PROTECTION OF THE SOCIAL INTERESTS OF THE NATIONAL STATE

Act 27181

Declare of Public Interest. Sanctioned: September 23, 2015 Enacted: October 5, 2015

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

Title I

General Provisions

Chapter I

Article

ARTICLE 1-Object. Declare of public interest the protection of the social interests of the national State that make up the investment portfolio of the Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS), created by Decree 897 -on 12 July 2007 and on the shareholding or capital holdings of undertakings in which the State is a minority partner or where the Ministry of Economy and Public Finance holds stock holdings or capital holdings, its transfer and/or any other act or action which limits, alters, deletes or modifies its destination, title, domain or nature, or its fruits or the destination of the latter, without prior authorization from the Honorable Congress of the Nation.

ARTICLE 2 °-Purpose. The provisions of this law are intended to guarantee and preserve the sustainability of the Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS), and to promote the role of the State in the coordination of management of the Directors representing the national shareholder and/or FGS to ensure that the performance of the corporate interest is carried out by safeguarding the public interest committed in those company shares held by the national State in the undertakings referred to in Article 1.

Title II

Authorities

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Chapter I

National Agency for State Participation in Enterprises (ANPEE)

ARTICLE 3-Application Authority. Create the National Agency for State Participations in Enterprises (ANPEE), as a decentralized agency in the field of the national executive branch, with financial economic autarquia, legal personality and capacity to act in the field of public and private law.

ARTICLE 4 °-Functions. The National Agency for State Participations in Enterprises (ANPEE) will be responsible for understanding in the execution of policies and actions that make the exercise of the social rights of the shareholding or capital of companies Article 1 of this Law, and instruct the respective representatives of the National State and/or the Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS) or proposed by them in such companies or companies. Likewise, the National Agency for State Participations in Enterprises (ANPEE) will be responsible for exercising the political rights inherent in the actions that make up the investment portfolio of the System Sustainability Guarantee Fund. Integrated Social Security (FGS), created by decree 897/07, and instruct the representatives of the national state in such companies or companies. The Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS) will continue to receive the dividends generated by its stock holdings and to exercise the other economic and economic rights derived from these dividends. actions.

ARTICLE 5 °-Continuation. The National Agency for State Participations in Enterprises (ANPEE) created by this law shall continue, for all purposes and in accordance with the provisions of this law, of the National Directorate of Enterprises with State Participation of the Ministry of Economic Policy and Development Planning of the Ministry of Economy and Public Finance.

ARTICLE 6-Directory. The management and administration of the National Agency for State Participations in Enterprises (ANPEE) will be carried out by one (1) Board of five (5) members. The Directory will be composed of one (1) President, whose position will be exercised by the Executive Director of the National Administration of Social Security (ANSES), a decentralized agency acting in the field of the Secretariat of Social Security of the Ministry of Labour, Employment and Social Security; the Minister of Economy and Public Finance, who will hold the position of one (1) Director; one (1) Director appointed by the national executive branch; and two (2) Directors proposed by the Commission Bicameral Permanent State Participation in Companies on the proposal of the Blocks (1) Director to the majority or first minority and one (1) Director to the first minority or second parliamentary minority, respectively, as appropriate. The Director appointed by the National Executive Branch and the directors of the Bicameral Permanent State Participation in Enterprises Commission will last in their posts four (4) years and may be re-elected for a period. They are public officials and will be equated in terms of salary regime and rank at the level of the deputy secretary of the national executive branch. Such Directors may only be removed from their criminal charges committed in the performance of their duties, for being incompatibilities in the incompatibilities provided for in law 25.188, or for non-compliance or poor performance in the exercise of their duties. functions. In the latter case the removal must be approved by the two thirds (2/ 3)

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of the members of the Bicameral Standing Committee on State Participation in Enterprises, by means of a procedure in which the right of defense has been guaranteed in a broad manner, and the resolution to be duly adopted founded on the causals mentioned above.

ARTICLE 7 °-Presidency of the Board. The President of the Board is the legal representative of the National Agency for State Participations in Enterprises (ANPEE), being in charge of presiding and convening the meetings of the Board, according to the regulations that the Agency will dictate.

ARTICLE 8 °-Quorum and majorities. The Board will be half more than one of its members, and its decisions will be taken by a simple majority of them. The Directory may be held with representatives of ministries or other bodies when the matter or the nature of the decisions to be taken is justified. Such representatives may participate in a voice but without a right to vote on matters to be decided.

ARTICLE 9-Competences. The National Agency for State Participation in Enterprises (ANPEE) will be assigned to the Board: (a) Coordinate joint action plans of sectors in particular, in accordance with national economic policy; (b) Dictate the rules of procedure; (c) Develop and administer the annual budget of the National Agency for State Participation in Enterprises (ANPEE); (d) Designate representatives of the National Agency for State Participation in Enterprises (ANPEE) in the Ordinary, Extraordinary and Special Assemblies of the companies within the meaning of Article 1 of this Law; communication of assistance to the Ordinary, Extraordinary and Special Assemblies of the companies within the meaning of Article 1 of this Law and any other communication which is necessary; (f) Imparting the instructions to which they must adjust their performance in the Ordinary, Extraordinary and Special Assemblies, or in meetings of partners, the representatives appointed by the National Agency for State Participation in Enterprises (ANPEE) for such purposes. The order must include the order to propose and to vote for the Directors or Administrators and Trade Unions who will act for the shares or corporate interests they represent, the latter, according to the payroll to be applied to the Union General of the Nation, in good time. In the case of the Directors or Administrators for the actions that make up the investment portfolio of the Sustainability Guarantee Fund of the Argentine Contingency Integrated System (FGS), the proposal must have the prior knowledge of the Executive Director of the National Administration of Social Security (ANSES); (g) Exercise the right of information to be granted by the company's interests, and make the requests that correspond to the social organs for access and/or copy of the company's books and documentation; h) Implement an information system that permits monitoring of the performance of the companies or entities reached by the present; (i) Imparting directives, instructions and recommendations to the Directors or Administrators appointed on a proposal of the national State or the Guarantee Fund of Sustainability of the Argentine Contingency Integrated System (FGS), so that the social business administration will protect the public interest committed in the performance of society;

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(j) Report on a semi-annual report to the Standing Committee on State Participation in Enterprises on the progress of the results and financial statements of the companies under its orbit; of a shareholder in the companies within the meaning of Article 1 of this Law; (l) Carry out all the actions necessary for the purpose of the object of the present.

ARTICLE 10. -Resources. The resources of the National Agency for State Participations in Enterprises (ANPEE) shall be made up of: (a) the budget items allocated by law; (b) the funds that come from services provided to third parties; (c) the resources provided the collection of fees from the Directors representing the national State in the companies under the Agency's orbit. Surplus resources, arising from the collection of fees, from one year to the next; (d) donations, non-reimbursable contributions and legacies received and accepted; (e) Interest and benefits arising from the management of own funds and assets; (f) Any other income and/or resource that provides for special laws or regulations.

ARTICLE 11. -Internal and external control. The National Agency for State Participation in Enterprises (ANPEE) will be the subject of control by the General Secretariat of the Nation and the General Audit Office of the Nation. It is the permanent and inexcusable obligation of the Board to give its acts publicity and transparency regarding resources, expenses, staff appointments and hiring.

Chapter II

Directors in companies

ARTICLE 12. -Legal regime. The Directors appointed by the National Agency for State Participations in Enterprises (ANPEE) in the companies under its orbit are public officials, with the duties and attributions established by laws 19.550, 25,188, 26,425 and 26,831. in conjunction with the duties established by the regulations to this law. The Directors are not covered by Article 264 (4) (4) of Law 19.550 and are exempt from the remuneration incompatibilities provided for in the Accumulation Scheme of Charges, Functions and/or Liabilities to Public Administration National ', approved by decree 8.566 of 22 September 1961, its amendments and complementary.

ARTICLE 13. -Compensation. The National Agency for State Participations in Enterprises (ANPEE) will guarantee the compensation of the Directors and Representatives in assemblies when the action under which they intend to assert their responsibility is based on the compliance with the directives, instructions and recommendations issued by the Agency. This will, with the assistance of the Treasury Department, who will attend and provide the necessary urgency to ensure its defense, representation, legal sponsorship or specialized assistance in the matter.

ARTICLE 14. -Fees. The fees set in the shareholders ' assemblies to the Directors appointed by the national government or by the Sustainability Guarantee Fund of the Argentine Contingency System (FGS) for the actions whose political rights it exercises. National Agency for

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State shares in companies (ANPEE) and which are accrued for their work as such, shall be sold by the companies and companies in which they fulfil those functions, and must be deposited in favor of the national Treasury and with specific affectation the budget of the Agency, as determined by the rules. Surplus resources, from the collection of fees, from one year to the next. The Directors shall receive a monthly remuneration from the national State for their role as Director, as determined by the rules.

Chapter III

Advisory Board

ARTICLE 15. -Consultative Council. Create the Advisory Council of the National Agency for State Participations in Enterprises (ANPEE), which will have the following missions and functions: a) To be a non-binding field of consultation of the Board of the National Participation Agency State in Enterprises (ANPEE). To such effects, it shall consider the problems, proposals and initiatives transmitted to it by the Board, and shall raise to this any suggestion that it deems appropriate for the fulfilment of the purposes that this law assigns to it; b) Convocation annually to the Member of the Board for the purpose of receiving a detailed management report; (c) Dictate its rules of procedure.

ARTICLE 16. -Composition. The members of the Advisory Council shall be appointed by the national executive branch, in the following number: (a) One (1) representative of the Ministry of Economy and Public Finance; (b) One (1) representative of the Ministry of Finance Industry; (c) One (1) representative of the Workers ' Central which has guild personas in the terms of Article 32 of the Law on Trade Union Associations 23,551; (d) One (1) representative of the National Administration of Social Security (ANSES). The appointed representatives will last two (2) years in their role, will perform in an honorary manner and may be replaced or removed by the national executive branch.

ARTICLE 17. -Meetings. The Advisory Board shall meet at least every six (6) months or, exceptionally, at the request of at least two (2) of its members. The Advisory Board may be held by representatives of other ministries or bodies when the matter or the nature of the decisions to be taken is justified. Such representatives may participate in a voice but without a right to vote on matters to be decided.

Chapter IV

Permanent Bicameral Commission for State Participation in Enterprises

ARTICLE 18. -Bicameral Commission of State Participation in Enterprises. Create in the field of the Honorable Congress of the Nation, the Permanent Bicameral Commission of State Participation in Enterprises. The Bicameral Commission will be integrated by eight (8) national senators and eight (8) national deputies, according to the resolution of each House.

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From among its members will elect a (1) President, one (1) Vice President and one (1) Secretary; charges that will be exercised annually in an altered form by one (1) representative of each House.

ARTICLE 19. -Competence. The Standing Committee on State Participation in Enterprises shall have the following powers: (a) Dictate its own rules of procedure; (b) Propose to the national executive branch the candidates for the designation of two (2) members of the Directory of the National Agency for State Participations in Enterprises; (c) Velar for the compliance with the provisions of this law.

Title III

Final Provisions

ARTICLE 20. -Special majority. The authorization required by Article 1 ° shall require the vote of two thirds (2/ 3) parts of the members of the Honorable Congress of the Nation.

ARTICLE 21. -Integration of the Directory of the National Agency for State Participation in Enterprises (ANPEE) must be integrated within the period of thirty (30) days of publication in the Official Gazette of this law, as established in the article 6 °.

ARTICLE 22. -Transfer. Transfer the National Directorate of Enterprises with State Participation from the Ministry of Economic Policy and Development Planning of the Ministry of Economy and Public Finance to the National Agency for State Participations in Companies (ANPEE), with their respective competencies, positions, staff and budget credits.

ARTICLE 23. -Effective. Regulation. This law shall enter into force on the basis of its publication in the Official Gazette. The national executive branch, within thirty (30) days of publication in the Official Gazette of this law will dictate its regulations.

ARTICLE 24. -Budget adjustment. The resources required by the implementation of this law will be allocated by the national executive branch through the appropriate budgetary adjustments.

ARTICLE 25. -Exclusion. The shares of the national state in YPF Sociedad Anonima by the Class 'D' de shares and in YPF Gas Sociedad Anonima, by the Class' A ' of shares, and the performance of the Directors of those companies appointed on a proposal of the State (a) a national law governing the exercise of rights corresponding to such actions is not included in this law and is governed in a whole way by law 26,741.

ARTICLE 26. -Repeal. Decree 1,278 of 25 July 2012, which shall remain in force until the entry into force of the rules of this law, shall be repealed in those aspects which do not oppose the provisions of this law.

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ARTICLE 27. -Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE TWENTY-THREE DAYS OF THE MONTH OF SEPTEMBER OF THE YEAR TWO THOUSAND FIFTEEN.

-REGISTERED UNDER NO 27181-

BELOVED BOUDOU. -JULIAN A. DOMINGUEZ. -Juan H. Estrada. -Lucas Chedrese.

Date of publication: 06/10/2015

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