VETO

Decree 496/95

See the Bill of Law sanctioned under No. 24.471.

Bs. As., 10/4/95

VISTO Issue No. 020-000538/95 of the Register of the MINISTERY of ECONOMY AND PUBLIC SERVICES and the Draft Law No. 24.471, sanctioned by the HONORABLE CONGRESS of the NATION dated 22 March 1995 and

CONSIDERING:

That the above-mentioned Bill provides that the properties for the housing of YPF SOCIEDAD ANONIMA personnel and owned by YPF SOCIEDAD ANONIMA, which are occupied by staff or former staff of the company, will be transferred to their occupants, in onerous title with extended facilities.

Article 2 states that if those properties are unoccupied, they may be transferred free of charge to the provinces, municipalities or entities of non-profit public good, at their request; and in their absence YPF SOCIEDAD ANONIMA shall transfer to the NATIONAL HIPOTECARIO BANCO those properties that have not requested on property.

That through Decree No. 2778 of 31 December 1990, the transformation of the then FISCAL PETROLIFERS SOCIEDAD OF THE STATE in YPF SOCIEDAD was provided ANONIMA, in the framework of compliance with Law No. 23.696, resulting in its social capital from the balance of the aforementioned former SOCIEDAD of the Consolidated State as at 31 December 1989.

That such a rule, in turn, approved the Statute of YPF SOCIEDAD ANONIMA, which would be developed as a private legal person by application of Law No. 19.550; article 8 stipulates that the contracting procedures of the company shall be governed by the rules and principles of private law, excluding any rule of administrative law or prerogative of public law.

That by the dictation of Law No. 24.145 the transformation of the aforementioned company was promoted, by providing the transfer in its favor of the domain of the properties owned by the NATIONAL STATE where the plants, deposits or other fixed installations of production or fabriles of the aforementioned company are located (Conforme Article 14).

That the NATIONAL CONSTITUTION limits the powers of the HONORABLE CONGRESS OF NATION to dispose of the use and disposal of the land owned by the Nation.

That in the merits of the above, the provisions of the draft law sanctioned contradict the principles set forth above and certify the powers of the private entity, as is the disposition of the assets that make up its assets.

That, however, the purpose pursued by the Project in question is guided by the policy developed by YPF SOCIEDAD ANONIMA, as soon as it has disposed almost entirely of the assets of its occupants, and even donated property to requesting entities.

That for such reasons it is up to the total veto of the Bill sanctioned under No. 24,471

That the present measure is in exercise of the powers conferred by article 83 of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 - See the Bill of Law sanctioned under No. 24.471.

Art. 2° - Return to the HONORABLE CONGRESS of NATION the Bill of Law cited in the previous article.

Art. 3° - Contact, post, give to the National Directorate of the Official Register and archvese. - MENEM. - Domingo F. Cavallo.