Gaffney, Cline & Associates Inc.		Four Oaks Place
		1300 Post Oak Boulevard, Suite 1000
		Houston, Texas 77056

	Telephone:	(713) 850-9955
Technical and Management Advisers to the Petroleum Industry Internationally Since 1962	Facsimile:	(713) 850-9966
	Email:	gcah@gaffney-cline.com
DKM/bgh/C1490.06/gcah.93.11		February 24, 2011

YPF S.A.

Macacha Güemes 515

C1106BKK Buenos Aires

Argentina

Consent of Independent Petroleum Engineers

Gentlemen:

Gaffney, Cline & Associates, Inc. hereby consents to the references to us and the inclusion of our third party report dated February 22, 2011 and the information included therein in the section “Recent Developments” in YPF S.A.’s report on Form 6-K furnished to the United States Securities and Exchange Commission on February 24, 2011. We further consent to the incorporation by reference of the same information and report in Form F-3 documents that have been filed with the Securities and Exchange Commission by YPF S.A.

Very truly yours,

GAFFNEY, CLINE & ASSOCIATES, INC.

/s/ David K. Morgan

David K. Morgan

Senior Technical Manager

UNITED KINGDOM

UNITED STATES

SINGAPORE

AUSTRALIA

ARGENTINA

BRAZIL

KAZAKHSTAN

RUSSIA

UAE