.  Commission

              	
                1

              
	
                Section
                  1.03.  Company

              	
                2

              
	
                Section
                  1.04.  Custodian

              	
                2

              
	
                Section
                  1.05.  Deposit Agreement

              	
                2

              
	
                Section
                  1.06.  Depositary; Corporate Trust
                  Office

              	
                2

              
	
                Section
                  1.07.  Deposited Securities

              	
                2

              
	
                Section
                  1.08.  Dollars; Pesos

              	
                2

              
	
                Section
                  1.09.  Foreign Registrar

              	
                2

              
	
                Section
                  1.10.  Owner

              	
                2

              
	
                Section
                  1.11.  Receipts

              	
                2

              
	
                Section
                  1.12.  Registrar

              	
                3

              
	
                Section
                  1.13.  Restricted Securities

              	
                3

              
	
                Section
                  1.14.  Securities Act of 1933

              	
                3

              
	
                Section
                  1.15.  Shares

              	
                3

              
	 	 
	
                ARTICLE
                  2

              
	
                Form
                  of Receipts, Deposit of Shares, Execution and Delivery, Transfer
                  and
                  Surrender of Receipts

              
	 	 
	
                Section
                  2.01.  Form and Transferability of
                  Receipts

              	
                3

              
	
                Section
                  2.02.  Deposit of Shares

              	
                4

              
	
                Section
                  2.03.  Execution and Delivery of
                  Receipts

              	
                5

              
	
                Section
                  2.04.  Transfer of Receipts; Combination and Split-up of
                  Receipts

              	
                6

              
	
                Section
                  2.05.  Surrender of Receipts and Withdrawal of
                  Shares

              	
                6

              
	
                Section
                  2.06.  Limitations on Execution and Delivery, Transfer and
                  Surrender of Receipts

              	
                8

              
	
                Section
                  2.07.  Lost Receipts, etc

              	
                8

              
	
                Section
                  2.08.  Cancellation and Destruction of Surrendered
                  Receipts

              	
                9

              
	
                Section
                  2.09.  Pre-Release of Receipts

              	
                9

              
	
                Section
                  2.10.  Maintenance of Records

              	
                9

              
	 	 
	
                ARTICLE
                  3

              
	
                Certain
                  Obligations of Owners of Receipts

              
	 	 
	
                Section
                  3.01.  Filing Proofs, Certificates and Other
                  Information

              	
                10

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  3.02.  Liability of Owner for Taxes

              	
                10

              
	
                Section
                  3.03.  Warranties on Deposit of Shares

              	
                10

              
	
                Section
                  3.04.  Disclosure of Interests

              	
                11

              
	 	 
	
                ARTICLE
                  4

              
	
                The
                  Deposited Securities

              
	 	 
	
                Section
                  4.01.  Cash Distributions

              	
                11

              
	
                Section
                  4.02.  Distributions Other Than Cash, Shares or
                  Rights

              	
                11

              
	
                Section
                  4.03.  Distributions in Shares

              	
                12

              
	
                Section
                  4.04.  Rights

              	
                13

              
	
                Section
                  4.05.  Conversion of Foreign Currency

              	
                14

              
	
                Section
                  4.06.  Fixing of Record Date

              	
                15

              
	
                Section
                  4.07.  Voting of Deposited Securities

              	
                16

              
	
                Section
                  4.08.  Changes Affecting
                  Deposited  Securities

              	
                17

              
	
                Section
                  4.09.  Reports

              	
                17

              
	
                Section
                  4.10.  Lists of Owners

              	
                17

              
	
                Section
                  4.11.  Withholding

              	
                18

              
	 	 
	
                ARTICLE
                  5

              
	
                The
                  Depositary, The Custodians and the Company

              
	 	 
	
                Section
                  5.01.  Maintenance of Office and Transfer Books by the
                  Depositary

              	
                18

              
	
                Section
                  5.02.  Prevention or Delay in Performance by the Depositary
                  or the Company

              	
                19

              
	
                Section
                  5.03.  Obligations of the Depositary, the Custodian and the
                  Company

              	
                20

              
	
                Section
                  5.04.  Resignation and Removal of the  Depositary:
                  Appointment of Successor Depositary

              	
                20

              
	
                Section
                  5.05.  The Custodians

              	
                21

              
	
                Section
                  5.06.  Notices and Reports

              	
                22

              
	
                Section
                  5.07.  Distribution of Additional Shares, Rights,
                  etc

              	
                22

              
	
                Section
                  5.08.  Indemnification

              	
                23

              
	
                Section
                  5.09.  Charges of Depositary

              	
                24

              
	
                Section
                  5.10.  Retention of Depositary
                  Documents

              	
                25

              
	
                Section
                  5.11.  List of Restricted Securities
                  Owners

              	
                25

              
	
                Section
                  5.12.  Dividend Reinvestment Plan

              	
                25

              
	 	 
	
                ARTICLE
                  6

              
	
                Amendment
                  and Termination

              
	 	 
	
                Section
                  6.01.  Amendment

              	
                26

              
	
                Section
                  6.02.  Termination

              	
                26

              

         

        
          
            
            

          

          
            ii

            
              

            

          

          
            
            

          

        

         

        	
                ARTICLE
                  7

              
	
                Miscellaneous

              
	 	 
	
                Section
                  7.01.  Counterparts

              	
                27

              
	
                Section
                  7.02.  No Third Party Beneficiaries

              	
                27

              
	
                Section
                  7.03.  Severability

              	
                27

              
	
                Section
                  7.04.  Holders and Owners as Parties; Binding
                  Effect

              	
                27

              
	
                Section
                  7.05.  Notices

              	
                28

              
	
                Section
                  7.06.  Governing Law

              	
                28

              
	
                Section
                  7.07.  Compliance with U.S. Securities
                  Laws

              	
                28

              
	 	 
	
                Testimonium

              	
                28

              
	
                Signatures

              	
                29

              
	
                Exhibit
                  A

              	 
	
                   Form
                  of Receipt

              	 
	 	 

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

    

    

    
      DEPOSIT
        AGREEMENT

       

      DEPOSIT
        AGREEMENT dated as of June 17, 1993 among YPF SOCIEDAD ANONIMA, a company
        incorporated under the laws of the Republic of Argentina (herein called the
        “Company”), THE BANK OF NEW YORK, a New York banking
        corporation (herein called the “Depositary”), and all Owners
        from time to time of American Depositary Receipts issued hereunder.

       

      WITNESSETH:

       

      WHEREAS,
        the Company desires to provide, as hereinafter set forth in this Deposit
        Agreement, for the deposit of Shares (as hereinafter defined) of the Company
        from time to time with the Depositary or with the Custodian (as hereinafter
        defined) as agent of the Depositary for the purposes set forth in this Deposit
        Agreement, for the creation of American Depositary Shares representing the
        Shares so deposited and for the execution and delivery of American Depositary
        Receipts evidencing the American Depositary Shares; and

       

      WHEREAS,
        the American Depositary Receipts are to be substantially in the form of Exhibit
        A annexed hereto, with appropriate insertions, modifications and omissions,
        as
        hereinafter provided in this Deposit Agreement;

       

      NOW,
        THEREFORE, in consideration of the premises, it is agreed by and between
        the
        parties hereto as follows:

       

      ARTICLE
        1

      DEFINITIONS

       

      The
        following definitions shall for all purposes, unless otherwise clearly
        indicated, apply to the respective terms used in this Deposit
        Agreement:

       

      Section
        1.01.  American Depositary Shares.  The term
“American Depositary Shares” shall mean the securities
        representing the interests in the Deposited Securities and evidenced by the
        Receipts issued hereunder. Each American Depositary Share shall represent
        1
        Share, until there shall occur a distribution upon Deposited Securities covered
        by ‎Section
        4.03 or a change in Deposited Securities covered by ‎Section
        4.08 with respect to which additional Receipts are not executed and delivered,
        and thereafter American Depositary Shares shall evidence the amount of Shares
        or
        Deposited Securities specified in such Sections.

       

      Section
        1.02.  Commission.  The term
“Commission” shall mean the Securities and Exchange Commission
        of the United States or any successor governmental agency in the United
        States.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      Section
        1.03.  Company.  The term
“Company” shall mean YPF Sociedad Anónima, incorporated under
        the laws of the Republic of Argentina, and its successors.

       

      Section
        1.04.  Custodian.  The term
“Custodian” shall mean the Buenos Aires office of The Bank
        of
        New York, S.A. as agent of the Depositary for the purposes of this Deposit
        Agreement, and any other firm or corporation which may hereafter be appointed
        by
        the Depositary pursuant to the terms of ‎Section
        5.05, as substitute or additional custodian or custodians hereunder, as the
        context shall require and shall also mean all of them collectively.

       

      Section
        1.05.  Deposit Agreement.  The term
“Deposit Agreement” shall mean this Agreement, as the same may
        be amended from time to time in accordance with the provisions
        hereof.

       

      Section
        1.06.  Depositary; Corporate Trust Office.  The
        term “Depositary” shall mean The Bank of New York, a New York
        banking corporation, and any successor as depositary hereunder. The term
        “Corporate Trust Office”, when used with respect to the
        Depositary, shall mean the office of the Depositary which at the date of
        this
        Agreement is 101 Barclay Street, New York, New York 10286.

       

      Section
        1.07.  Deposited Securities.  The term
“Deposited Securities” as of any time shall mean Shares at such
        time deposited or deemed to be deposited under this Deposit Agreement and
        any
        and all other securities, property and cash received by the Depositary or
        the
        Custodian in respect thereof and at such time held hereunder.

       

      Section
        1.08.  Dollars; Pesos.  The term
“Dollars” shall mean United States dollars. The term
“Pesos” shall mean Argentine Pesos.

       

      Section
        1.09.  Foreign Registrar.  The term
“Foreign Registrar” shall mean Caja de Valores S.A., a company
        organized under the laws of the Republic of Argentina (“Caja de
        Valores”), which presently carries out the duties of registrar for the
        Shares, or any successor as registrar for the Shares and any other appointed
        agent of the Company for the transfer and registration of Shares.

       

      Section
        1.10.  Owner.  The term “Owner”
shall mean the person in whose name a Receipt
        is registered on the books of the
        Depositary maintained for such purpose.

       

      Section
        1.11.  Receipts.  The term
“Receipts” shall mean the American Depositary Receipts issued
        hereunder evidencing American Depositary Shares as the same may be amended
        from
        time to time in accordance with the provisions hereof.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      Section
        1.12.  Registrar.  The term
“Registrar” shall mean the Depositary or any bank or trust
        company having an office in the Borough of Manhattan, The City of New York,
        which shall be appointed to register Receipts and transfers of Receipts as
        herein provided and shall include any co-registrar appointed by the Depositary
        after consultation with the Company.

       

      Section
        1.13.  Restricted Securities.  The term
“Restricted Securities” shall mean Shares, or Receipts
        representing such Shares, which are restricted securities (as defined in
        Rule
        144 under the Securities Act of 1933), or which are held by an officer, director
        (or persons performing similar functions) or other affiliate of the Company
        (as
        defined in Rule 144 under the Securities Act of 1933), or which would require
        registration under the Securities Act of 1933 in connection with the offer
        and
        sale thereof in the United States and are not so registered or which are
        subject
        to other restrictions on sale or deposit under the laws of the United States
        or
        the Republic of Argentina, or under a shareholder agreement or the by-laws
        of
        the Company.

       

      Section
        1.14.  Securities Act of 1933.  The term
“Securities Act of 1933” shall mean the United States
        Securities Act of 1933, as from time to time amended.

       

      Section
        1.15.  Shares.  The term “Shares”
shall mean Class D Shares of the Company, par
        value 10 Pesos each (or evidence
        of rights to receive the same), heretofore validly issued and outstanding
        and
        fully paid, nonassessable and free of any pre-emptive rights of the holders
        of
        outstanding Shares or hereafter validly issued and outstanding and fully
        paid,
        nonassessable and free of any pre-emptive rights of the holders of outstanding
        Shares.

       

      ARTICLE
        2

      FORM
        OF
        RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER 

      AND
        SURRENDER OF RECEIPTS

       

      Section
        2.01.  Form andTransferability of
        Receipts.  Definitive Receipts shall be substantially in the form
        set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
        insertions, modifications and omissions, as hereinafter provided. No Receipt
        shall be entitled to any benefits under this Deposit Agreement or be valid
        or
        obligatory for any purpose, unless such Receipt shall have been executed
        by the
        Depositary by the manual signature of a duly authorized signatory of the
        Depositary; provided, however, that such signature may be a
        facsimile if a Registrar for the Receipts shall have been appointed and such
        Receipts are countersigned by the manual signature of a duly authorized officer
        of the Registrar. The Depositary shall maintain books on which each Receipt
        so
        executed and delivered as hereinafter provided and the transfer of each such
        Receipt shall be registered. Receipts bearing the manual or facsimile

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      signature
        of a duly authorized signatory of the Depositary who was at any time a proper
        signatory of the Depositary shall bind the Depositary, notwithstanding that
        such
        signatory has ceased to hold such office prior to the execution and delivery
        of
        such Receipts by the Registrar or did not hold such office on the date of
        issuance of such Receipts.

       

      The
        Receipts shall be endorsed with or have incorporated in the text thereof
        such
        legends or recitals or modifications not inconsistent with the provisions
        of
        this Deposit Agreement as may be required by the Depositary, with the prior
        consent of the Company, or by the Company to comply with any applicable law
        or
        regulations thereunder or with the rules and regulations of any securities
        exchange or market upon which American Depositary Shares may be listed or
        traded
        or to conform with any usage with respect thereto, or to indicate any special
        limitations or restrictions to which any particular Receipts are subject
        by
        reason of the date of issuance of the underlying Deposited Securities or
        otherwise.

       

      Title
        to a
        Receipt (and to the American Depositary Shares evidenced thereby), when properly
        endorsed or accompanied by proper instruments of transfer, shall be transferable
        by delivery with the same effect as in the case of a negotiable instrument
        governed by New York law; provided, however, that the Company
        and the Depositary, notwithstanding any notice to the contrary, may treat
        the
        Owner thereof as the absolute owner thereof for the purpose of determining
        the
        person entitled to distribution of dividends or other distributions or to
        any
        notice provided for in this Deposit Agreement and for all other purposes
        and
        neither the Depositary nor the Company shall have any obligation or be subject
        to any liability under this Deposit Agreement to any holder of a Receipt
        unless
        such holder is the Owner thereof.

       

      Section
        2.02.  Deposit of Shares.  Subject to the terms and
        conditions of this Deposit Agreement, Shares or evidence of rights to receive
        Shares may be deposited (i) by delivery of certificates evidencing such Shares
        to the Custodian, accompanied by an appropriate instrument or instruments
        of
        transfer, or endorsement, in form satisfactory to the Custodian, (ii) through
        electronic transfer of such Shares to the account maintained by the Custodian
        at
        the Foreign Registrar for such purpose, or (iii) delivery to the Custodian
        of
        evidence satisfactory to the Custodian that irrevocable instructions have
        been
        given to cause such Shares to be transferred to such account, in all such
        cases,
        accompanied by delivery to the Custodian of a written order from or on behalf
        of
        the Company or other person making the deposit directing the Depositary to
        execute and deliver to the person or persons stated in such order a Receipt
        or
        Receipts, or to make adjustments to its records, in order to reflect the
        number
        of American Depositary Shares representing the Shares so deposited.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      No
        Share
        shall be accepted for deposit until such Share is entitled to the same rights,
        including with respect to dividends or other distributions, as Shares
        constituting Deposited Securities.

       

      No
        Share
        shall be accepted for deposit unless accompanied by evidence satisfactory
        to the
        Depositary that all conditions to such deposit have been satisfied by the
        person
        depositing such Shares under Argentine laws and regulations and any necessary
        approval has been granted by any governmental body in the Republic of Argentina
        which is then performing the function of the regulation of currency exchange.
        If
        required by the Depositary, Shares presented for deposit at any time, whether
        or
        not the transfer books of the Company or the Foreign Registrar, if applicable,
        are closed, shall also be accompanied by an agreement or assignment, or other
        instrument satisfactory to the Depositary, which will provide for the prompt
        transfer to the Custodian of any dividend, or right to subscribe for additional
        Shares or to receive other property which any person in whose name the Shares
        are or have been recorded may thereafter receive upon or in respect of such
        deposited Shares, or in lieu thereof, such agreement of indemnity or other
        agreement as shall be satisfactory to the Depositary.

       

      At
        the
        request and risk and expense of any person proposing to deposit Shares, and
        for
        the account of such person, the Depositary may receive certificates for Shares
        to be deposited, together with the other instruments herein specified, for
        the
        purpose of forwarding such Share certificates to the Custodian for deposit
        hereunder.

       

      Upon
        each
        delivery to a Custodian of a certificate or certificates for Shares to be
        deposited hereunder, together with the other documents above specified, such
        Custodian shall, as soon as transfer and recordation can be accomplished,
        present such certificate or certificates to the Company or the Foreign
        Registrar, if applicable, for transfer and recordation of the Shares being
        deposited in the name of the Depositary or its nominee or such Custodian
        or its
        nominee.

       

      The
        deposited Shares and all other Deposited Securities shall be registered in
        the
        name of the Custodian or its nominee, unless otherwise agreed by the Company
        and
        the Depositary.

       

      Section
        2.03.  Execution and Delivery of Receipts.  Upon
        receipt by the Custodian of any deposit pursuant to ‎Section
        2.02 hereunder (and, in addition, if the transfer books of the Company or
        the
        Foreign Registrar, if applicable, are open, the Depositary may in its sole
        discretion require a proper acknowledgment or other evidence from the Company
        satisfactory to the Depositary that any Deposited Securities have been recorded
        upon the books of the Company or the Foreign Registrar, if applicable, in
        the
        name of the Depositary or its nominee or such Custodian or its nominee),
        together with the other documents required as 

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      above
        specified, such Custodian shall notify the Depositary of such deposit and
        the
        person or persons to whom or upon whose written order a Receipt or Receipts
        are
        deliverable in respect thereof and the number of American Depositary Shares
        to
        be evidenced thereby. Such notification shall be made by letter or, at the
        request, risk and expense of the person making the deposit, by cable, telex
        or
        facsimile transmission. Upon receiving such notice from such Custodian, or
        upon
        the receipt of Shares by the Depositary, the Depositary, subject to the terms
        and conditions of this Deposit Agreement, shall execute and deliver at its
        Corporate Trust Office, to or upon the order of the person or persons entitled
        thereto, a Receipt or Receipts, registered in the name or names and evidencing
        any authorized number of American Depositary Shares requested by such person
        or
        persons, but only upon payment to the Depositary of the fees of the Depositary
        for the execution and delivery of such Receipt or Receipts as provided in
‎Section
        5.09, and of all taxes and governmental charges and fees payable in connection
        with such deposit and the transfer of the Deposited Securities.

       

      Section
        2.04.  Transfer of Receipts; Combination and Split-up of
        Receipts.  The Depositary, subject to the terms and conditions of
        this Deposit Agreement, shall register transfers of Receipts on its transfer
        books from time to time, upon any surrender of a Receipt, by the Owner in
        person
        or by a duly authorized attorney, properly endorsed or accompanied by proper
        instruments of transfer, and duly stamped as may be required by the laws
        of the
        State of New York and of the United States of America. Thereupon the Depositary
        shall execute a new Receipt or Receipts and deliver the same to or upon the
        order of the person entitled thereto.

       

      The
        Depositary, subject to the terms and conditions of this Deposit Agreement,
        shall
        upon surrender of a Receipt or Receipts for the purpose of effecting a split-up
        or combination of such Receipt or Receipts, execute and deliver a new Receipt
        or
        Receipts for any authorized number of American Depositary Shares requested,
        evidencing the same aggregate number of American Depositary Shares as the
        Receipt or Receipts surrendered.

       

      The
        Depositary may appoint one or more co-transfer agents for the purpose of
        effecting transfers, combinations and split-ups of Receipts at designated
        transfer offices on behalf of the Depositary. Each co-transfer agent appointed
        under this ‎Section
        2.04 shall give notice in writing to the Company and the Depositary accepting
        such appointment and agreeing to be bound by the applicable terms of this
        Deposit Agreement. In carrying out its functions, a co-transfer agent may
        require evidence of authority and compliance with applicable laws and other
        requirements by Owners or persons entitled to Receipts and will be entitled
        to
        protection and indemnity to the same extent as the Depositary.

       

      Section
        2.05.  Surrender of Receipts and Withdrawal of
        Shares.  Upon surrender at the Corporate Trust Office of the
        Depositary of a Receipt for the 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      purpose
        of
        withdrawal of the Deposited Securities represented by the American Depositary
        Shares evidenced by such Receipt, and upon payment of the fee of the Depositary
        for the surrender of Receipts as provided in ‎Section
        5.09 and payment of all taxes and governmental charges payable in connection
        with such surrender and withdrawal of the Deposited Securities, and subject
        to
        the terms and conditions of this Deposit Agreement, the Owner of such Receipt
        shall be entitled to delivery, to him or upon his order, of the amount of
        Deposited Securities at the time represented by the American Depositary Shares
        evidenced by such Receipt. Delivery of such Deposited Securities may be made
        by
        the physical or electronic delivery of Article 2 certificates in the name
        of
        such Owner or as ordered by him or certificates properly endorsed or accompanied
        by proper instruments of transfer to such Owner or as ordered by him and
        Article
        3 any other securities, property and cash to which such Owner is then entitled
        in respect of such Receipts to such Owner or as ordered by him. Such delivery
        shall be made, as hereinafter provided, without unreasonable delay.

       

      A
        Receipt
        surrendered under this ‎Section
        2.05 for such purposes may be required by the Depositary to be properly endorsed
        in blank or accompanied by proper instruments of transfer in blank, and if
        the
        Depositary so requires, the Owner thereof shall execute and deliver to the
        Depositary a written order directing the Depositary to cause the Deposited
        Securities being withdrawn to be delivered to or upon the written order of
        a
        person or persons designated in such order. Thereupon the Depositary shall
        direct the Custodian to deliver at the Buenos Aires office of such Custodian,
        subject to Sections ‎2.06,
        ‎3.01
        and ‎3.02
        and to the other terms and conditions of this Deposit Agreement, to or upon
        the
        written order of the person or persons designated in the order delivered
        to the
        Depositary as above provided, the amount of Deposited Securities represented
        by
        the American Depositary Shares evidenced by such Receipt or evidence of the
        electronic transfer to or for the account of such person of the Deposited
        Securities to an account at the Foreign Registrar, except that the Depositary
        may make delivery to such person or persons at the Corporate Trust Office
        of the
        Depositary of any dividends or distributions with respect to the Deposited
        Securities represented by the American Depositary Shares evidenced by such
        Receipt, or of any proceeds of sale of any dividends, distributions or rights,
        which may at the time be held by the Depositary.

       

      At
        the
        request, risk and expense of any Owner so surrendering a Receipt, and for
        the
        account of such Owner, the Depositary shall direct the Custodian to forward
        any
        cash or other property (other than rights) comprising, and forward a certificate
        or certificates and other proper documents of title for, the Deposited
        Securities represented by the American Depositary Shares evidenced by such
        Receipt to the Depositary for delivery at the Corporate Trust Office of the
        Depositary. Such direction shall be given by letter or, at the request, risk
        and
        expense of such Owner, by cable, telex or facsimile transmission.

       

      
        
          
          

        

        
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      Section
        2.06.  Limitations on Execution and Delivery, Transfer and
        Surrender of Receipts.  As a condition precedent to the execution
        and delivery, registration of transfer, split-up, combination or surrender
        of
        any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian
        or Registrar may require payment from the depositor of Shares or the presenter
        of the Receipt of a sum sufficient to reimburse it for any tax or other
        governmental charge and any stock transfer or registration fee with respect
        thereto (including any such tax or charge and fee with respect to Shares
        being
        deposited or withdrawn) and payment of any applicable fees as herein provided,
        may require the production of proof satisfactory to it as to the identity
        and
        genuineness of any signature and may also require compliance with any
        regulations the Depositary may establish consistent with the provisions of
        this
        Deposit Agreement, including, without limitation, this ‎Section
        2.06.

       

      The
        delivery of Receipts against deposits of Shares generally or against deposits
        of
        particular Shares may be suspended, or the transfer of Receipts in particular
        instances may be refused, or the registration of transfer of outstanding
        Receipts generally may be suspended, during any period when the transfer
        books
        of the Depositary are closed, or if any such action is deemed necessary or
        advisable by the Depositary or the Company at any time or from time to time
        because of any requirement of law or of any government or governmental body
        or
        commission, or under any provision of this Deposit Agreement, or for any
        other
        reason, subject to the provisions of the following sentence. The surrender
        of
        outstanding Receipts and withdrawal of Deposited Securities may not be suspended
        subject only to (i) temporary delays caused by closing the transfer books
        of the
        Depositary or the Company or the deposit of Shares in connection with voting
        at
        a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees,
        taxes and similar charges, and (iii) compliance with any U.S. or foreign
        laws or
        governmental regulations relating to the Receipts or to the withdrawal of
        the
        Deposited Securities.

       

      Without
        limitation of the foregoing, the Depositary shall not knowingly accept for
        deposit under this Deposit Agreement any Shares which (a) if sold by the
        holder
        thereof in the United States (as defined in Regulation S under the Securities
        Act of 1933) would be, to the actual knowledge of the Depositary, subject
        to the
        registration provisions of the Securities Act of 1933, unless a registration
        statement is in effect as to such Shares or (b) the deposit of which would,
        to
        the actual knowledge of the Depositary, thereby infringe any provision of
        the
        by-laws of the Company.

       

      Section
        2.07.  Lost Receipts, etc.  In case any Receipt
        shall be mutilated, destroyed, lost or stolen, the Depositary shall execute
        and
        deliver a new Receipt of like tenor in exchange and substitution for such
        mutilated Receipt upon cancellation thereof, or in lieu of and in substitution
        for such destroyed, lost or stolen Receipt. Before the Depositary shall execute
        and deliver a new Receipt in 

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      substitution
        for a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed
        with the Depositary (i) a request for such execution and delivery before
        the
        Depositary has notice that the Receipt has been acquired by a bona fide
        purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other
        reasonable requirements imposed by the Depositary.

       

      Section
        2.08.  Cancellation and Destruction of Surrendered
        Receipts.  All Receipts surrendered to the Depositary shall be
        cancelled by the Depositary. The Depositary is authorized to destroy Receipts
        so
        cancelled.

       

      Section
        2.09.  Pre-Release of Receipts.  Notwithstanding
‎Section
        2.03 hereof, the Depositary may execute and deliver Receipts prior to the
        receipt of Shares pursuant to ‎Section
        2.02 (“Pre-Release”). The Depositary may, pursuant to ‎Section
        2.05, deliver Shares upon the receipt and cancellation of Receipts which
        have
        been Pre- Released, whether or not such cancellation is prior to the termination
        of such Pre-Release or the Depositary knows that such Receipt has been
        Pre-Released. The Depositary may receive Receipts in lieu of Shares in
        satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
        accompanied by a written representation from the person to whom Receipts
        are to
        be delivered that such person, or its customer, owns the Shares or Receipts
        to
        be remitted, as the case may be, (b) at all times fully collateralized with
        cash
        or United States government securities until such Shares are deposited,
        (c) terminable by the Depositary on not more than five (5) business days
        notice, and (d) subject to such further indemnities and credit regulations
        as
        the Depositary deems appropriate. The number of American Depositary Shares
        which
        are outstanding at any time as a result of Pre-Release will not normally
        exceed
        thirty percent (30%) of the Shares deposited hereunder then outstanding;
        provided, however, that the Depositary reserves the right to
        change or disregard such limit from time to time as it deems
        appropriate.

       

      The
        Depositary may retain for its own account any compensation received by it
        in
        connection with the foregoing, including interest on any collateral. The
        Company
        shall have no liability to the Depositary or any Owner with respect to any
        representations, actions or omissions by the Depositary or any Owner pursuant
        to
        this ‎Section
        2.09.

       

      Section
        2.10.  Maintenance of Records.  The Depositary
        agrees to maintain records of all Receipts surrendered and Deposited Securities
        withdrawn under ‎Section
        2.05, substitute Receipts delivered under ‎Section
        2.07, and cancelled or destroyed Receipts under ‎Section
        2.08, in keeping with procedures ordinarily followed by stock transfer agents
        located in The City of New York. The Depositary agrees to make such records
        available to the Company upon its reasonable request.

       

      
        
          
          

        

        
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      ARTICLE
        3

      CERTAIN
        OBLIGATIONS OF OWNERS OF RECEIPTS

       

      Section
        3.01.  Filing Proofs, Certificates and Other
        Information.  Any person presenting Shares for deposit or any
        Owner of a Receipt may be required from time to time to file with the Depositary
        or the Custodian such proof of citizenship or residence, exchange control
        approval, compliance with all applicable laws and regulations or such
        information relating to the registration on the books of the Company or the
        Foreign Registrar, if applicable, to execute such certificates and to make
        such
        representations and warranties, as the Depositary or the Company may deem
        necessary or proper. The Depositary may, and at the reasonable request of
        the
        Company shall, withhold the delivery or registration of transfer of any Receipt
        or the distribution of any dividend or sale or distribution of rights or
        of the
        proceeds thereof or the delivery of any Deposited Securities until such proof
        or
        other information is filed or such certificates are executed or such
        representations and warranties made. Upon the request of the Company, the
        Depositary shall provide the Company with copies of all such certificates
        and
        such written representations and warranties provided to the Depositary under
        this ‎Section
        3.01. Each Owner agrees to provide any information requested by the Company
        or
        the Depositary pursuant to this paragraph.

       

      Section
        3.02.  Liability of Owner for Taxes.  If any tax or
        other governmental charge shall become payable with respect to any Receipt
        or
        any Deposited Securities represented by any such Receipt, such tax or other
        governmental charge shall be payable by the Owner of such . Receipt to the
        Depositary. The Depositary may refuse to effect any transfer of such Receipt
        or
        any withdrawal of Deposited Securities represented by American Depositary
        Shares
        evidenced by such Receipt until such payment is made, and may withhold any
        dividends or other distributions in respect of any Deposited Securities,
        or may
        sell for the account of the Owner thereof any part or all of the Deposited
        Securities represented by the American Depositary Shares evidenced by such
        Receipt, and may apply such dividends or other distributions or the proceeds
        of
        any such sale in payment of such tax or other governmental charge and the
        Owner
        of such Receipt shall remain liable for any deficiency.

       

      Section
        3.03.  Warranties on Deposit of Shares.  Every
        person depositing Shares under this Deposit Agreement shall be deemed thereby
        to
        represent and warrant that such Shares and each certificate therefor are
        validly
        issued, fully paid, nonassessable and free of any preemptive rights of the
        holders of outstanding Shares and that the person making such deposit is
        duly
        authorized so to do. Every such person shall also be deemed to represent
        that
        such Shares are not Restricted Securities. Such representations and warranties
        shall survive the deposit of such Shares and issuance of Receipts.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

         

      

      Section
        3.04.  Disclosure of Interests.  The Company may
        from time to time request Owners to provide information as to the capacity
        in
        which such Owners own or owned Receipts and regarding the identity of any
        other
        persons then or previously interested in such Receipts and the nature of
        such
        interest. Each Owner agrees to provide any information requested by the Company
        or the Depositary pursuant to this ‎Section
        3.04. The Depositary agrees to comply with reasonable written instructions
        reasonably given by the Company requesting that the Depositary forward any
        such
        requests to the Owners and to forward to the Company any such responses to
        such
        requests received by the Depositary.

       

      ARTICLE
        4

      THE
        DEPOSITED SECURITIES

       

      Section
        4.01.  Cash Distributions.  Whenever the Depositary
        shall receive any cash dividend or other cash distribution on any Deposited
        Securities, the Depositary shall, if such cash is received in Foreign Currency,
        subject to the provisions of ‎Section
        4.05 and to the following sentence, convert such dividend or distribution
        into
        Dollars and shall as promptly as practicable distribute the amount thus received
        (net of the reasonable and customary expenses incurred by the Depositary
        as
        provided in ‎Section
        5.09) to the Owners entitled thereto, in proportion to the number of American
        Depositary Shares representing such Deposited Securities held by them
        respectively; provided, however, that in the event that the
        Company or the Depositary shall be required to withhold and does withhold
        from
        such cash dividend or such other cash distribution an amount on account of
        taxes
        or other governmental charges, the amount distributed to the Owner of the
        Receipts evidencing American Depositary Shares representing such Deposited
        Securities shall be reduced accordingly. The Depositary shall distribute
        only
        such amount, however, as can be distributed without attributing to any Owner
        a
        fraction of one cent. Any such fractional amounts shall be rounded to the
        nearest whole cent and so distributed to Owners entitled thereto. The Company
        or
        its agent will remit to the appropriate governmental agency in Argentina
        all
        amounts withheld and owing to such agency. The Depositary will forward to
        the
        Company or its agent such information from its records as the Company may
        reasonably request to enable the Company or its agent to file necessary reports
        with governmental agencies, and the Depositary or the Company or its agent
        may
        file any such reports necessary to obtain benefits under the applicable tax
        treaties for the Owners of Receipts.

       

      Section
        4.02.  Distributions Other Than Cash, Shares or
        Rights.  Subject to the provisions of Sections ‎4.11
        and ‎5.09,
        whenever the Depositary shall receive any distribution other than a distribution
        described in Section ‎4.01,
        ‎4.03
        or ‎4.04,
        the Depositary shall cause the securities or property received by it to be
        distributed to the Owners entitled thereto, in proportion to the number of
        

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      American
        Depositary Shares representing such Deposited Securities held by them
        respectively, in any manner that the Depositary may deem equitable and
        practicable for accomplishing such distribution; provided,
however, that if in the opinion of the Depositary such distribution
        cannot be made proportionately among the Owners entitled thereto, or if for
        any
        other reason (including, but not limited to, any requirement that the Company
        or
        the Depositary withhold an amount on account of taxes or other governmental
        charges or that such securities must be registered under the Securities Act
        of
        1933 in order to be distributed to Owners) the Depositary deems such
        distribution not to be feasible, the Depositary may adopt such method as
        it may
        deem equitable and practicable for the purpose of effecting such distribution,
        including, but not limited to, the public or private sale of the securities
        or
        property thus received, or any part thereof, and the net proceeds of any
        such
        sale shall be distributed by the Depositary to the Owners entitled thereto
        as in
        the case of a distribution received in cash.

       

      Section
        4.03.  Distributions in Shares.  Except as provided
        below, if any distribution upon any Deposited Securities consists of a dividend
        in, or free distribution of, Shares, the Depositary may, and shall if the
        Company shall so request, reflect on the records of the Depositary such increase
        in the aggregate number of American Depositary Shares representing such Shares,
        or distribute to the Owners of outstanding Receipts entitled thereto, in
        proportion to the number of American Depositary Shares representing such
        Deposited Securities held by them respectively, additional Receipts evidencing
        an aggregate number of American Depositary Shares representing the amount
        of
        Shares received as such dividend or free distribution, subject to the terms
        and
        conditions of the Deposit Agreement with respect to the deposit of Shares
        and
        the issuance of American Depositary Shares evidenced by Receipts, including
        the
        withholding of any tax or other governmental charge as provided in ‎Section
        4.11 and the payment of the fees of the Depositary as provided in ‎Section
        5.09. In lieu of delivering Receipts for fractional American Depositary Shares
        in any such case, the Depositary shall sell the amount of Shares represented
        by
        the aggregate of such fractions and distribute the net proceeds, all in the
        manner and subject to the conditions described in ‎Section
        4.01. If additional Receipts are not so distributed, each American Depositary
        Share shall thenceforth also represent the additional Shares distributed
        upon
        the Deposited Securities represented thereby.

       

      If
        any
        dividend in, or free distribution of, Shares described above consists of
        Shares
        that are not entitled to the same rights, including rights with respect to
        dividends or other distributions, as Shares constituting Deposited Securities,
        such dividend or free distribution shall be treated by the Depositary as
        a
        distribution in other than cash, Shares or rights in accordance with ‎Section
        4.02.

       

      The
        Depositary may withhold any distribution of Receipts under this ‎Section
        4.03 subject to its satisfaction that such distribution does not require
        

       

      
        
          
          

        

        
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      registration
        under the Securities Act of 1933 or is exempt from registration under the
        provisions of such Act.

       

      Section
        4.04.  Rights.  In the event that the Company shall
        offer or cause to be offered to the holders of any Deposited Securities any
        rights to subscribe for additional Shares or any rights of any other nature,
        the
        Depositary, after consultation with the Company, shall have discretion as
        to the
        procedure to be followed in making such rights available to any Owners or
        in
        disposing of such rights on behalf of any Owners and making the net proceeds
        available to such Owners or, if by the terms of such rights offering or for
        any
        other reason, the Depositary may not either make such rights available to
        any
        Owners or dispose of such rights and make the net proceeds available to such
        Owners, then the Depositary shall allow the rights to lapse. If at the time
        of
        the offering of any rights the Depositary determines in its discretion, after
        consultation with the Company, that it is lawful and feasible to make such
        rights available to all or certain Owners but not to other Owners, the
        Depositary may, after consultation with the Company, distribute to any Owner
        to
        whom it determines the distribution to be lawful and feasible, in proportion
        to
        the number of American Depositary Shares held by such Owner, warrants or
        other
        instruments therefor in such form as it deems appropriate.

       

      In
        circumstances in which rights would otherwise not be
        distributed, if an Owner of Receipts requests the distribution of warrants
        or
        other instruments in order to exercise the rights allocable to the American
        Depositary Shares of such Owner hereunder, the Depositary will make such
        rights
        available to such Owner upon written notice from the Company to the Depositary
        that (a) the Company has elected in its sole discretion to permit such rights
        to
        be exercised and (b) such Owner has executed such documents as the Company
        has
        determined in its sole discretion are reasonably required under applicable
        law.

       

      If
        the
        Depositary has distributed warrants or other instruments for rights to all
        or
        certain Owners, then upon instruction from such an Owner pursuant to such
        warrants or other instruments to the Depositary to exercise such rights,
        upon
        payment by such Owner to the Depositary for the account of such Owner of
        an
        amount equal to the purchase price of the Shares to be received upon the
        exercise of the rights, and upon payment of the fees of the Depositary and
        any
        other charges as set forth in such warrants or other instruments, the Depositary
        shall, on behalf of such Owner, exercise the rights and purchase the Shares,
        and
        the Company shall cause the Shares so purchased to be delivered to the
        Depositary on behalf of such Owner. As agent for such Owner, the Depositary
        will
        cause the Shares so purchased to be deposited pursuant to ‎Section
        2.02 of this Deposit Agreement, and shall, pursuant to ‎Section
        2.03 of this Deposit Agreement, execute and deliver Receipts representing
        American Depositary Shares evidencing such Shares to such Owner. In the case
        of
        a distribution pursuant to the second paragraph of this section, such Receipts
        shall be legended in 

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      accordance
        with applicable U.S. laws, and shall be subject to the appropriate restrictions
        on sale, deposit, cancellation, and transfer under such laws.

       

      If
        the
        Depositary determines in its discretion, after consultation with the Company,
        that it is not lawful and feasible to make such rights available to all or
        certain Owners, it may sell the rights, warrants or other instruments in
        proportion to the number of American Depositary Shares held by the Owners
        to
        whom it has determined it may not lawfully or feasibly make such rights
        available, and allocate the net proceeds of such sales (net of the fees of
        the
        Depositary as provided in ‎Section
        5.09 and all taxes and governmental charges payable in connection with
        such rights and subject to the terms and conditions of this Deposit Agreement)
        for the account of such Owners otherwise entitled to such rights, warrants
        or
        other instruments, upon an averaged or other practicable basis without regard
        to
        any distinctions among such Owners because of exchange restrictions or the
        date
        of delivery of any Receipt or otherwise.

       

      If
        registration under the Securities Act of 1933 of the rights or of the securities
        to which any rights relate is required in order for the Company to offer
        such
        rights to Owners and sell the securities upon the exercise of such rights
        to
        Owners, the Depositary will not offer such rights to the Owners having an
        address in the United States unless and until such a registration statement
        is
        in effect, or unless the offering and sale of such securities to the Owners
        of
        such Receipts are exempt from registration under the provisions of such Act.
        Notwithstanding any terms of this Deposit Agreement to the contrary, the
        Company
        shall have no obligation to prepare and file a registration statement for
        any
        purpose.

       

      The
        Depositary shall not be responsible for any failure to determine that it
        may be
        lawful or feasible to make such rights available to Owners in general or
        any
        Owner in particular.

       

      Section
        4.05.  Conversion of Foreign Currency.  Subject to
        any restrictions imposed by Argentine laws, regulations or applicable permits
        issued by any Argentine governmental body, whenever the Depositary shall
        receive
        foreign currency, by way of dividends or other distributions or the net proceeds
        from the sale of securities, property or rights, and if at the time of the
        receipt thereof the foreign currency so received can in the judgment of the
        Depositary be converted on a reasonable basis into Dollars and the resulting
        Dollars transferred to the United States, the Depositary shall as promptly
        as
        practicable convert or cause to be converted, by sale or in any other manner
        that it may determine, such foreign currency into Dollars, and such Dollars
        shall be distributed to the Owners entitled thereto (except as provided in
‎Section
        4.01), or, if the Depositary shall have distributed any warrants or other
        instruments which entitle the holders thereof to such Dollars, then to the
        holders of such warrants and/or instruments upon surrender thereof for
        cancellation. Such distribution may be made upon an averaged or other
        practicable basis without regard to any distinctions among 

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      Owners
        on
        account of exchange restrictions, the date of delivery of any Receipt or
        otherwise and shall be net of any reasonable and customary expenses of
        conversion into Dollars incurred by the Depositary as provided in ‎Section
        5.09.

       

      If
        such
        conversion or distribution can be effected only with the approval or license
        of
        any government or agency thereof, then such conversion or distribution shall
        be
        done only with such approval or license.

       

      If
        at any
        time the Depositary shall determine that in its judgment any foreign currency
        received by the Depositary is not convertible on a reasonable basis into
        Dollars
        transferable to the United States, or if any approval or license of any
        government or agency thereof which is required for such conversion is denied
        or
        in the opinion of the Depositary is not obtainable, or if any such approval
        or
        license is not obtained within a reasonable period as determined by the
        Depositary, the Depositary may distribute the foreign currency (or an
        appropriate document evidencing the right to receive such foreign currency)
        received by the Depositary to, or in its discretion may hold such foreign
        currency uninvested and without liability for interest thereon for the
        respective accounts of, the Owners entitled to receive the same.

       

      If
        any
        such conversion of foreign currency, in whole or in part, cannot be effected
        for
        distribution to some of the Owners entitled thereto, the Depositary may in
        its
        discretion make such conversion and distribution in Dollars to the extent
        permissible to the Owners entitled thereto and may distribute the balance
        of the
        foreign currency received by the Depositary to, or hold such balance uninvested
        and without liability for interest thereon for the respective accounts of,
        the
        Owners entitled thereto.

       

      Section
        4.06.  Fixing of Record Date.  Whenever any cash
        dividend or other cash distribution shall become payable or any distribution
        other than cash shall be made, or whenever rights shall be issued with respect
        to the Deposited Securities, or whenever for any reason the Depositary causes
        a
        change in the number of Shares that are represented by each American Depositary
        Share, or whenever the Depositary shall receive notice of any meeting of
        holders
        of Shares or other Deposited Securities, the Depositary shall fix a record
        date,
        which date shall, to the extent practicable, be the same record date fixed
        by
        the Company (a) for the determination of the Owners who shall be (i) entitled
        to
        receive such dividend, distribution or rights or the net proceeds of the
        sale
        thereof or (ii) entitled to give instructions for the exercise of voting
        rights
        at any such meeting, or (b) on or after which each American Depositary Share
        will represent the changed number of Shares. If a coinciding record date
        is not
        possible, the Depositary shall fix a record date as near as practicable to
        the
        record date set by the Company. Subject to the provisions of Sections ‎4.01
        through ‎4.05
        and to the other terms and conditions of this Deposit Agreement, the Owners
        on
        such record date shall be entitled, as the case may be, to receive the amount
        distributable by 

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      the
        Depositary with respect to such dividend or other distribution or such rights
        or
        the net proceeds of sale thereof in proportion to the number of American
        Depositary Shares held by them respectively and to give voting instructions
        and
        to act in respect of any other such matter.

       

      Section
        4.07.  Voting of Deposited Securities.  Upon
        receipt of notice of any meeting of holders of Shares or other Deposited
        Securities, the Depositary shall, as soon as practicable thereafter, mail
        or
        cause to be mailed to the Owners a notice, the form of which notice shall
        be
        subject to the reasonable discretion of the Depositary and any applicable
        provision of Argentine law that governs the form of such notice, which shall
        contain (a) such information as is contained in such notice of meeting received
        by the Depositary from the Company, (b) a statement that the Owners as of
        the
        close of business on a specified record date will be entitled, subject to
        any
        applicable provision of Argentine law and of the by-laws of the Company and
        the
        provisions of the Shares or other Deposited Securities, to instruct the
        Depositary as to the exercise of the voting rights, if any, pertaining to
        the
        amount of Shares or other Deposited Securities represented by their respective
        American Depositary Shares and (c) a statement as to the manner in which
        such
        instructions may be given. Upon the written request of an Owner on such record
        date, received on or before the date established by the Depositary for such
        purpose, the Depositary shall endeavor, in so far as practicable, to vote
        or
        cause to be voted the amount of Shares or other Deposited Securities represented
        by the American Depositary Shares in accordance with the instructions set
        forth
        in such request. The Depositary shall not vote Shares or other Deposited
        Securities represented by the American Depositary Shares except in accordance
        with instructions received from an Owner; provided, however,
        that if no such instructions are received, the Depositary shall vote the
        Shares
        or other Deposited Securities represented by the American Depositary Shares
        in
        accordance with the recommendations of the Board of Directors of the Company
        made to all holders of Shares, unless prohibited from doing so by any applicable
        provisions of Argentine law, and if no such recommendations are made it shall
        not vote such Shares or other Deposited Securities. Notwithstanding the
        foregoing, the Depositary shall not be required to vote such Shares in
        accordance with the recommendations of the Board of Directors, if made, unless
        the Company has provided to the Depositary a copy of an opinion of Argentine
        counsel stating that the action recommended by the Board of Directors for
        approval by holders of Shares is not in contravention of Argentine law or
        regulations, if any, or the by-laws of the Company.

       

      In
        addition, at any meeting of holders of Shares or other Deposited Securities,
        the
        Depositary shall, if requested by the Board of Directors of the Company and
        unless prohibited by any applicable provisions of Argentine law, deposit
        all
        Shares or other Deposited Securities represented by the American Depositary
        Shares for purposes of establishing a quorum at such meetings, whether or
        not
        voting instructions with respect thereto have been received.

       

      
        
          
          

        

        
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      The
        Depositary agrees to retain all records relating to the voting of Deposited
        Securities pursuant to this Section as required under applicable Argentine
        law.

       

      In
        connection with the performance of their respective obligations under this
        section the Company and the Depositary hereby mutually agree to inform one
        another of any applicable requirements of Argentine law and any changes thereto
        as soon as such requirements or changes come to the Company’s or the
        Depositary’s knowledge, as the case may be. The Depositary shall not be
        responsible for determining the existence or applicability of any such
        requirement.

       

      Section
        4.08.  Changes Affecting
        Deposited  Securities.  In circumstances where the
        provisions of ‎Section
        4.03 do not apply, upon any change in nominal value, change in par value,
        split-up, consolidation or any other reclassification of Deposited Securities,
        or upon any recapitalization, reorganization, merger or consolidation or
        sale of
        assets affecting the Company or to which it is a party, any securities which
        shall be received by the Depositary or a Custodian in exchange for or in
        conversion of or in respect of Deposited Securities, shall be treated as
        new
        Deposited Securities under this Deposit Agreement, and American Depositary
        Shares shall thenceforth represent, in addition or in replacement, as
        applicable, to the existing Deposited Securities, the new Deposited Securities
        so received in exchange or conversion, unless additional Receipts are delivered
        pursuant to the following sentence. In any such case the Depositary may,
        after
        consultation with the Company, and shall if the Company shall so request,
        execute and deliver additional Receipts as in the case of a dividend in Shares,
        or call for the surrender of outstanding Receipts to be exchanged for new
        Receipts specifically describing such new Deposited Securities.

       

      Section
        4.09.  Reports.  The Depositary shall make
        available for inspection by Owners at its Corporate Trust Office any reports
        and
        communications, including any proxy soliciting material, received from the
        Company which are both (a) received by the Depositary as the holder of the
        Deposited Securities and (b) made generally available to the holders of such
        Deposited Securities by the Company. The Depositary shall also send to the
        Owners copies of such reports when furnished by the Company pursuant to ‎Section
        5.06. Any such reports and communications, including any such proxy soliciting
        material, furnished to the Depositary by the Company shall be furnished in
        English, to the extent such materials are required to be translated into
        English
        pursuant to any regulations of the Commission.

       

      Section
        4.10.  Lists of Owners.  Promptly upon request by
        the Company, the Depositary shall, at the expense of the Company, furnish
        to it
        a list, as of a recent date, of the names, addresses and holdings of American
        Depositary Shares 

       

      
        
          
          

        

        
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      by
        all
        persons in whose names Receipts are registered on the books of the
        Depositary.

       

      Section
        4.11.  Withholding.  In the event that the
        Depositary determines that any distribution in property (including Shares
        and
        rights to subscribe therefor) is subject to any tax or other governmental
        charge
        which the Depositary is obligated to withhold, the Depositary may by public
        or
        private sale dispose of all or a portion of such property (including Shares
        and
        rights to subscribe therefor) in such amounts and in such manner as the
        Depositary deems necessary and practicable to pay any such taxes or charges
        and
        the Depositary shall distribute the net proceeds of any such sale after
        deduction of such taxes or charges to the Owners entitled thereto in proportion
        to the number of American Depositary Shares held by them respectively, and
        the
        Depositary shall distribute any unsold balance of such property in accordance
        with the provisions of this Deposit Agreement. The Company or its agent shall
        remit to appropriate governmental authorities and agencies in Argentina all
        amounts, if any, withheld and owing to such authorities and agencies by the
        Company. The Depositary or its agent shall remit to appropriate governmental
        authorities and agencies in the United States all amounts, if any, withheld
        and
        owing to such authorities and agencies by the Depositary.

       

      The
        Depositary shall forward to the Company or its agent such information from
        its
        records as the Company may reasonably request to enable the Company or its
        agent
        to file necessary reports with governmental agencies. The Depositary shall
        use
        reasonable efforts to make and maintain arrangements enabling Owners who
        are
        citizens or residents of the United States to receive any tax credits or
        other
        benefits (pursuant to treaty or otherwise) relating to dividend payments
        on the
        American Depositary Shares.

       

      ARTICLE
        5

      THE
        DEPOSITARY, THE CUSTODIANS AND THE COMPANY

       

      Section
        5.01.  Maintenance of Office and Transfer Books by the
        Depositary.  Until termination of this Deposit Agreement in
        accordance with its terms, the Depositary shall maintain in the Borough of
        Manhattan, The City of New York, facilities for the execution and delivery,
        registration, registration of transfers and surrender of Receipts in accordance
        with the provisions of this Deposit Agreement.

       

      The
        Depositary shall keep books for the registration of Receipts and transfers
        of
        Receipts which at all reasonable times shall be open for inspection by the
        Owners, provided that such inspection shall not be for the purpose of
        communicating with Owners in the interest of a business or object other than
        the

       

      
        
          
          

        

        
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      business
        of the Company of a matter related to this Deposit Agreement or the
        Receipts.

       

      The
        Depositary may close the transfer books, (a) at any time or from time to
        time,
        when deemed expedient by it in connection with the performance of its duties
        hereunder or (b) at the reasonable request of the Company.

       

      If
        any
        Receipts or the American Depositary Shares evidenced thereby are listed on
        one
        or more stock exchanges or automated quotation systems in the United States,
        after consultation with the Company, the Depositary shall act as Registrar
        or
        appoint a Registrar or one or more co-registrars for registry of such Receipts
        in accordance with any requirements of such exchange or exchanges or system
        or
        systems. Such Registrar or co-registrars may be removed and a substitute
        or
        substitutes appointed by the Depositary with the consent of the Company,
        which
        consent shall not be unreasonably withheld.

       

      The
        Company shall have the right, at all reasonable times, to inspect transfer
        and
        registration records of the Depositary, the Registrar and any co-transfer
        agents
        or co-registrars and to require such parties to supply copies of such portions
        of their records as the Company may request.

       

      Section
        5.02.  Prevention or Delay in Performance by the Depositary or the
        Company.  Neither the Depositary nor the Company shall incur any
        liability to any Owner or holder of any Receipt, if by reason of any provision
        of any present or future law or regulation of the United States, Argentina
        or
        any other country, or of any governmental or regulatory authority or stock
        exchange, or by reason of any provision, present or future, of the by-laws
        of
        the Company, or by reason of any provisions of any securities issued or
        distributed by the Company or by reason of any act of God or war or other
        circumstances beyond its control, the Depositary or the Company shall be
        prevented, delayed or forbidden from, or be subject to any civil or criminal
        penalty on account of, doing or performing any act or thing which by the
        terms
        of this Deposit Agreement it is provided shall be done or performed; nor
        shall
        the Depositary or the Company incur any liability to any Owner or holder
        of any
        Receipt by reason of any nonperformance or delay, caused as aforesaid, in
        the
        performance of any act or thing which by the terms of this Deposit Agreement
        it
        is provided shall or may be done or performed, or by reason of any exercise
        of,
        or failure to exercise, any discretion provided for in this Deposit Agreement.
        Where, by the terms of a distribution pursuant to Sections ‎4.01,
        ‎4.02,
        or ‎4.03
        of the Deposit Agreement, or an offering or distribution pursuant to ‎Section
        4.04 of the Deposit Agreement, or for any other reason, such distribution
        or
        offering may not be made available to Owners, and the Depositary may not
        dispose
        or such distribution or offering on behalf of such Owners and make the net
        proceeds available to such Owners, then the Depositary shall not make such
        distribution or offering, and shall allow any rights, if applicable, to
        lapse.

       

      
        
          
          

        

        
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      Section
        5.03.  Obligations of the Depositary, the Custodian and the
        Company.  The Company assumes no obligation nor shall it be
        subject to any liability under this Deposit Agreement to Owners or holders
        of
        Receipts, except that it agrees to perform its obligations specifically set
        forth in this Deposit Agreement without negligence or bad faith.

       

      The
        Depositary assumes no obligation nor shall it be subject to any liability
        under
        this Deposit Agreement to any Owner or holder of any Receipt (including,
        without
        limitation, liability with respect to the validity or worth of the Deposited
        Securities), except that it agrees to perform its obligations specifically
        set
        forth in this Deposit Agreement without negligence or bad faith.

       

      Neither
        the Depositary nor the Company shall be under any obligation to appear in,
        prosecute or defend any action, suit or other proceeding in respect of any
        Deposited Securities or in respect of the Receipts, which in its opinion
        may
        involve it in expense or liability, unless indemnity satisfactory to it against
        all expense and liability shall be furnished as often as may be required,
        and
        the Custodian shall not be under any obligation whatsoever with respect to
        such
        proceedings, the responsibility of the Custodian being solely to the
        Depositary.

       

      Neither
        the Depositary nor the Company shall be liable for any action or nonaction
        by it
        in reliance upon the advice of or information from legal counsel, accountants,
        any person presenting Shares for deposit, any Owner or any other person believed
        by it in good faith to be competent to give such advice or
        information.

       

      The
        Depositary shall not be liable for any acts or omissions made by a successor
        depositary whether in connection with a previous act or omission of the
        Depositary or in connection with any matter arising wholly after the removal
        or
        resignation of the Depositary, provided that in connection with the issue
        out of
        which such potential liability arises the Depositary performed its obligations
        without negligence or bad faith while it acted as Depositary.

       

      The
        Depositary shall not be responsible for any failure to carry out any
        instructions to vote any of the Deposited Securities, or for the manner in
        which
        any such vote is cast or the effect of any such vote, provided that any such
        action or nonaction is in good faith.

       

      No
        disclaimer of liability under the Securities Act of 1933 is intended by any
        provision of this Deposit Agreement.

       

      Section
        5.04.  Resignation and Removal of the  Depositary:
        Appointment of Successor Depositary.  The Depositary may at any
        time resign as Depositary hereunder by written notice of its election so
        to do
        delivered to the Company, 

       

      
        
          
          

        

        
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      such
        resignation to take effect upon the appointment of a successor depositary
        and
        its acceptance of such appointment as hereinafter provided.

       

      The
        Depositary may at any time be removed by the Company by written notice of
        such
        removal effective upon the appointment of a successor depositary and its
        acceptance of such appointment as hereinafter provided.

       

      In
        case at
        any time the Depositary acting hereunder shall resign or be removed, the
        Company
        shall use its best efforts to appoint a successor depositary, which shall
        be a
        bank or trust company having an office in the Borough of Manhattan, The City
        of
        New York. Every successor depositary shall execute and deliver to its
        predecessor and to the Company an instrument in writing accepting its
        appointment hereunder, and thereupon such successor depositary, without any
        further act or deed, shall become fully vested with all the rights, powers,
        duties and obligations of its predecessor; but such predecessor, nevertheless,
        upon payment of all sums due it and on the written request of the Company
        shall
        execute and deliver an instrument transferring to such successor all rights
        and
        powers of such predecessor hereunder, shall duly assign, transfer and deliver
        all right, title and interest in the Deposited Securities to such successor,
        and
        shall deliver to such successor a list of the Owners of all outstanding Receipts
        together with copies of such records in relation to the Receipts as the Company
        may reasonably request; provided, however, the Depositary
        shall not be required to divulge proprietary information as to the operation
        of
        its business. Any such successor depositary shall promptly mail notice of
        its
        appointment to the Owners.

       

      Any
        corporation into or with which the Depositary may be merged or consolidated
        shall be the successor of the Depositary without the execution or filing
        of any
        document or any further act.

       

      Section
        5.05.  The Custodians.  The Depositary, after
        consultation with the Company, may from time to time appoint one or more
        agents,
        as permitted by Argentine law and any other applicable laws or regulations,
        to
        act for it as Custodian hereunder. The Custodian shall be subject at all
        times
        and in all respects to the directions of the Depositary and shall be responsible
        solely to it. Any Custodian may resign and be discharged from its duties
        hereunder by notice of such resignation delivered to the Depositary at least
        30
        days prior to the date on which such resignation is to become effective.
        The
        Depositary, with the consent of the Company, may discharge any Custodian.
        If
        upon such resignation or discharge there shall be no Custodian acting hereunder,
        the Depositary shall, promptly after receiving such notice, upon consent
        of the
        Company, appoint a substitute custodian or custodians, each of which shall
        thereafter be a Custodian hereunder. Whenever the Depositary in its discretion
        determines that it is in the best interest of the Owners to do so, it may
        appoint substitute or additional custodian or custodians, which shall thereafter
        be one of the Custodians hereunder. Upon demand of the Depositary any Custodian
        shall deliver such of 

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      the
        Deposited Securities held by it as are requested of it to any other Custodian
        or
        such substitute or additional custodian or custodians. Each such substitute
        or
        additional custodian shall deliver to the Depositary and the Company, forthwith
        upon its appointment, an acceptance of such appointment satisfactory in form
        and
        substance to the Depositary and the Company. Immediately upon any such change
        and if the Company shall so request, the Depositary shall give notice thereof
        in
        writing to all Owners.

       

      Upon
        the
        appointment of any successor depositary hereunder, each Custodian then acting
        hereunder shall forthwith become, without any further act or writing, the
        agent
        hereunder of such successor depositary and the appointment of such successor
        depositary shall in no way impair the authority of each Custodian hereunder;
        but
        the successor depositary so appointed shall, nevertheless, on the written
        request of any Custodian, execute and deliver to such Custodian all such
        instruments as may be proper to give to such Custodian full and complete
        power
        and authority as agent hereunder of such successor depositary.

       

      Section
        5.06.  Notices and Reports.  On or before the first
        date on which the Company gives notice, by publication or otherwise, of any
        meeting of holders of Shares or other Deposited Securities, or of any adjourned
        meeting of such holders, or of the taking of any action in respect of any
        cash
        or other distributions or the offering of any rights, the Company agrees
        to
        transmit to the Depositary and the Custodian an English language copy of
        the
        notice thereof in the form given or to be given to holders of Shares or other
        Deposited Securities.

       

      The
        Company will arrange for the translation into English, if not already in
        English, to the extent required pursuant to any regulations of the Commission,
        and the prompt transmittal by the Company to the Depositary and the Custodian
        of
        such notices and any other reports and communications which are made generally
        available by the Company to holders of its Shares. If requested in writing
        by
        the Company, the Depositary will arrange for the mailing, at the Company’s
        expense, of copies of such notices, reports and communications to all Owners.
        The Company will timely provide the Depositary with the quantity of such
        notices, reports, and communications, as requested by the Depositary from
        time
        to time, in order for the Depositary to effect such mailings.

       

      Section
        5.07.  Distribution of Additional Shares, Rights,
        etc.  The Company agrees that in the event of any issuance or
        distribution of (1) additional Shares, (2) rights to subscribe for Shares,
        (3)
        securities convertible into Shares, or (4) rights to subscribe for such
        securities (each a “Distribution”), the Company will promptly
        notify the Depositary of such Distribution and direct the Depositary to take
        specific measures with respect to the acceptance for deposit of Shares or
        other
        securities to prevent such Distribution from being made in violation of the
        registration requirements of the Securities Act of 1933, provided,
however, the 

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      Depositary
        shall have the right not to accept for deposit Shares or other securities
        if the
        Depositary shall not have received from the Company a written opinion of
        U.S.
        counsel for the Company which counsel shall be satisfactory to the Depositary,
        stating that such deposit would not result in a violation of the registration
        requirement of the Securities Act of 1933.

       

      In
        the
        event that registration under the Securities Act of 1933 would be required
        in
        connection with any such Distribution, the Company shall have no obligation
        to
        effect such registration. To the extent the Company in its discretion deems
        it
        necessary or advisable in order to avoid any requirement to register such
        additional securities under the Securities Act of 1933, the Company may prevent
        Owners in the United States from purchasing any such additional securities
        (whether pursuant to preemptive rights or otherwise) and give the Depositary
        written instructions directing the Depositary not to accept any Shares for
        deposit for such period of time following the issuance of such additional
        securities and to adopt such other specific measures as the Company may
        reasonably request in writing. The Depositary agrees with the Company that
        it
        shall comply with such instructions.

       

      The
        Company agrees with the Depositary that neither the Company nor any affiliate
        of
        the Company will (a) at any time deposit any Shares, either originally issued
        or
        previously issued and reacquired by the Company or by any affiliate, unless
        a
        registration statement is in effect as to such Shares under the Securities
        Act
        of 1933 or such Shares are not required to be registered under the Securities
        Act of 1933 or any applicable securities laws of any state of the United
        States
        or (b) resell any Receipts acquired by any of them. The Depositary will comply
        with the written instructions of the Company not to accept knowingly for
        deposit
        hereunder any Shares identified in such instructions at such times and under
        such circumstances as may be specified in such instructions in order to
        facilitate the Company’s compliance with the securities laws of the United
        States or any applicable securities laws of any state of the United
        States.

       

      Section
        5.08.  Indemnification.  The Company agrees to
        indemnify the Depositary and any Custodian against, and hold each of them
        harmless from any liability or expense (including, but not limited to, the
        reasonable fees and expenses of counsel) which may arise out of acts performed
        or omitted, in accordance with the provisions of this Deposit Agreement and
        of
        the Receipts, as the same may be amended, modified or supplemented from time
        to
        time, (A) by either the Depositary or a Custodian, except for any liability
        or
        expense arising out of the negligence (including the negligent failure by
        the
        Depositary or Custodian to comply with any provision of the Deposit Agreement
        or
        of the Receipts, as the same may be amended, modified or supplemented from
        time
        to time) or bad faith of either of them, or (B) by the Company or any of
        its
        agents; provided, however, that such indemnity shall not
        extend to any expenses of the 

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      Depositary
        that, pursuant to the Deposit Agreement or any supplemental fee or other
        agreement, are not payable by the Company.

       

      The
        Company shall not indemnify the Depositary or any Custodian against any
        liability or expense arising out of (i) information relating to the Depositary
        or the Custodian, as the case may be, furnished in writing to the Company
        and
        executed by the Depositary expressly for the use in any registration statement,
        prospectus, preliminary prospectus, proxy statement, offering circular or
        preliminary offering circular relating to the Shares evidenced by the American
        Depositary Shares, or (ii) any Pre-Release (including, without limitation,
        any
        claim that any party to a Pre-Release may assert relating to such Pre-Release)
        entered into by the Depositary or the Custodian.

       

      The
        Depositary agrees to indemnify the Company and hold it harmless from any
        liability or expense (including, but not limited to, the reasonable fees
        and
        expenses of counsel) which may arise out of acts performed or omitted by
        the
        Depositary or its Custodian or their respective directors, employees, agents
        and
        affiliates due to their negligence or bad faith.

       

      Any
        person
        seeking indemnification hereunder (an “indemnified person”)
        shall notify the person from whom it is seeking indemnification (the
“indemnifying person”) of a commencement of any indemnifiable
        action or claim promptly after such indemnified person becomes aware of such
        commencement and shall consult in good faith with the indemnifying person
        as to
        the conduct of the defense of such action or claim, which defense shall be
        reasonable under the circumstances. No indemnified person shall compromise
        or
        settle any action or claim without the consent of the indemnifying
        person.

       

      The
        obligations set forth in this ‎Section
        5.08 shall survive the termination of this Deposit Agreement and the succession
        or substitution of any indemnified person.

       

      Section
        5.09.  Charges of Depositary.  The Company agrees
        to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary
        and those of any Registrar only in accordance with agreements in writing
        entered
        into between the Depositary and the Company from time to time. The Depositary
        shall present its statement for such charges and expenses to the Company
        once
        every three months. The charges and expenses of the Custodian are for the
        sole
        account of the Depositary.

       

      The
        following charges shall be incurred by any party depositing or withdrawing
        Shares or by any party surrendering Receipts or to whom Receipts are issued
        (including, without limitation, issuance pursuant to a stock dividend or
        stock
        split declared by the Company or an exchange of stock regarding the Receipts
        or
        Deposited Securities or a distribution of Receipts pursuant to ‎Section
        

       

      
        
          
          

        

        
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      4.03),
        whichever applicable: (1) taxes and other governmental charges, (2) such
        registration fees as may from time to time be in effect for the registration
        of
        transfers of Shares generally on the Share register of the Company or Foreign
        Registrar and applicable to transfers of Shares to the name of the Depositary
        or
        its nominee or the Custodian or its nominee on the making of deposits or
        withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses
        as are expressly provided in this Deposit Agreement, (4) such reasonable
        and
        customary expenses as are incurred by the Depositary in the conversion of
        foreign currency pursuant to ‎Section
        4.05, (5) a fee not in excess of $5.00 or less per 100 American Depositary
        Shares (or portion thereof) for the execution and delivery of Receipts pursuant
        to Sections ‎2.03
        or ‎4.03
        and the surrender of Receipts pursuant to ‎Section
        2.05 and (6) a fee for, and the deduction of such fee from, the distribution
        of
        proceeds of sales of securities or rights pursuant to Section ‎4.02
        or ‎4.04,
        respectively, such fee being in an amount equal to the fee for the issuance
        of
        American Depositary Shares referred to above which would have been charged
        as a
        result of the deposit by Owners of securities (for purposes of this Clause
‎(6)
        treating all such securities as if they were Shares) or Shares received in
        exercise of rights distributed to them pursuant to Section ‎4.02
        or ‎4.04,
        respectively, but which securities or rights are instead sold by the Depositary
        and the net proceeds distributed.

       

      The
        Depositary, subject to ‎Section
        2.09 hereof, may own and deal in any class of securities of the Company and
        its
        affiliates and in Receipts.

       

      Section
        5.10.  Retention of Depositary Documents.  The
        Depositary is authorized to destroy those documents, records, bills and other
        data compiled during the term of this Deposit Agreement at the times permitted
        by the laws or regulations governing the Depositary unless the Company requests
        that such papers be retained for a longer period or turned over to the Company
        or to a successor depositary.

       

      Section
        5.11.  List of Restricted Securities Owners.  From
        time to time, the Company shall provide to the Depositary a list setting
        forth,
        to the actual knowledge of the Company, those persons or entities who
        beneficially own Restricted Securities and the Company shall update that
        list on
        a regular basis. The Company agrees to advise in writing each of the persons
        or
        entities so listed that such Restricted Securities are ineligible for deposit
        hereunder. The Depositary may rely on such a list or update but, except as
        expressly provided for herein, shall not be liable for any action or omission
        made in reliance thereon.

       

      Section
        5.12.  Dividend Reinvestment Plan.  The Depositary
        agrees not to establish a Dividend Reinvestment Plan with respect to American
        Depositary Shares without the prior written consent of the Company.

       

      
        
          
          

        

        
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      ARTICLE
        6

      AMENDMENT
        AND TERMINATION

       

      Section
        6.01.  Amendment.  The form of the Receipts and any
        provisions of this Deposit Agreement may at any time and from time to time
        be
        amended by agreement between the Company and the Depositary in any respect
        which
        they may deem necessary or desirable. Any amendment which shall impose or
        increase any fees or charges (other than taxes and other governmental charges,
        registration fees, cable, telex or facsimile transmission costs, delivery
        costs
        or other such expenses), or which shall otherwise prejudice any substantial
        existing right of Owners, shall, however, not become effective as to outstanding
        Receipts until the expiration of 30 days after notice of such amendment shall
        have been given to the Owners of outstanding Receipts.  Every Owner at
        the time any amendment so becomes effective shall be deemed, by continuing
        to
        hold such Receipt, to consent and agree to such amendment and to be bound
        by the
        Deposit Agreement as amended thereby. In no event shall any amendment impair
        the
        right of the Owner of any Receipt to surrender such Receipt and receive therefor
        the Deposited Securities represented thereby, except in order to comply with
        mandatory provisions of applicable law.

       

      Section
        6.02.  Termination.  The Depositary shall at any
        time at the direction of the Company, terminate this Deposit Agreement by
        mailing notice of such termination to the Owners of all Receipts then
        outstanding at least 30 days prior to the date fixed in such notice for such
        termination. The Depositary may likewise terminate this Deposit Agreement
        by
        mailing notice of such termination to the Company and the Owners of all Receipts
        then outstanding if at any time 90 days shall have expired after the Depositary
        shall have delivered to the Company a written notice of its election to resign
        and a successor depositary shall not have been appointed and accepted its
        appointment as provided in ‎Section
        5.04. On and after the date of termination, the Owner of a Receipt will,
        upon
        (a) surrender of such Receipt at the Corporate Trust Office of the Depositary,
        (b) payment of the fee of the Depositary for the surrender of Receipts referred
        to in ‎Section
        2.05, and (c) payment of any applicable taxes or governmental charges, be
        entitled to delivery, to him or upon his order, of the amount of Deposited
        Securities represented by the American Depositary Shares evidenced by such
        Receipt. If any Receipts shall remain outstanding after the date of termination,
        the Depositary thereafter shall discontinue the registration of transfers
        of
        Receipts, shall suspend the distribution of dividends to the Owners thereof,
        and
        shall not give any further notices or perform any further acts under this
        Deposit Agreement, except that the Depositary shall continue to collect
        dividends and other distributions pertaining to Deposited Securities, shall
        sell
        rights as provided in this Deposit Agreement, and shall continue to deliver
        Deposited Securities, together with any dividends or other distributions
        received with respect thereto and the net proceeds of the sale of any rights
        or
        other property, in exchange for Receipts surrendered to the Depositary (after
        deducting, in each case, the fee of the Depositary for the 

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      surrender
        of a Receipt, any expenses for the account of the Owner of such Receipt in
        accordance with the terms and conditions of this Deposit Agreement, and any
        applicable taxes or governmental charges). At any time after the expiration
        of
        one year from the date of termination, the Depositary may sell the Deposited
        Securities then held hereunder and may thereafter hold uninvested the net
        proceeds of any such sale, together with any other cash then held by it
        hereunder, unsegregated and without liability for interest, for the pro rata
        benefit of the Owners of Receipts which have not theretofore been surrendered,
        such Owners thereupon becoming general creditors of the Depositary with respect
        to such net proceeds. After making such sale, the Depositary shall be discharged
        from all obligations under this Deposit Agreement, except to account for
        such
        net proceeds and other cash (after deducting, in each case, the fee of the
        Depositary for the surrender of a Receipt, any expenses for the account of
        the
        Owner of such Receipt in accordance with the terms and conditions of this
        Deposit Agreement, and any applicable taxes or governmental charges) and
        except
        for its obligations to the Company under ‎Section
        5.08. Upon the termination of this Deposit Agreement, the Company shall be
        discharged from all obligations under this Deposit Agreement except for its
        obligations to the Depositary under Sections ‎5.08
        and ‎5.09
        hereof.

       

      ARTICLE
        7

      MISCELLANEOUS

       

      Section
        7.01.  Counterparts.  This Deposit Agreement may be
        executed in any number of counterparts, each of which shall be deemed an
        original and all of such counterparts shall constitute one and the same
        instrument. Copies of this Deposit Agreement shall be filed with the Depositary
        and the Custodians and shall be open to inspection by any Owner of a Receipt
        during business hours.

       

      Section
        7.02.  No Third Party Beneficiaries.  This Deposit
        Agreement is for the exclusive benefit of the parties hereto and shall not
        be
        deemed to give any legal or equitable right, remedy or claim whatsoever to
        any
        other person.

       

      Section
        7.03.  Severability.  In case any one or more of
        the provisions contained in this Deposit Agreement or in the Receipts should
        be
        or become invalid, illegal or unenforceable in any respect, the validity,
        legality and enforceability of the remaining provisions contained herein
        or
        therein shall in no way be affected, prejudiced or disturbed
        thereby.

       

      Section
        7.04.  Holders and Owners as Parties; Binding
        Effect.  The holders and Owners of Receipts from time to time
        shall be parties to this Deposit Agreement and shall be bound by all of the
        terms and conditions hereof and of the Receipts by acceptance
        thereof.

       

      
        
          
          

        

        
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      Section
        7.05.  Notices.  Any and all notices to be given to
        the Company shall be deemed to have been duly given if personally delivered
        or
        sent by mail or cable, telex or facsimile transmission confirmed by registered
        mail, addressed to YPF Sociedad Anónima, Av. Pte. R.S. Peña 777, 1364 Buenos
        Aires, Argentina, telephone number (541) 326-4839, telecopy number (541)
        322-8617, or any other place to which the Company may have transferred its
        principal office.

       

      Any
        and
        all notices to be given to the Depositary shall be deemed to have been duly
        given if in English and personally delivered or sent by mail or cable, telex
        or
        facsimile transmission confirmed by registered mail, addressed to The Bank
        of
        New York, 101 Barclay Street, New York, New York 10286, telephone number
        (212)
        815-2089, telecopy number (212) 571-3050, Attention: American Depositary
        Receipt
        Administration, or any other place to which the Depositary may have transferred
        its Corporate Trust Office.

       

      Any
        and
        all notices to be given to any Owner shall be deemed to have been duly given
        if
        personally delivered or sent by mail or cable, telex or facsimile transmission
        confirmed by letter, addressed to such Owner at the address of such Owner
        as it
        appears on the transfer books for Receipts of the Depositary, or, if such
        Owner
        shall have filed with the Depositary a written request that notices intended
        for
        such Owner be mailed to some other address, at the address designated in
        such
        request.

       

      Delivery
        of a notice sent by mail or cable, telex or facsimile transmission shall
        be
        deemed to be effective at the time when a duly addressed letter containing
        the
        same (or a confirmation thereof in the case of a cable, telex or facsimile
        transmission) is deposited, postage prepaid, in a post-office letterbox.
        The
        Depositary or the Company may, however, act upon any cable, telex or facsimile
        transmission received by it, notwithstanding that such cable, telex or facsimile
        transmission shall not subsequently be confirmed by letter as
        aforesaid.

       

      Section
        7.06.  Governing Law.  This Deposit Agreement and
        the Receipts shall be interpreted and all rights hereunder and thereunder
        and
        provisions hereof and thereof shall be governed by the laws of the State
        of New
        York.

       

      Section
        7.07.  Compliance with U.S. Securities
        Laws.  Notwithstanding anything in this Deposit Agreement to the
        contrary, the Company and the Depositary each agrees that it will not exercise
        any rights it has under this Deposit Agreement to prevent the withdrawal
        or
        delivery of Deposited Securities in a manner which would violate U.S. securities
        laws including, but not limited to, Section IA(1) of the General Instructions
        to
        the Form F-6 Registration Statement, as amended time to time, under the
        Securities Act of 1933.

       

      IN
        WITNESS
        WHEREOF, YPF SOCIEDAD ANONIMA and THE BANK OF NEW YORK have duly executed
        this
        agreement as of the day and

       

      
        
          
          

        

        
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      year
        first
        set forth above and all Owners shall become parties hereto upon acceptance
        by
        them of Receipts issued in accordance with the terms hereof.

       

      
        	 	
                YPF
                  SOCIEDAD ANONIMA

              	 
	 	 	 	 
	 	 	 	 
	 	
                By:

              	 	 
	 	
                THE
                  BANK OF NEW YORK, as Depositary

              	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
                By:

              	 	 
	 	 	 	 

      

       

      
        
          
          

        

        
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      EXHIBIT
        A

       

      AMERICAN
        DEPOSITARY SHARES

      (Each
        American Depositary Share represents one deposited Share)

       

      THE
        BANK
        OF NEW YORK

      AMERICAN
        DEPOSITARY RECEIPT

      FOR
        CLASS
        D SHARES OF

      PAR
        VALUE
        10 PESOS EACH OF

      YPF
        SOCIEDAD ANONIMA

      (INCORPORATED
        UNDER THE LAWS OF

      THE
        REPUBLIC OF ARGENTINA)

       

      The
        Bank
        of New York, as depositary (hereinafter called the
“Depositary”), hereby certifies that
        ____________________________________, or registered assigns IS THE OWNER
        OF______________________________

       

      AMERICAN
        DEPOSITARY SHARES

       

      representing
        deposited Class D shares of par value 10 pesos each (herein called
“Shares”) of YPF SOCIEDAD ANONIMA, incorporated under the laws
        of the Republic of Argentina (herein called the “Company”). At
        the date hereof, each American Depositary Share represents 1 Share deposited
        or
        subject to deposit under the Deposit Agreement (as such term is hereinafter
        defined) with the Custodian. The Depositary’s Corporate Trust Office is located
        at a different address than its principal executive office. Its Corporate
        Trust
        Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal
        executive office is located at 48 Wall Street, New York, N.Y.
        10286.

       

      THE
        DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 101 BARCLAY STREET, NEW YORK,
        N.Y. 10286

       

      2.        THE
        DEPOSIT AGREEMENT.

       

      This
        American Depositary Receipt is one of an issue (herein called
“Receipts”), all issued and to be issued upon the terms and
        conditions set forth in the deposit agreement, dated as of June
        17, 1993 (herein called the “Deposit Agreement”), by and
        among the Company, the Depositary, and all Owners from time to time of Receipts
        issued thereunder, each of whom by accepting a Receipt agrees to become a
        party
        thereto and become bound by all the terms and conditions thereof. The Deposit
        Agreement sets forth the rights of Owners of the Receipts and the rights
        and
        duties of the Depositary in respect of the Shares deposited thereunder and
        any
        and all other securities, property and cash from time to time received in
        respect of such Shares and held thereunder (such Shares, securities, property,
        and cash are herein called “Deposited 

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      Securities”).
        Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust
        Office in New York City and at the office of the Custodian.

       

      The
        statements made on the face and reverse of this Receipt are summaries of
        certain
        provisions of the Deposit Agreement and are qualified by and subject to the
        detailed provisions of the Deposit Agreement, to which reference is hereby
        made.
        Capitalized terms defined in the Deposit Agreement and not defined herein
        shall
        have the meanings set forth in the Deposit Agreement

       

      3.        SURRENDER
        OF RECEIPTS AND WITHDRAWAL OF SHARES.

       

      Upon
        surrender at the Corporate Trust Office of the Depositary of this Receipt,
        and
        upon payment of the fee of the Depositary provided in this Receipt, and subject
        to the terms and conditions of the Deposit Agreement, the Owner hereof is
        entitled to delivery, to him or upon his order, of the Deposited Securities
        at
        the time represented by the American Depositary Shares for which this Receipt
        is
        issued. Delivery of such Deposited Securities may be made by the physical
        or
        electronic delivery of (a) certificates in the name of the Owner hereof or
        as
        ordered by him or certificates properly endorsed or accompanied by proper
        instruments of transfer and (b) any other securities, property and cash to
        which
        such Owner is then entitled in respect of this Receipt. Such delivery will
        be
        made at the option of the Owner hereof, either at the office of the Custodian
        or
        at the Corporate Trust Office of the Depositary, provided that the
        forwarding of certificates for Shares or other Deposited Securities for such
        delivery at the Corporate Trust Office of the Depositary shall be at the
        risk
        and expense of the Owner hereof.

       

      4.        TRANSFERS,
        SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

       

      The
        transfer of this Receipt is registrable on the books of the Depositary at
        its
        Corporate Trust Office by the Owner hereof in person or by a duly authorized
        attorney, upon surrender of this Receipt properly endorsed for transfer or
        accompanied by proper instruments of transfer and funds sufficient to pay
        any
        applicable transfer taxes and the expenses of the Depositary and upon compliance
        with such regulations, if any, as the Depositary may establish for such purpose.
        This Receipt may be split into other such Receipts, or may be combined with
        other such receipts into one Receipt, evidencing the same aggregate number
        of
        American Depositary Shares as the Receipt or Receipts surrendered. As a
        condition precedent to the execution and delivery, registration of transfer,
        split-up, combination, or surrender of any Receipt or withdrawal of any
        Deposited Securities, the Depositary, the Custodian, or Registrar may require
        payment from the depositor of the Shares or the presentor of the Receipt
        of a
        sum sufficient to reimburse it for any tax or other governmental charge and
        any
        stock transfer or 

       

      
        
          
          

        

        
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      registration
        fee with respect thereto (including any such tax or charge and fee with respect
        to Shares being deposited or withdrawn) and payment of any applicable fees
        as
        provided in this Receipt, may require the production of proof satisfactory
        to it
        as to the identity and genuineness of any signature and may also require
        compliance with any regulations the Depositary may establish consistent with
        the
        provisions of the Deposit Agreement or this Receipt, including, without
        limitation, this ‎Article
        3.

       

      The
        delivery of Receipts against deposits of Shares generally or against deposits
        of
        particular Shares may be suspended, or the transfer of Receipts in particular
        instances may be refused, or the registration of transfer of outstanding
        Receipts generally may be suspended, during any period when the transfer
        books
        of the Depositary are closed, or if any such action is deemed necessary or
        advisable by the Depositary or the Company at any time or from time to time
        because of any requirement of law or of any government or governmental body
        or
        commission, or under any provision of the Deposit Agreement or this Receipt,
        or
        for any other reason, subject to the provisions of the following sentence.
        Notwithstanding anything in the Deposit Agreement or the Receipts to the
        contrary, the surrender of outstanding Receipts and withdrawal of Deposited
        Securities may not be suspended subject only to (i) temporary delays caused
        by
        closing the transfer books of the Depositary or the Company or the deposit
        of
        Shares in connection with voting at a shareholders’ meeting, or the payment of
        dividends, (ii) the payment of fees, taxes and similar charges, and (iii)
        compliance with any U.S. or foreign laws or governmental regulations relating
        to
        the Receipts or to the withdrawal of the Deposited Securities.

       

      Without
        limitation of the foregoing, the Depositary shall not knowingly accept for
        deposit under this Deposit Agreement any Shares which (a) if sold by the
        holder
        thereof in the United States (as defined in Regulation S under the Securities
        Act of 1933) would be, to the actual knowledge of the Depositary, subject
        to the
        registration provisions of the Securities Act of 1933, unless a registration
        statement is in effect as to such Shares or (b) the deposit of which would,
        to
        the actual knowledge of the Depositary, thereby infringe any provision of
        the
        by-laws of the Company.

       

      5.        LIABILITY
        OF OWNER FOR TAXES.

       

      If
        any tax
        or other governmental charge shall become payable with respect to any Receipt
        or
        any Deposited Securities represented hereby, such tax or other governmental
        charge shall be payable by the Owner hereof to the Depositary. The Depositary
        may refuse to effect any transfer of this Receipt or any withdrawal of Deposited
        Securities represented by American Depositary Shares evidenced by such Receipt
        until such payment is made, and may withhold any dividends or other
        distributions in respect of any Deposited Securities, or may sell for the
        account of the Owner hereof any part or all of the Deposited
        Securities

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

       

      represented
        by the American Depositary Shares evidenced by this Receipt, and may apply
        such
        dividends or other distributions or the proceeds of any such sale in payment
        of
        such tax or other governmental charge and the Owner hereof shall remain liable
        for any deficiency.

       

      6.        WARRANTIES
        OF DEPOSITORS.

       

      Every
        person depositing Shares hereunder and under the Deposit Agreement shall
        be
        deemed thereby to represent and warrant that such Shares and each certificate
        therefor are validly issued, fully paid, non-assessable, and free of any
        preemptive rights of the holders of outstanding Shares and that the person
        making such deposit is duly authorized so to do. Every such person shall
        also be
        deemed to represent that such Shares are not Restricted Securities as defined
        in
        the Deposit Agreement. Such representations and warranties shall survive
        the
        deposit of such Shares and issuance of Receipts.

       

      7.        FILING
        PROOFS, CERTIFICATES, AND OTHER INFORMATION.

       

      Any
        person
        presenting Shares for deposit or any Owner of a Receipt may be required from
        time to time to file with the Depositary or the Custodian such proof of
        citizenship or residence, exchange control approval, compliance with all
        applicable laws and regulations or such information relating to the registration
        on the books of the Company or the Foreign Registrar, if applicable, to execute
        such certificates and to make such representations and warranties, as the
        Depositary or the Company may deem necessary or proper. The Depositary may,
        and
        at the reasonable request of the Company shall, withhold the delivery or
        registration of transfer of any Receipt or the distribution of any dividend
        or
        sale or distribution of rights or of the proceeds thereof or the delivery
        of any
        Deposited Securities until such proof or other information is filed or such
        certificates are executed or such representations and warranties made. Upon
        the
        request of the Company, the Depositary shall provide the Company with copies
        of
        all such certificates and such written representations and warranties provided
        to the Depositary under Section 3.01 of the Deposit Agreement. Each Owner
        agrees
        to provide any information requested by the Company or the Depositary pursuant
        to this paragraph.

       

      8.        CHARGES
        OF DEPOSITARY.

       

      The
        Company agrees to pay the fees, reasonable expenses and out-of-pocket charges
        of
        the Depositary and those of any Registrar only in accordance with agreements
        in
        writing entered into between the Depositary and the Company from time to
        time.
        The Depositary shall present its statement for such charges and expenses
        to the
        Company once every three months. The charges and expenses of the Custodian
        are
        for the sole account of the Depositary.

       

      
        
          
          

        

        
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      The
        following charges shall be incurred by any party depositing or withdrawing
        Shares or by any party surrendering Receipts or to whom Receipts are issued
        (including, without limitation, issuance pursuant to a stock dividend or
        stock
        split declared by the Company or an exchange of stock regarding the Receipts
        or
        Deposited Securities or a distribution of Receipts pursuant to ‎Section
        4.03 of the Deposit Agreement), whichever applicable: (1) taxes and other
        governmental charges, (2) such registration fees as may from time to time
        be in
        effect for the registration of transfers of Shares generally on the Share
        register of the Company or Foreign Registrar and applicable to transfers
        of
        Shares to the name of the Depositary or its nominee or the Custodian or its
        nominee on the making of deposits or withdrawals under the terms of the Deposit
        Agreement, (3) such cable, telex and facsimile transmission expenses as are
        expressly provided in the Deposit Agreement, (4) such reasonable and customary
        expenses as are incurred by the Depositary in the conversion of foreign currency
        pursuant to ‎Section
        4.05 of the Deposit Agreement, (5) a fee not in excess of $5.00 or less per
        100
        American Depositary Shares (or portion thereof) for the execution and delivery
        of Receipts pursuant to Sections ‎2.03
        or ‎4.03
        of the Deposit Agreement and the surrender of Receipts pursuant to ‎Section
        2.05 of the Deposit Agreement and (6) a fee for, and the deduction of such
        fee
        from, the distribution of proceeds of sales of securities or rights pursuant
        to
        Section ‎4.02
        or ‎4.04,
        respectively of the Deposit Agreement, such fee being in an amount equal
        to the
        fee for the issuance of American Depositary Shares referred to above which
        would
        have been charged as a result of the deposit by Owners of securities (for
        purposes of this clause 6 treating all such securities as if they were Shares)
        or Shares received in exercise of rights distributed to them pursuant to
        Section
‎4.02
        or ‎4.04,
        respectively of the Deposit Agreement, but which securities or rights are
        instead sold by the Depositary and the net proceeds distributed.

       

      The
        Depositary, subject to ‎Article
        8 hereof, may own and deal in any class of securities of the Company
        and
        its affiliates and in Receipts.

       

      9.        PRE-RELEASE
        OF RECEIPTS.

       

      Notwithstanding
        ‎Section
        2.03 of the Deposit Agreement, the Depositary may execute and deliver Receipts
        prior to the receipt of Shares pursuant to ‎Section
        2.02 of the Deposit Agreement (“Pre-Release”). The Depositary
        may, pursuant to ‎Section
        2.05 of the Deposit Agreement, deliver Shares upon the receipt and cancellation
        of Receipts which have been Pre-Released, whether or not such cancellation
        is
        prior to the termination of such Pre-Release or the Depositary knows that
        such
        Receipt has been Pre-Released. The Depositary may receive Receipts in lieu
        of
        Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded
        or accompanied by a written representation from the person to whom Receipts
        are
        to be delivered that such person, or its customer, owns the Shares or Receipts
        to be remitted, as the case may be, (b) at all times fully collateralized
        with
        cash or United States government securities until such 

       

      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

       

      Shares
        are
        deposited, (c) terminable by the Depositary on not more than five (5) business
        days notice, and (d) subject to such further indemnities and credit regulations
        as the Depositary deems appropriate. The number of American Depositary Shares
        which are outstanding at any time as a result of Pre-Releases will not normally
        exceed thirty percent (30%) of the Shares deposited under the Deposit Agreement
        then outstanding; provided, however, that the Depositary
        reserves the right to change or disregard such limit from time to time as
        it
        deems appropriate.

       

      The
        Depositary may retain for its own account any compensation received by it
        in
        connection with the foregoing, including interest on any collateral. The
        Company
        shall have no liability to the Depositary or any Owner with respect to any
        representations, actions or omissions by the Depositary or any Owner in
        connection with any Pre-Release.

       

      10.        TITLE
        TO RECEIPTS.

       

      It
        is a
        condition of this Receipt and every successive holder and Owner of this Receipt
        by accepting or holding the same consents and agrees, that title to this
        Receipt
        when properly endorsed or accompanied by proper instruments of transfer,
        is
        transferable by delivery with the same effect as in the case of a negotiable
        instrument governed by New York law, provided, however, that
        the Company and Depositary, notwithstanding any notice to the contrary, may
        treat the person in whose name this Receipt is registered on the books of
        the
        Depositary as the absolute owner hereof for the purpose of determining the
        person entitled to distribution of dividends or other distributions or to
        any
        notice provided for in the Deposit Agreement or for all other purposes and
        neither the Depositary nor the Company shall have any obligation or be subject
        to any liability under this Deposit Agreement to any holder of a Receipt
        unless
        such holder is the Owner hereof.

       

      11.        VALIDITY
        OF RECEIPT.

       

      This
        Receipt shall not be entitled to any benefits under the Deposit Agreement
        or be
        valid or obligatory for any purpose, unless this Receipt shall have been
        executed by the Depositary by the manual signature of a duly authorized
        signatory of the Depositary; provided, however, that such
        signature may be a facsimile if a Registrar for Receipts shall have been
        appointed and the Receipts are countersigned by the manual signature of a
        duly
        authorized officer of the Registrar.

       

      12.        REPORTS;
        INSPECTION OF TRANSFER BOOKS.

       

      The
        Company is subject to the periodic reporting requirements of the Securities
        Exchange Act of 1934 and, accordingly files certain reports with the

       

      
        
          
          

        

        
          A-6

          
            

          

        

        
          
          

        

      

       

      Commission.
        Such reports and communications will be available for inspection and copying
        by
        holders and Owners at the public reference facilities maintained by the
        Commission located at 450 Fifth Street, N.W., Washington, D.C.
        20549.

       

      The
        Depositary will make available for inspection by Owners of Receipts at its
        Corporate Trust Office any reports and communications, including any proxy
        soliciting material, received from the Company which are both (a) received
        by
        the Depositary as the holder of the Deposited Securities and (b) made generally
        available to the holders of such Deposited Securities by the Company. The
        Depositary will also send to Owners of Receipts copies of such reports when
        furnished by the Company pursuant to the Deposit Agreement. Any such reports
        and
        communications, including any such proxy soliciting material, furnished to
        the
        Depositary by the Company shall be furnished in English to the extent such
        materials are required to be translated into English pursuant to any regulations
        of the Commission.

       

      The
        Depositary will keep books for the registration of Receipts and transfers
        of
        Receipts which at all reasonable times shall be open for inspection by the
        Owners of Receipts provided that such inspection shall not be for the
        purpose of communicating with Owners of Receipts in the interest of a business
        or object other than the business of the Company or a matter related to the
        Deposit Agreement or the Receipts.

       

      13.        DIVIDENDS
        AND DISTRIBUTIONS.

       

      Whenever
        the Depositary receives any cash dividend or other cash distribution on any
        Deposited Securities, the Depositary will, if such cash is received in Foreign
        Currency, subject to the provisions of ‎Section
        4.05 of the Deposit Agreement and to the following sentence, convert such
        dividend or distribution into Dollars and will as promptly as practicable
        distribute the amount thus received (net of the reasonable and customary
        expenses incurred by the Depositary as provided in ‎Article
        7 hereof and ‎Section
        5.09 of the Deposit Agreement) to the Owners of Receipts entitled thereto,
        provided, however, that in the event that the Company or the
        Depositary is required to withhold and does withhold from any cash dividend
        or
        other cash distribution in respect of any Deposited Securities an amount
        on
        account of taxes or other governmental charges, the amount distributed to
        the
        Owners of the Receipts evidencing American Depositary Shares representing
        such
        Deposited Securities shall be reduced accordingly.

       

      Subject
        to
        the provisions of Section ‎4.11
        and ‎5.09
        of the Deposit Agreement, whenever the Depositary receives any distribution
        other than a distribution described in Section ‎4.01,
        ‎4.03
        or ‎4.04
        of the Deposit Agreement, the Depositary will cause the securities or property
        received by it to be distributed to the Owners of Receipts entitled thereto,
        in
        any manner that the Depositary may 

       

      
        
          
          

        

        
          A-7

          
            

          

        

        
          
          

        

      

       

      deem
        equitable and practicable for accomplishing such distribution;
provided, however, that if in the opinion of the Depositary
        such distribution cannot be made proportionately among the Owners of Receipts
        entitled thereto, or if for any other reason the Depositary deems such
        distribution not to be feasible, the Depositary may adopt such method as
        it may
        deem equitable and practicable for the purpose of effecting such distribution,
        including, but not limited to, the public or private sale of the securities
        or
        property thus received, or any part thereof, and the net proceeds of any
        such
        sale shall be distributed by the Depositary to the Owners of Receipts entitled
        thereto as in the case of a distribution received in cash.

       

      Except
        as
        provided in the following paragraph, if any distribution consists of a dividend
        in, or free distribution of, Shares, the Depositary may and shall if the
        Company
        shall so request, reflect on the records of the Depositary such increase
        in the
        aggregate number of American Depositary Shares representing such Shares,
        or
        distribute to the Owners of outstanding Receipts entitled thereto, additional
        Receipts evidencing an aggregate number of American Depositary Shares
        representing the amount of Shares received as such dividend or free distribution
        subject to the terms and conditions of the Deposit Agreement with respect
        to the
        terms and conditions of the Deposit Agreement with respect to the deposit
        of
        Shares and the issuance of American Depositary Shares evidenced by Receipts,
        including the withholding of any tax or other governmental charge as provided
        in
‎Section
        4.11 of the Deposit Agreement and the payment of the fees of the Depositary
        as
        provided in ‎Article
        7 hereof and ‎Section
        5.09 of the Deposit Agreement. In lieu of delivering Receipts for fractional
        American Depositary Shares in any such case, the Depositary will sell the
        amount
        of Shares represented by the aggregate of such fractions and distribute the
        net
        proceeds. If additional receipts are not so distributed, each American
        Depositary Share shall thenceforth also represent the additional Shares
        distributed upon the Deposited Securities represented thereby.

       

      If
        any
        dividend in, or free distribution of, Shares described in the preceding
        paragraph consists of Shares that are not entitled to the same rights, including
        rights with respect to dividends or other distributions, as Shares constituting
        Deposited Securities, such dividend or free distribution shall be treated
        by the
        Depositary as a distribution in other than cash, Shares or rights in accordance
        with ‎Section
        4.02 of the Deposit Agreement.

       

      In
        the
        event that the Depositary determines that any distribution in property
        (including Shares and rights to subscribe therefor) is subject to any tax
        or
        other governmental charge which the Depositary is obligated to withhold,
        the
        Depositary may by public or private sale dispose of all or a portion of such
        property (including Shares and rights to subscribe therefor) in such amounts
        and
        in such manner as the Depositary deems necessary and practicable to pay any
        such
        taxes or charges, and the Depositary shall distribute the net proceeds of
        any
        such sale after deduction of such taxes or charges to the Owners of Receipts
        

       

      
        
          
          

        

        
          A-8

          
            

          

        

        
          
          

        

      

       

      entitled
        thereto in proportion to the number of American Depositary Shares held by
        them
        respectively, and the Depositary shall distribute any unsold balance of such
        property in accordance with the provisions of the Deposit
        Agreement.

       

      14.        RIGHTS.

       

      In
        the
        event that the Company shall offer or cause to be offered to the holders
        of any
        Deposited Securities any rights to subscribe for additional Shares or any
        rights
        of any other nature, the Depositary, after consultation with the Company,
        shall
        have discretion as to the procedure to be followed in making such rights
        available to any Owners or in disposing of such rights on behalf of any Owners
        and making the net proceeds available to such Owners or, if by the terms
        of such
        rights offering or for any other reason, the Depositary may not either make
        such
        rights available to any Owners or dispose of such rights and make the net
        proceeds available to such Owners, then the Depositary shall allow the rights
        to
        lapse. If at the time of the offering of any rights the Depositary determines
        in
        its discretion, after consultation with the Company, that it is lawful and
        feasible to make such rights available to all or certain Owners but not to
        other
        Owners, the Depositary may, after consultation with the Company, distribute
        to
        any Owner to whom it determines the distribution to be lawful and feasible,
        in
        proportion to the number of American Depositary Shares held by such Owner,
        warrants or other instruments therefor in such form as it deems
        appropriate.

       

      In
        circumstances in which rights would otherwise not be distributed, if an Owner
        of
        Receipts requests the distribution of warrants or other instruments in order
        to
        exercise the rights allocable to the American Depositary Shares of such Owner
        hereunder, the Depositary will make such rights available to such Owner upon
        written notice from the Company to the Depositary that (a) the Company has
        elected in its sole discretion to permit such rights to be exercised and
        (b)
        such Owner has executed such documents as the Company has determined in its
        sole
        discretion are reasonably required under applicable law.

       

      If
        the
        Depositary has distributed warrants or other instruments for rights to all
        or
        certain Owners, then upon instruction from such an Owner pursuant to such
        warrants or other instruments to the Depositary to exercise such rights,
        upon
        payment by such Owner to the Depositary for the account of such Owner of
        an
        amount equal to the purchase price of the Shares to be received upon the
        exercise of the rights, and upon payment of the fees of the Depositary and
        any
        other charges as set forth in such warrants or other instruments, the Depositary
        shall, on behalf of such Owner, exercise the rights and purchase the Shares,
        and
        the Company shall cause the Shares so purchased to be delivered to the
        Depositary on behalf of such Owner. As agent for such Owner, the Depositary
        will
        cause the Shares so purchased to be deposited pursuant to ‎Section
        2.02 of the Deposit Agreement, and shall, pursuant to ‎Section
        2.03 of the Deposit Agreement, execute and deliver Receipts representing
        American Depositary Shares evidencing such 

       

      
        
          
          

        

        
          A-9

          
            

          

        

        
          
          

        

      

       

      Shares
        to
        such Owner. In the case of a distribution pursuant to the second paragraph
        of
        this Article, such Receipt shall be legended in accordance with applicable
        U.S.
        laws, and shall be subject to the appropriate restrictions on sale, deposit,
        cancellation and transfer under such laws.

       

      If
        the
        Depositary determines in its discretion, after consultation with the Company,
        that it is not lawful and feasible to make such rights available to all or
        certain Owners, it may sell the rights, warrants or other instruments in
        proportion to the number of American Depositary Shares held by the Owners
        to
        whom it has determined it may not lawfully or feasibly make such rights
        available, and allocate the net proceeds of such sales (net of fees as provided
        under the Deposit Agreement and all taxes and governmental charges payable
        in
        connection with such rights and subject to the terms and conditions of the
        Deposit Agreement) for the account of such Owners otherwise entitled to such
        rights, warrants or other instruments, upon an averaged or other practical
        basis
        without regard to any distinctions among such Owners because of exchange
        restrictions or the date of delivery of any Receipt or otherwise.

       

      If
        registration under the Securities Act of 1933 of the rights or of the securities
        to which any rights relate is required in order for the Company to offer
        such
        rights to Owners and sell the securities upon the exercise of such rights
        to
        Owners, the Depositary will not offer such rights to the Owners having an
        address in the United States unless and until such a registration statement
        is
        in effect, or unless the offering and sale of such securities to the Owners
        of
        such Receipts are exempt from registration under the provisions of such Act.
        Notwithstanding any terms of this Deposit Agreement to the contrary, the
        Company
        shall have no obligation to prepare and file a registration statement for
        any
        purpose.

       

      The
        Depositary shall not be responsible for any failure to determine that it
        may be
        lawful or feasible to make such rights available to Owners in general or
        any
        Owner in particular.

       

      15.       CONVERSION
        OF FOREIGN CURRENCY.

       

      Subject
        to
        any restrictions imposed by Argentine laws, regulations or applicable permits
        issued by any Argentine governmental body, whenever the Depositary shall
        receive
        foreign currency, by way of dividends or other distributions or the net proceeds
        from the sale of securities, property or rights, and if at the time of the
        receipt thereof the foreign currency so received can in the judgment of the
        Depositary be converted on a reasonable basis into Dollars and the resulting
        Dollars transferred to the United States, the Depositary shall as promptly
        as
        practicable convert or cause to be converted, by sale or in any other manner
        that it may determine, such foreign currency into Dollars, and such Dollars
        shall be distributed (except as provided in ‎Section
        4.01 of the Deposit Agreement) to the Owners entitled thereto or, if the
        Depositary shall have 

       

      
        
          
          

        

        
          A-10

          
            

          

        

        
          
          

        

      

       

      distributed
        any warrants or other instruments which entitle the holders thereof to such
        Dollars, then to the holders of such warrants and/or instruments upon surrender
        thereof for cancellation. Such distribution may be made upon an averaged
        or
        other practicable basis without regard to any distinctions among Owners on
        account of exchange restrictions, the date of delivery of any Receipt or
        otherwise and shall be net of any reasonable and customary expenses of
        conversion into Dollars incurred by the Depositary as provided in ‎Section
        5.09 of the Deposit Agreement.

       

      If
        such
        conversion or distribution can be effected only with the approval or license
        of
        any government or agency thereof, then such conversion or distribution shall
        be
        done only with such approval or license.

       

      If
        at any
        time the Depositary shall determine that in its judgment any foreign currency
        received by the Depositary is not convertible on a reasonable basis into
        Dollars
        transferable to the United States, or if any approval or license of any
        government or agency thereof which is required for such conversion is denied
        or
        in the opinion of the Depositary is not obtainable, of if any such approval
        or
        license is not obtained within a reasonable period as determined by the
        Depositary, the Depositary may distribute the foreign currency (or an
        appropriate document evidencing the right to receive such foreign currency)
        received by the Depositary to, or in its discretion may hold such foreign
        currency uninvested and without liability for interest thereon for the
        respective accounts of, the Owners entitled to receive the same.

       

      If
        any
        such conversion of foreign currency, in whole or in part, cannot be effected
        for
        distribution to some of the Owners entitled thereto, the Depositary may in
        its
        discretion make such conversion and distribution in Dollars to the extent
        permissible to the Owners entitled thereto and may distribute the balance
        of the
        foreign currency received by the Depositary to, or hold such balance uninvested
        and without liability for interest thereon for the respective accounts of,
        the
        Owners entitled thereto.

       

      16.        RECORD
        DATES.

       

      Whenever
        any cash dividend or other cash distribution shall become payable or any
        distribution other than cash shall be made, or whenever rights shall be issued
        with respect to the Deposited Securities, or whenever for any reason the
        Depositary causes a change in the number of Shares that are represented by
        each
        American Depositary Share, or whenever the Depositary shall receive notice
        of
        any meeting of holders of Shares or other Deposited Securities, the Depositary
        shall fix a record date, which date shall, to the extent practicable, be
        the
        same record date fixed by the Company (a) for the determination of the Owners
        of
        Receipts who shall be (i) entitled to receive such dividend, distribution
        or
        rights or the net proceeds of the sale thereof or (ii) entitled to give
        instructions for the 

       

      
        
          
          

        

        
          A-11

          
            

          

        

        
          
          

        

         

      

      exercise
        of voting rights at any such meeting, or (b) on or after which each American
        Depositary Share will represent the changed number of Shares, subject to
        the
        provisions of the Deposit Agreement.

       

      17.        VOTING
        OF DEPOSITED SECURITIES.

       

      Upon
        receipt of notice of any meeting of holders of Shares or other Deposited
        Securities, the Depositary shall, as soon as practicable thereafter, mail
        or
        caused to be mailed to the Owners of Receipts a notice, the form of which
        notice
        shall be subject to the reasonable discretion of the Depositary and any
        applicable provision of Argentine law, if any, that governs such notice,
        which
        shall contain (a) such information as is contained in such notice of meeting
        received by the Depositary from the Company, (b) a statement that the Owners
        of
        Receipts as of the close of business on a specified record date will be
        entitled, subject to any applicable provision of Argentine law and of the
        by-laws of the Company and the provisions of the Shares or other Deposited
        Securities, to instruct the Depositary as to the exercise of the voting rights,
        if any, pertaining to the amount of Shares or other Deposited Securities
        represented by their respective American Depositary Shares and (c) a statement
        as to the manner in which such instructions may be given. Upon the written
        request of an Owner of a Receipt on such record date, received on or before
        the
        date established by the Depositary for such purpose, the Depositary shall
        endeavor insofar as practicable to vote or cause to be voted the amount of
        Shares or other Deposited Securities represented by the American Depositary
        Shares in accordance with the instructions set forth in such request. The
        Depositary shall not vote Shares or other Deposited Securities represented
        by
        the American Depositary Shares except in accordance with instructions received
        from an Owner; provided, however, that if no such instructions
        are received, the Depositary shall vote the Shares or other Deposited Securities
        represented by the American Depositary Shares in accordance with the
        recommendations of the Board of Directors of the Company made to all holders
        of
        Shares, unless prohibited from doing so by any applicable provisions of
        Argentine law, and if no such recommendations are made it shall not vote
        such
        Shares or other Deposited Securities. Notwithstanding the foregoing, the
        Depositary shall not be required to vote such Shares in accordance with the
        recommendations of the Board of Directors, if made, unless the Company has
        provided to the Depositary a copy of an opinion of Argentine counsel stating
        that the action recommended by the Board of Directors for approval by holders
        of
        Shares is not in contravention of Argentine law or regulations, if any, or
        the
        by-laws of the Company.

       

      In
        addition, at any meeting of holders of Shares or other Deposited Securities,
        the
        Depositary shall, if requested by the Board of Directors of the Company,
        and
        unless prohibited by any applicable provisions by Argentine law, deposit
        all
        Shares or other Deposited Securities represented by the American 

       

      
        
          
          

        

        
          A-12

          
            

          

        

        
          
          

        

      

       

      Depositary
        Shares for purposes of establishing a quorum at such meetings, whether or
        not
        voting instructions with respect thereto have been received.

       

      18.        CHANGES
        AFFECTING DEPOSITED SECURITIES.

       

      In
        circumstances where the provisions of ‎Section
        4.03 of the Deposit Agreement do not apply, upon any change in nominal value,
        change in par value, split-up, consolidation, or any other reclassification
        of
        Deposited Securities, or upon any recapitalization, reorganization, merger
        or
        consolidation, or sale of assets affecting the Company or to which it is
        a
        party, any securities which shall be received by the Depositary or a Custodian
        in exchange for or in conversion of or in respect of Deposited Securities
        shall
        be treated as new Deposited Securities under the Deposit Agreement, and American
        Depositary Shares shall thenceforth represent, in addition or in replacement
        as
        applicable to the existing Deposited Securities, the new Deposited Securities
        so
        received in exchange or conversion, unless additional Receipts are delivered
        pursuant to the following sentence. In any such case the Depositary may,
        after
        consultation with the Company and shall if the Company shall so request,
        execute
        and deliver additional Receipts as in the case of a dividend in Shares, or
        call
        for the surrender of outstanding Receipts to be exchanged for new Receipts
        specifically describing such new Deposited Securities.

       

      19.        LIABILITY
        OF THE COMPANY AND DEPOSITARY.

       

      Neither
        the Depositary nor the Company shall incur any liability to any Owner or
        holder
        of any Receipt, if by reason of any provision of any present or future law
        or
        regulation of the United States, Argentina or any other country, or of any
        other
        governmental or regulatory authority or stock exchange, or by reason of any
        provision, present or future, of the by-laws of the Company, or by reason
        of any
        provisions of any securities issued or distributed by the Company or by reason
        of any act of God or war or other circumstances beyond its control, the
        Depositary or the Company shall be prevented, delayed or forbidden from or
        be
        subject to any civil or criminal penalty on account of doing or performing
        any
        act or thing which by the terms of the Deposit Agreement it is provided shall
        be
        done or performed; nor shall the Depositary or the Company incur any liability
        to any Owner or holder of a Receipt by reason of any non-performance or delay,
        caused as aforesaid, in the performance of any act or thing which by the
        terms
        of the Deposit Agreement it is provided shall or may be done or performed,
        or by
        reason of any exercise of, or failure to exercise, any discretion provided
        for
        in the Deposit Agreement. Where, by the terms of a distribution pursuant
        to
        Sections ‎4.01,
        ‎4.02
        or ‎4.03
        of the Deposit Agreement, or an offering or distribution pursuant to ‎Section
        4.04 of the Deposit Agreement, or for any other reason, such distribution
        or
        offering may not be made available to Owners of Receipts, and the Depositary
        may
        not dispose of such distribution or offering on behalf of such Owners and
        make
        the net proceeds available to such Owners, then the Depositary 

       

      
        
          
          

        

        
          A-13

          
            

          

        

        
          
          

        

      

       

      shall
        not
        make such distribution or offering, and shall allow any rights, if applicable,
        to lapse. Neither the Company nor the Depositary assumes any obligation or
        shall
        be subject to any liability under the Deposit Agreement to Owners or holders
        of
        Receipts, except that they agree to perform their obligations specifically
        set
        forth in the Deposit Agreement without negligence or bad faith. The Depositary
        shall not be subject to any liability with respect to the validity or worth
        of
        the Deposited Securities. Neither the Depositary nor the Company shall be
        under
        any obligation to appear in, prosecute or defend any action, suit, or other
        proceeding in respect of any Deposited Securities or in respect of the Receipts,
        which in its opinion may involve it in expense or liability, unless indemnity
        satisfactory to it against all expenses and liability shall be furnished
        as
        often as may be required, and the Custodian shall not be under any obligation
        whatsoever with respect to such proceedings, the responsibility of the Custodian
        being solely to the Depositary. Neither the Depositary nor the Company shall
        be
        liable for any action or nonaction by it in reliance upon the advice of or
        information from legal counsel, accountants, any person presenting Shares
        for
        deposit, any Owner of a Receipt, or any other person believed by it in good
        faith to be competent to give such advice or information. The Depositary
        shall
        not be responsible for any failure to carry out any instructions to vote
        any of
        the Deposited Securities, or for the manner in which any such vote is cast
        or
        the effect of any such vote, provided that any such action or nonaction
        is in good faith. The Depositary shall not be liable for any acts or omissions
        made by a successor depositary whether in connection with a previous act
        or
        omission of the Depositary or in connection with a matter arising wholly
        after
        the removal or resignation of the Depositary, provided that in
        connection with the issue out of which such potential liability arises, the
        Depositary performed its obligations without negligence or bad faith while
        it
        acted as Depositary. The Company agrees to indemnify the Depositary and any
        Custodian against, and hold each of them harmless from, any liability or
        expense
        (including, but not limited to, the reasonable fees and expenses of counsel)
        which may arise out of acts performed or omitted, in accordance with the
        provisions of the Deposit Agreement and of the Receipts, as the same may
        be
        amended, modified, or supplemented from time to time, (i) by either the
        Depositary or a Custodian, except for any liability or expense arising out
        of
        the negligence (including the negligent failure by the Depositary or Custodian
        to comply with any provision of the Deposit Agreement or of the Receipts,
        as the
        same may be amended, modified or supplemented from time to time) or bad faith
        of
        either of them, or (ii) by the Company or any of its agents; provided,
however, that such indemnity shall not extend to any expenses
        of the
        Depositary that, pursuant to the Deposit Agreement or any supplemental fee
        or
        other agreement, are not payable by the Company. No disclaimer of liability
        under the Securities Act of 1933 is intended by any provisions of the Deposit
        Agreement.

       

      20.        RESIGNATION
        AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

       

      
        
          
          

        

        
          A-14

          
            

          

        

        
          
          

        

      

       

      The
        Depositary may at any time resign as Depositary hereunder by written notice
        of
        its election so to do delivered to the Company, such resignation to take
        effect
        upon the appointment of a successor depositary and its acceptance of such
        appointment as provided in the Deposit Agreement. The Depositary may at any
        time
        be removed by the Company by written notice of such removal, effective upon
        the
        appointment of a successor depositary and its acceptance of such appointment
        as
        provided in the Deposit Agreement. Whenever the Depositary in its discretion
        determines that it is in the best interest of the Owners of Receipts to do
        so,
        it may appoint a substitute or additional custodian or custodians.

       

      21.        AMENDMENT.

       

      The
        form
        of the Receipts and any provisions of the Deposit Agreement may at any time
        and
        from time to time be amended by agreement between the Company and the Depositary
        in any respect which they may deem necessary or desirable. Any amendment
        which
        shall impose or increase any fees or charges (other than taxes and other
        governmental charges, registration fees and cable, telex or facsimile
        transmission costs, delivery costs or other such expenses), or which shall
        otherwise prejudice any substantial existing right of Owners of Receipts,
        shall,
        however, not become effective as to outstanding Receipts until the expiration
        of
        thirty days after notice of such amendment shall have been given to the Owners
        of outstanding Receipts. Every Owner of a Receipt at the time any amendment
        so
        becomes effective shall be deemed, by continuing to hold such Receipt, to
        consent and agree to such amendment and to be bound by the Deposit Agreement
        as
        amended thereby. In no event shall any amendment impair the right of the
        Owner
        of any Receipt to surrender such Receipt and receive therefor the Deposited
        Securities represented thereby except in order to comply with mandatory
        provisions of applicable law.

       

      22.        TERMINATION
        OF DEPOSIT AGREEMENT

       

      The
        Depositary at any time at the direction of the Company shall terminate the
        Deposit Agreement by mailing notice of such termination to the Owners of
        all
        Receipts then outstanding at least 30 days prior to the date fixed in such
        notice for such termination. The Depositary may likewise terminate the Deposit
        Agreement by mailing notice of such termination to the Company and the Owners
        of
        all Receipts then outstanding if at any time 90 days shall have expired after
        the Depositary shall have delivered to the Company a written notice of its
        election to resign and a successor depositary shall not have been appointed
        and
        accepted its appointment as provided in the Deposit Agreement. On and after
        the
        date of termination, the Owner of a Receipt will, upon (a) surrender of such
        Receipt at the Corporate Trust Office of the Depositary, (b) payment of the
        fee
        of the Depositary for the surrender of Receipts referred to in ‎Section
        2.05 of the Deposit Agreement, and (c) payment of any applicable taxes or
        governmental charges, be entitled to delivery, to him or upon his order,
        of the
        amount of Deposited 

       

      
        
          
          

        

        
          A-15

          
            

          

        

        
          
          

        

      

       

      Securities
        represented by the American Depositary Shares evidenced by such Receipt.
        If any
        Receipts shall remain outstanding after the date of termination, the Depositary
        thereafter shall discontinue the registration of transfers of Receipts, shall
        suspend the distribution of dividends to the Owners thereof, and shall not
        give
        any further notices or perform any further acts under the Deposit Agreement,
        except that the Depositary shall continue to collect dividends and other
        distributions pertaining to Deposited Securities, shall sell rights as provided
        in the Deposit Agreement, and shall continue to deliver Deposited Securities,
        together with any dividends or other distributions received with respect
        thereto
        and the net proceeds of the sale of any rights or other property, in exchange
        for Receipts surrendered to the Depositary (after deducting, in each case,
        the
        fee of the Depositary for the surrender of a Receipt, any expenses for the
        account of the Owner of such Receipt in accordance with the terms and conditions
        of the Deposit Agreement, and any applicable taxes or governmental charges).
        At
        any time after the expiration of one year from the date of termination, the
        Depositary may sell the Deposited Securities then held under the Deposit
        Agreement and may thereafter hold uninvested the net proceeds of any such
        sale,
        together with any other cash then held by it thereunder, unsegregated and
        without liability for interest, for the pro rata benefit of the Owners of
        Receipts which have not theretofore been surrendered, such Owners thereupon
        becoming general creditors of the Depositary with respect to such net proceeds.
        After making such sale, the Depositary shall be discharged from all obligations
        under the Deposit Agreement, except to account for such net proceeds and
        other
        cash (after deducting, in each case, the fee of the Depositary for the surrender
        of a Receipt, any expenses for the account of the Owner of such Receipt in
        accordance with the terms and conditions of the Deposit Agreement, and any
        applicable taxes or governmental charges). Upon the termination of the Deposit
        Agreement, the Company shall be discharged from all obligations under the
        Deposit Agreement except for its obligations to the Depositary with respect
        to
        indemnification, charges, and expenses.

       

      23.        DISCLOSURE
        OF INTERESTS

       

      The
        Company may from time to time request Owners to provide information as to
        the
        capacity in which such Owners own or owned Receipts and regarding the identity
        of any other persons then or previously interested in such Receipts and the
        nature of such interest. Each Owner agrees to provide any such information
        to
        the Company or the Depositary.

       

      A-16exv10w1

 

Exhibit 10.1

Performance Awards Goals

For Performance Cycle Ending April 2010

Threshold
Goal

Half of the award will be earned based on the Company’s performance from December 30, 2007, through
April 26, 2008 (the “FY08 Period”) (except for the subordinate goal as described below), and half
of the award will be earned based on the Company’s performance from April 27, 2008, through April
25, 2009 (the “FY09 Period”). Each half of the award will be earned independently without regard
to the other half. Each half of the award will be payable on April 24, 2010, only to plan
participants employed by the Company on that date, except as provided in the Plan. The Company
established a target cumulative diluted earnings per share amount for each of the defined periods.
No payout will be made for a period unless the Company meets or exceeds the targeted earnings per
share amount.

Subordinate
Goals

If the threshold goal is met, the actual payout earned for each of the performance periods will be
determined by comparison of the actual results against the subordinate goal. The Company
established a single subordinate goal of net cash provided by operating activities (“Net Cash”) for
the FY08 Period as reflected in the Company’s consolidated financial statements for the period from
October 28, 2007, through April 26, 2008, and for the FY09 Period as reported in the Company’s
audited consolidated financial statements for such period. Each subordinate goal has a sliding
scale that provides a payout from 50 to 200 percent of the related target payout.

At the end of each performance period the respective award will be determined by first determining
whether the threshold goal was achieved and, if it was, then determining the degree to which the
subordinate goal was met. If the threshold goal is not achieved, or if that goal is achieved but
the minimum subordinate goal is not achieved, then there will be no payout for that performance
period. Each performance period award will be earned independently without regard to the other
performance period. Each performance period award, if any, will be payable on April 24, 2010,
only to plan participants employed by the Company on that date, except as provided in the Plan.

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