<SEC-DOCUMENT>0001292814-21-004466.txt : 20211118
<SEC-HEADER>0001292814-21-004466.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211118164323
ACCESSION NUMBER:		0001292814-21-004466
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211118
DATE AS OF CHANGE:		20211118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pampa Energy Inc.
		CENTRAL INDEX KEY:			0001469395
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34429
		FILM NUMBER:		211424982

	BUSINESS ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
		BUSINESS PHONE:		54-11-4809-9500

	MAIL ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>pamfs3q21_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C.
20549</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORM 6-K</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>REPORT OF FOREIGN
ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES EXCHANGE
ACT OF 1934</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of&nbsp;November,
2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Commission File
No. 001-34429),</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>PAMPA ENERGIA S.A.<BR>
(PAMPA ENERGY INC.)</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Jurisdiction of
incorporation or organization)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Maip&uacute; 1<BR>
C1084ABA<BR>
City of Buenos Aires<BR>
Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Address of principal
executive offices)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)<BR>
<BR>
Form 20-F ___X___ Form 40-F ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center; background-color: white">(Indicate
by check mark whether the registrant by furnishing the<BR>
information contained in this form is also thereby furnishing the<BR>
information to the Commission pursuant to Rule 12g3-2(b) under<BR>
the Securities Exchange Act of 1934.)<BR>
<BR>
Yes ______ No ___X___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(If &quot;Yes&quot;
is marked, indicate below the file number assigned to the<BR>
registrant in connection with Rule 12g3-2(b): 82- .)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>



<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;&nbsp;</P>

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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">This Form 6-K
for Pampa Energ&iacute;a S.A. (&ldquo;Pampa&rdquo; or the &ldquo;Company&rdquo;) contains:</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT><A HREF="ex99-1.htm"> UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2021
AND FOR THE NINE AND THREE-MONTH PERIODS THEN ENDED
PRESENTED IN COMPARATIVE FORMAT</A></P>


<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I></I></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U><BR>
SIGNATURE</U></B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;November 17, 2021</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Pampa Energ&iacute;a S.A.</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/&nbsp;Gustavo Mariani</P>
<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: #A0A0A0"></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:&nbsp;Gustavo Mariani</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">This press release may contain
forward-looking statements. These statements are statements that are not historical facts, and are based on management's current
view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words &quot;anticipates&quot;,
&quot;believes&quot;, &quot;estimates&quot;, &quot;expects&quot;, &quot;plans&quot; and similar expressions, as they relate to
the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations
and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements.
Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee
that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including
general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors
could cause actual results to differ materially from current expectations.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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</HEAD>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Free
translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;<IMG SRC="pamfs3q216k_001.jpg" ALT=""></B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNAUDITED
CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS </B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AS
OF SEPTEMBER 30, 2021 </B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
FOR THE NINE AND THREE-MONTH PERIODS THEN ENDED </B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRESENTED
IN COMPARATIVE FORMAT</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REVIEW
REPORT ON THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the President and Directors of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pampa
Energ&iacute;a S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
address: Maip&uacute;, 1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Autonomous
City of Buenos Aires</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Code No.: 30-52655265-9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Introduction</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have reviewed the accompanying consolidated condensed interim financial statements of Pampa Energ&iacute;a S.A. (hereinafter called &#8220;the
Company&#8221;) and its subsidiaries, including the consolidated condensed interim statement of financial position at September 30, 2021,
the consolidated condensed interim statement of comprehensive income for the nine and three-month periods ended September 30, 2021, the
consolidated condensed interim statements of changes in equity and of cash flows for the nine-month period then ended, and the selected
explanatory notes.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balances and other information for the fiscal year 2020 and its interim periods is an integral part of the Financial Statements mentioned
above; therefore, they must be considered in connection with those Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board's
responsibility</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with
International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE,
for its acronym in Spanish) as professional accounting standards and included by the National Securities Commission (CNV, for its acronym
in Spanish) in its regulations, as approved by the International Accounting Standards Board (IASB), and is therefore responsible for
the preparation and presentation of the consolidated condensed interim financial statements mentioned in the first paragraph, in accordance
with International Accounting Standard 34 <I>&#8220;Interim Financial Information&#8221;</I> (IAS 34).&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scope
of our review</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
review was limited to the application of the procedures established under International Standards on Review Engagements ISRE 2410 Review
of Interim Financial Information Performed by the Independent Auditor of the Entity, adopted as a review standard in Argentina by Technical
Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim
financial information consists of inquiries of Company staff responsible for preparing the information included in the consolidated condensed
interim Financial Statements and of analytical and other review procedures. This review is substantially less in scope than an audit
examination conducted in accordance with international standards on auditing and consequently it does not enable us to obtain assurance
that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion
on the financial position, the consolidated comprehensive income, or the consolidated cash flows of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt">Price Waterhouse &amp; Co. S.R.L., Bouchard 557, piso 8&deg;, C1106ABG - </FONT>City Autonomous of Buenos Aires</P><P STYLE="font: 9pt Georgia, Times, Serif; margin: 0">T: +(54.11) 4850.0000, F: +(54.11) 4850.1800, www.pwc.com/ar</P><P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"><I>&nbsp;</I></P><P STYLE="font: 6pt/50% Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">Price Waterhouse &amp; Co. S.R.L. is a member firm of the global network of PricewaterhouseCoopers International Limited (PwCIL). Each of the firms is a separate legal entity that does not act as a proxy for PwCIL or any other network member firm.</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left"><IMG SRC="pamfs3q216k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conclusion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the basis of our review, nothing has come to our attention that make us think that the consolidated condensed interim Financial Statements
mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with IAS 34.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Report
on compliance with current regulations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 12pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with current regulations, we report, in connection with Pampa Energ&iacute;a S.A., that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;
&nbsp;the consolidated condensed interim financial statements of Pampa Energ&iacute;a S.A. are recorded to the &#8220;Inventory and Balance
Sheet&#8221; book, and complies in what is a matter of our competence, with the provisions of the General Companies Law and in the pertinent
resolutions of the National Securities Commission;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
&nbsp; the individual condensed interim financial statements of Pampa Energ&iacute;a S.A. arise from accounting records kept in their
formal aspects in accordance with legal regulations,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;
&nbsp; we have read the Summary of Activity (&#8220;Rese&ntilde;a Informativa&#8221;), on which, as regards those matters that are within
our competence, we have no observations to make;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)
&nbsp; as of September 30, 2021, the debt accrued by Pampa Energ&iacute;a S.A. in favor of the Argentine Integrated Social Security System
according to the Company's accounting records amounted to $ 157,7 millions, none of which was claimable at that date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0.35pt 12pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Autonomous
City of Buenos Aires, November 10, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 40%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRICE
                                            WATERHOUSE &amp; CO. S.R.L.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Partner)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlos
Mart&iacute;n Barbafina</FONT></P></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>GLOSSARY
OF TERMS</U></B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are not technical definitions, but they are helpful for the reader&#8217;s understanding of some terms used in the notes to
the unaudited consolidated condensed interim financial statements of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, serif; vertical-align: middle; width: 15%">Terms</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, serif; vertical-align: middle; width: 80%">Definitions</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ADR</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">American Depositary Receipt</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">BCRA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central Bank of the Argentine Republic</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">BO</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Official Gazette</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CAMMESA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compa&ntilde;&iacute;a Administradora del Mercado El&eacute;ctrico Mayorista S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Corporate Bonds&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CIESA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compa&ntilde;&iacute;a de inversiones de energ&iacute;a S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Citelec</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compa&ntilde;&iacute;a Inversora en Transmisi&oacute;n El&eacute;ctrica Citelec S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CNV</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Comisi&oacute;n Nacional de Valores &ndash; Argentine Securities Commission</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central T&eacute;rmica Barrag&aacute;n S.A</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTEB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central T&eacute;rmica Ensenada Barrag&aacute;n</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">DNU</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Decree of necessity and urgency</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Ecuador TLC</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Ecuador TLC S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Edenor</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Empresa Distribuidora y Comercializadora Norte S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ENARGAS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">National Regulator of Gas&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ENRE&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">National Regulatory Authority of Electricity<FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Greenwind</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Greenwind S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">HIDISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Hidroel&eacute;ctrica Diamante S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">HINISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Hidroel&eacute;ctrica Los Nihuiles S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">IASB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">International Accounting Standards Board</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">IEASA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Integraci&oacute;n Energ&eacute;tica Argentina S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MATER</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Renewable Energy Term Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MLC</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Foreign Exchange Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MW</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Megawatt</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">NIC</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">International Accounting Standards&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">NIIF</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">International Financial Reporting Standards</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">NYSE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">New York Stock Exchange</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">OCP</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Oleoductos de Crudo Pesados Ltd</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>GLOSSARY
OF TERMS:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; width: 15%">Terms</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 80%">Definitions</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PACOSA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Pampa Comercializadora S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Pampa Energ&iacute;a Bolivia S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEN</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">National Executive Branch</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Pampa Inversiones S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">RECPAM</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Gain on monetary position, net</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Refinor</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Refiner&iacute;a del Norte S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">RTI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Tariff Structure Review&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">RTT</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Transitional Tariff Regime&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">SACDE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Sociedad Argentina de Construcci&oacute;n y Desarrollo Estrat&eacute;gico</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">SE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Secretary of Energy</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">SEE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Secretary of Electrical Energy</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">SGE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Secretary of Government of Energy</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">TGS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Transportadora de Gas del Sur S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">TSM</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">TMB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Termoel&eacute;ctrica Manuel Belgrano S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">The Company / Pampa</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Pampa Energ&iacute;a S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">The Group</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Pampa Energ&iacute;a S.A. and its subsidiaries</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Transba</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Transener</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">US$</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">U.S. dollar</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNAUDITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the nine and three-month periods ended September 30, 2021</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>presented
in comparative format (see Note 5.1)</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
millions of Argentine Pesos (&#8220;$&#8221;))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nine-month</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three-month</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</FONT></TD>
    <TD STYLE="background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2021</FONT></TD>
    <TD STYLE="text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2020</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2021</FONT></TD>
    <TD STYLE="text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2020</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103,740</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,669</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,529</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,515</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
    of sales</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(62,652)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32,369)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27,309)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,060)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    profit</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,088</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,300</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,220</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,455</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
    expenses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,752)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,356)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(669)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(356)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative
    expenses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,301)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,848)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,258)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,674)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration expenses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    operating income</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,864</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,506</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,018</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,245</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,623)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,781)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(792)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(505)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    of property, plant and equipment, intangible assets and inventories</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(172)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,316)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    of financial assets</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(229)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(851)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(863)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    of profit from associates and joint ventures</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.2</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,131</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,810</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,030</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,652</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    income&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44,956</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,443</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,510</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,942</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
    income</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">619</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">529</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">282</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">234</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
    costs</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14,128)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,598)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,287)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,250)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,813</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,353</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(118)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,593</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,696)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,716)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,123)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,423)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit before income tax</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,260</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,727</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,387</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,519</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    tax</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,786)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,731)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,680)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,332)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    of the period from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,474</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,996</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,707</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,187</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    of the period from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,129)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,765)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    of the period</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,345</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,231</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,707</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,170</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    comprehensive income (loss)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
    that will not be reclassified to profit or loss</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    differences on translation</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,855</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,298</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,700</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,249</FONT></TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
    that may be reclassified to profit or loss</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    differences on translation</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,283</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(753)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,618</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(68)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    comprehensive income of the period from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,138</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,545</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,318</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,181</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    comprehensive income of the year from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,375</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,403</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,761</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    comprehensive income of the period</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37,513</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,948</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,318</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,942</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total comprehensive
    income of the period</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,858</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,179</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,025</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,112</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNAUDITED
CONSOLIDATED CONDENSED INTERIM </B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENT
OF COMPREHENSIVE INCOME </B>(Continuation)</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the nine and three-month periods ended September 30, 2021</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>presented
in comparative format (see Note 5.1)</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
millions of Argentine Pesos (&#8220;$&#8221;))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nine-month</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three-month</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2021</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2020</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2021</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2020</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    income (loss) of the period attributable to:</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owners
    of the company</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,577</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,156</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,804</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,161</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non
    - controlling interest</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,232)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(925)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(97)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,345</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,231</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,707</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,170</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    income (loss) of the period attributable to owners of the Company:</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing operations&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,303</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,101</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,804</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,159</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discontinued operations&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,726)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(945)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,577</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,156</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,804</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,161</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    comprehensive income (loss) of the period attributable to:</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owners of the Company</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,886</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,532</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,093</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,511</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non - controlling interest</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,972</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,647</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(68)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,601</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,858</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,179</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,025</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,112</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    comprehensive&nbsp;&nbsp;income of the period attributable to owners of the Company:</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing operations&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,356</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,074</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,093</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,748</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discontinued operations&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">530</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,458</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,763</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,886</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,532</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,093</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,511</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
    (losses) per share attributable to the equity holders of the Company during the period</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
    and diluted earnings per share from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.62</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.11</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
    and diluted losses per share from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.64)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.60)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    basic and diluted earnings per share&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.98</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.51</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited consolidated condensed interim financial statements.</FONT></P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNAUDITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
of September 30, 2021</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>presented
in comparative format</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
millions of Argentine Pesos (&ldquo;$&rdquo;))</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; width: 63%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">159,563</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">135,445</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Intangible assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,814</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,455</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Right-of-use assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,440</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">867</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Deferred tax assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,874</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,082</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Investments in joint ventures and associates</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">70,500</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">46,229</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,906</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,428</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,780</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">942</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">57</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,599</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,631</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">259,537</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">208,136</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,175</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,766</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,062</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">32,940</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">27,382</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">47,840</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,678</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">17,117</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,900</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total current assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">112,073</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">79,789</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Assets classified as held for sale</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">5.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; border-top-color: Black; border-top-width: 0.5pt">123,603</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">371,610</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">411,528</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNAUDITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION </B>(Continuation)</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
of september 30, 2021</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>presented
in comparative format</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
millions of Argentine Pesos (&ldquo;$&rdquo;))</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; width: 63%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">SHAREHOLDERS&acute; EQUITY</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share capital</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">13</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,382</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,451</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share capital adjustment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,245</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,605</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share premium</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,950</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,950</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Treasury shares</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Treasury shares adjustment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Treasury shares cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(211)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(235)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Legal reserve</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,203</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,703</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">54,528</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">60,899</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other reserves</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(649)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(759)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other comprehensive income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">46,549</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">29,430</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Retained earnings&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">35,767</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,825)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">169,789</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">120,247</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">675</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,631</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">170,464</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">148,878</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Investments in joint ventures&nbsp;&nbsp;and associates</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">378</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">161</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Provisions</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13,921</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,326</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Income tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18,855</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,004</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Taxes payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">151</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">128</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Deferred tax liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">93</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,165</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,460</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">134,564</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">115,428</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,289</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,418</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">171,323</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">139,018</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Provisions</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">546</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,379</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Income tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">498</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">897</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Taxes payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,947</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,030</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">298</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">298</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,099</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,935</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">40</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,041</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">20,377</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16,378</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,778</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">29,823</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">37,734</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">5.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">85,898</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">201,146</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">262,650</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">371,610</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">411,528</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; color: Red; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red; text-align: center"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited consolidated condensed interim financial statements.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNAUDITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the nine-month period ended September 30, 2021</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>presented
in comparative format</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
millions of Argentine Pesos (&ldquo;$&rdquo;))</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: center">Attributable to owners</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Treasury shares</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other reserves</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other comprehensive income / (loss)&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Retained earnings (Accumulated losses)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Subtotal</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Total equity</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2019</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,677</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">9,826</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">19,570</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">71</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,527)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,753</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">17,727</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(771)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">15,668</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">51,844</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">114,865</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">29,397</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">144,262</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Constitution of legal and voluntary reserve</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,950</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">49,894</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(51,844)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Capital reduction</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(152)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,800</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(4,648)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Stock compensation plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Acquisition of own shares&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(133)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">392</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">133</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,091)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5,699)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(492)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,191)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Dividends provided for pay</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(519)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(519)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Profit (loss) for the nine-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,156</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,156</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(925)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,231</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other comprehensive income for the nine-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,389</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,987</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,376</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,572</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">34,948</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance as of September 30, 2020</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,545</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">9,829</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">51</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">24</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(3,773)</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,703</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">62,973</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(764)</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">26,057</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">25,143</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">144,738</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">34,033</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">178,771</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Capital reduction</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(141)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,224)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,439</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,074)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,546)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,546)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Stock compensation plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Acquisition of own shares</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(94)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,224)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">94</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,224</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(901)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(901)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(901)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Loss for the complementary three-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(38,603)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(38,603)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,596)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(46,199)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other comprehensive income for the complementary three-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,373</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,635</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,008</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,740</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18,748</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2020</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,451</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,605</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">24</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(235)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,703</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">60,899</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(759)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">29,430</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(1,825)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">120,247</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">28,631</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">148,878</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNAUDITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY</B> (Continuation)</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the nine-month period ended September 30, 2021</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>presented
in comparative format</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
millions of Argentine Pesos (&#8220;$&#8221;))</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Attributable to owners</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white; width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Treasury shares</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other reserves</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other comprehensive income / (loss)&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Retained earnings (Accumulated losses)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Subtotal</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Total equity</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance as of December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,451</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,605</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,950</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(235)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,703</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60,899</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(759)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29,430</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,825)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">120,247</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28,631</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">148,878</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Constitution of legal and voluntary reserve&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,500</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3,325)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,825</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Capital reduction</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(69)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(363)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,478</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3,046)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Acquisition of own shares</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(69)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(362)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">362</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3,479)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3,479)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3,479)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Stock compensation plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">110</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">135</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">135</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Sale of subsidiary</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(31,928)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(31,928)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Profit (Loss) for the nine-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">22,577</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22,577</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,232)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">19,345</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other comprehensive income for the nine-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,119</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13,190</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30,309</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,204</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">37,513</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance as of September 30, 2021</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,382</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,245</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(211)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">5,203</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">54,528</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(649)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">46,549</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">35,767</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">169,789</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">675</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">170,464</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited consolidated condensed interim financial statements</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/8pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNAUDITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the nine-month period ended September 30, 2021</B></FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>presented
in comparative format (see Note 5.1)</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
millions of Argentine Pesos (&ldquo;$&rdquo;))</FONT></P>
<P STYLE="font: 11pt/8pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; background-color: white; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2021</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09.30.2020</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows from operating activities:</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    of the period from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,474</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,996</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
    to reconcile net profit to cash flows generated by operating activities:</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,998</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,907</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in operating assets and liabilities</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,725)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,781)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash generated by operating activities from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,051</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,330</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash generated by operating activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,798</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38,452</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows from investing activities:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    for property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,119)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,344)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    for acquisitions of intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(359)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    for public securities and shares, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,251)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,029)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recovery
    of investment funds, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,158</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,948</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    for capital integration in associates&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,439)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(190)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collections
    for sales of shares in companies and property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,339</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    received</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">621</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">189</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colletion
    from loans, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">341</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in investing activities from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,857)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,455)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Net
    cash used in investing activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,907)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,502)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows from financing activities:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from borrowings</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,766</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,379</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of&nbsp;&nbsp;borrowings</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,800)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14,961)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of&nbsp;&nbsp;borrowings interests</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,581)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,741)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    for acquisition of own shares</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,479)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,191)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repurchase and redemption
    of corporate bonds</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(313)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,277)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    of dividends from subsidiaries to third parties</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(586)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    of leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(287)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(111)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in financing activities from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(701)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,158)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in financing activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30,395)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24,646)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">496</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,304</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents at the begining of the year</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,900</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,496</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents at the begining of the year reclasified to assets classified as held for sale</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,362</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    and conversion difference generated by cash and cash equivalents</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">359</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,825</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in cash and cash equivalents</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">496</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,304</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents at the end of the period</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,117</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,625</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed interim financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 12; Options: NewSection; Value: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM</P><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">FINANCIAL STATEMENTS</P><P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021</B></P><P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>presented in comparative format</B></P><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</FONT></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
1</U>: GENERAL INFORMATION</B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.1&nbsp;&nbsp;
General information of the Company</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a fully integrated power company in Argentina which directly and through its subsidiaries, participates in the electric energy
and gas value chains.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 4,970 MW installed capacity, which
represents approximately 12% of Argentina&#8217;s installed capacity, being one of the fourth largest independent generator in the country.
Additionally, the Company is currently undergoing a process to expand its capacity by 280 MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the oil and gas segment, the Company is one of the leading oil and natural gas producers in Argentina, with operations in 13&nbsp;production
areas and 5&nbsp;exploratory areas and a production level of 7.7 million m3/day of natural gas and 4.5 thousand barrels of oil equivalent
per day for oil during the nine-month period ended September 30, 2021. Its main natural gas production blocks are located in the Provinces
of Neuqu&eacute;n and R&iacute;o Negro.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the petrochemical segment the operations are based in the Argentine Republic, where the Company operates three high-complexity plants
that produce styrene, synthetic rubber and polystyrene, with a local market share between 92% and 99%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
through its holding and others segment, the Company participates in the electricity and gas transportation businesses. In the transmission
business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and
maintenance of a 21,104&nbsp;km high-voltage electricity transmission network in Argentina with an 85% share in the Argentine electricity
transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS,
a company holding a concession for the transportation of natural gas with 9,231 km of gas pipelines in the center, west and south of
Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bah&iacute;a
Blanca, in the Province of Buenos Aires. Besides, the Company owns a 28.5% direct interest in Refinor, which has a refinery with an installed
capacity of 25.8 kb of oil per day and 93 gas stations. Additionally, the segment includes advisory services provided to related companies.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 13; Options: NewSection; Value: 12 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
1</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.2&nbsp;&nbsp;
Economic context in which the Company operates</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates in a complex economic context, which volatility was deepened by the outbreak of the COVID-19 locally and internationally.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, as a result of the new increase in infection levels, the governments of different countries in the world, including the Argentine
Government, temporarily reimplemented some measures, such as restrictions on movement of the population.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
regards measures directly affecting the generation sector&#8217;s economic and financial situation, it is worth highlighting that SE
Resolution No. 440/21, passed in the second quarter, provided for a 29% increase in spot remuneration values (see Note 2.1 for details),
which update had been suspended as from March 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Besides,
during the second quarter certain social conflicts and wage protest demonstrations mostly during the month of April, prevented the freedom
of movement on routes in the Province of Neuqu&eacute;n during the month of April 2021and, even though no significant impact was verified
on the production by the Company&#8217;s assets in this basin during the protest roadblocks, they affected temporarily the ordinary execution
of the agreed investment plan necessary to achieve committed gas production within the framework of the Plan GasAr. The Company sent
the respective Force Majeure communications to the SE, CAMMESA and the Gas Distribution Companies with which it has executed gas supply
agreements for the volumes awarded under this Plan. On August 11, 2021, the SE notified the Company of the upholding of the invoked Force
Majeure ground. It is worth highlighting that, despite the difficulties, as of the issuance hereof the Company has managed to reach the
committed gas production.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is impossible to foresee how measures will continue evolving and their impact on the economy in general and the Company in particular,
or to which extent the Company&#8217;s business and the results of its operations will be affected in the future.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Management permanently monitors the evolution of the variables affecting its business to define its course of action
and identify potential impacts on its assets and financial position.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Consolidated Condensed Interim Financial Statements should be read in the light of these circumstances.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 14 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
2</U>: REGULATORY FRAMEWORK</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Generation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Fuel
                                            supply for thermal power plants</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
from the application of the GasAr Plan, an operating assignment scheme was established for firm transportation and gas contracts entered
into by generators. Under this assignment, agents should waive all claims regarding the application of SE Resolution No. 354/20, which
established a new dispatch order for generation units based on the fuel supplied for their operation in accordance with a centralized
dispatch scheme. The Company executed this assignment with CAMMESA, setting certain guidelines for the calculation of fuel costs to support
their Energ&iacute;a Plus contracts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Seasonal
                                            Programming</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SE
Resolution No. 24/21, published in the BO on January 15, 2021, approved the seasonal programming for the November 2020-April 2021 period.
Seasonal prices remained unchanged until the month of April 2021, with reference prices being those in effect since 2019. In turn, the
stabilized price set by SSEE Provision No. 75/18 for transmission in the extra high voltage system and the distributor-based main distribution
price have remained unchanged.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
from April 2021, pursuant to SE Resolution No. 131/21 (amended by SE Resolutions No. 154/21 and 204/21), the reference price for power
for the Distributor&#8217;s Large Users peak demand increases by 89% (except for public health and education organizations and agencies),
reducing the gap with the actual cost and, consequently, subsidies. The remaining prices for electricity applicable to the end demand
have not been modified.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 11, 2021, SE Resolution No. 408/21 was published, which approved the final winter seasonal reprogramming for the May 2021 &#8211;
November 2021 period, keeping unchanged the reference prices current as of April 30, 2021, and the stabilized price for the high-voltage
and main distribution electricity transmission service established by SSEE Provision No. 75/18.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.3
<U>Remuneration scheme for the spot market</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 19, 2021, SE Resolution No. 440/21 provided for a 29% increase in spot generation remuneration values, and repealed the automatic
adjustment mechanism established by SE Resolution No. 31/20. This increase will be applicable as from the economic transaction for February
2021, provided the generator waives/dismisses all administrative/judicial claims filed on account of the failure to apply the automatic
adjustment formula provided for by SE Resolution No. 31/20 within 30 days as from its publication. If such requirement is not met within
this term, the remuneration adjustment will be applicable as from the month in which the generator submits its waiver/dismissal, and
the remuneration established by SE Resolution No. 31/20 for that generator will be applicable until then. The waiver includes the obligation
to withdraw any claim brought by the generating agent&#8217;s shareholders on account of the failure to apply the automatic adjustment
mechanism provided for by SE&nbsp;Resolution No. 31/20, whether in Argentina or abroad.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries filed the waiver/dismissal within the previously indicated 30-day period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.4
<U>Restructuring of Federal Government&#8217;s assets in the energy sector</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Federal Government has modified the policy adopted by the previous administration regarding the restructuring of assets in the energy
sector, and has abrogated DNU No. 882/17, which provided for the sale of CTEB, CT Brigadier L&oacute;pez, CT Manuel Belgrano II, IEASA&#8217;s
stake in CITELEC, the Federal Government&#8217;s stake in Central Dique; CTG, Central Puerto, CT Patag&oacute;nicas, TRANSPA, Dioxitek,
and the Federal Government&#8217;s rights in TMB, TSM, Termoel&eacute;ctrica Vuelta de Obligado and Termoel&eacute;ctrica Guillermo Brown.
In the opinion of the Company&#8217;s Management, this abrogation would not affect the rights acquired by the Company under CTEB&#8217;s
goodwill transfer process.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
it provided for the transfer to IEASA of TMB and TSM&#8217;s shares held by the Federal Government. Earnings received by IEASA must be
invested in energy infrastructure projects.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
it granted to IEASA the exploratory permits for the MLO_115 and MLO_116 offshore areas and provided for the issuance of National Treasury
guarantees as collateral for the contract for the acquisition of natural gas entered into with Bolivia.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.5
<U>MATER dispatch priority</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SE
Resolution No. 551/21 published on June 16, 2021 modified the dispatch priority maintenance system established by Resolution No. 281/17.
Overall, it replaces the granting of a security for the maintenance of the dispatch priority by the payment of a quarterly installment
of US$&nbsp;500/MW until commissioning within the declared term or a maximum term of 24 months as from the priority assignment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
it allows projects with an assigned dispatch priority but not yet commissioned to continue their execution keeping the dispatch priority,
or such priority may be waived, thus releasing the transmission capacity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, as owner of the PEPE IV Wind Farm project, located in Las Armas, Province of Buenos Aires, notified its decision to waive the
timely granted dispatch priority, and recovered the security it had provided. As a result, CAMMESA notified that the already initiated
execution of the security was determined to be moot as it had no further claim against the Company; therefore, as of September 30, 2021,
the amount of US$ 12.5 million provided for to such effect was recovered and recognized in earnings, under the item &#8220;Other operating
income&#8221; of the Consolidated Condensed Interim Statement of Comprehensive Income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Natural
                                            Gas Market</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Argentine
                                            Natural Gas Production Promotion Plan (&#8220;GasAr Plan&#8221;)</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 9, 2021 Resolution No. 169/21 was published in the BO, which awarded natural gas volumes offered under the GasAr Plan, Round II
Tender. In this sense, the Company was awarded a volume of 0.70 million m3/day, 0.90 million m3/day and 1 million m3/day for the months
of June, July and August-September 2021, respectively, and 0.86 million m3/day to meet the winter peak demand for the years 2022 through
2024, at a price of US$ 4.68 MMbtu.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
this tender, Pampa&#8217;s injection commitment increases to 9 million m3 per day for the 2021-2024 winter periods which, compared to
2020, represents a 15% year-on-year production increase and a 28% increase in the winter period, the months with the largest gas supply
needs in the country.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Natural
                                            Gas Export Procedure</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 27, 2021, pursuant to SE Resolution No. 360/21, a new procedure was regulated for the authorization of natural gas exports that
contemplates the firm condition and the preferential order for GasAr Plan&#8217;s awardees and abrogates the previous procedure established
by SGE Resolution No. 417/19 and SHC Provision No.&nbsp;284/19. Furthermore, prior to the granting of each permit, the enforcement authority
will perform a comprehensive and systemic analysis safeguarding the supply to the Argentine domestic market since, once authorized on
a firm basis, it may not be further reviewed.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.3</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gas
                                            transportation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>TGS&#8217;s
tariff situation</U></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public hearing called by ENARGAS to discuss the RTT pursuant to the provisions of Executive Order No.&nbsp;1,020/20 took place on March
16, 2021. In this respect, TGS, without waiving the whole of its percentage share of tariff recomposition, alternatively submitted in
the hearing its tariff increase proposal, assessed at 58.6% as from April 1, 2021. This increase was assessed based on the financial
needs to meet operating and financial costs, capital expenditures and taxes, which were calculated taking into consideration the evolution
of the inflation rate over a 12-month period as from its beginning. The requested increase only contemplates the funds necessary to meet
its obligations as licensee.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
TGS denied and dismissed the arguments raised in the public hearing, which considered that the current natural gas transportation tariff
is not fair or reasonable given the alleged existence of serious flaws in the administrative acts resulting from the proceedings for
the last Comprehensive Tariff Regime established for&nbsp;TGS.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2021, ENARGAS submitted to TGS the 2021 Transitional Agreement pursuant to Executive Order No. 1,020/20, which: (i) does not
grant a transitory tariff update, keeping unchanged the tariff schemes approved by ENARGAS in April 2019; (ii) provides that, as from
May 2021 and until the Final Renegotiation Agreement enters into effect, ENARGAS will recalculate the transportation tariffs effective
at the time, with validity as from April 1, 2022.; (iii) does not establish a mandatory investment plan; and (iv) establishes the prohibition
to distribute dividends, early cancel financial and commercial debts taken on with shareholders, acquire other companies, or grant loans.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 30, 2021 and through a note sent to this body, TGS expressed that, given the context in which it develops its activities and the
proposed terms and conditions, it is not feasible for TGS to enter into the 2021 Transitional Agreement Project.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later,
on June 2, 2021, ENARGAS issued Resolution No. 149/21 approving an RTT for TGS effective as from that date and under the same terms of
the project timely submitted on April 28, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2021, TGS filed motions for reconsideration, subsidiarity filing a hierarchical appeal, before the PEN, the National Ministry of
Economy and ENARGAS according to the respective jurisdictions of each of these bodies in the passing of the regulations associated with
Resolution No. 149/21, requesting the declaration of nullity of the RTT and the reinstatement of the RTI.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
challenges are based on: (i) the illegality of Executive Order No. 1,020/20, as it does not observe the delegation lines provided for
by Act No. 27,541 and, as a DNU, does not meet the requirements established by the Constitution for the dictation of this regulation;
(ii) the extension of the emergency period beyond that established by the Congress; (iii) the tariff renegotiation under Act No. 24,076
is not performed; (iv) the disregard for the principle of fair and reasonable tariffs, and the rights acquired by TGS under the License,
the Contractual Adjustment Memorandum of Understanding and the RTI; and (v) the suspension of the RTI for reasons of public interest,
which merits the recognition of the compensations provided for by both the Administrative Procedures Act and the License Basic Rules.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
turn, the restrictions on the management and administration of TGS have been challenged for lacking legal justification, as the emergency
declared by Act No. 27,541 only empowered the PEN to renegotiate the RTI, but not the License. The challenges and the request for reinstatement
of the RTI have been filed notwithstanding TGS&#8217;s right to the payment of the compensations it is entitled to on account of the
breach of the RTI as from April 2019.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of issuance of these Consolidated Condensed Interim Financial Statements, TGS has not received an answer to the filed motions,
and is evaluating other measures to take to continue safeguarding its rights and thus attain a fair and reasonable tariff for the natural
gas transportation segment.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.4</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transmission</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Transener
and Transba&#8217;s tariff situation</U></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 19, 2021, pursuant to Resolution No. 17/21 the ENRE launched the proceeding for the transitory adjustment of tariffs of the transmission
public utility aiming to establish a RTT until reaching a Final Renegotiation Agreement, and summoning Transportation Companies. In this
sense, a request for the information necessary to begin this process was received, and Transener has complied with this requirement,
prioritizing the operating costs and capital expenditures required to maintain service quality.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 3, 2021, pursuant to Resolutions No. 54/21 and 55/21, the ENRE convened a Public Hearing for March 29, 2021 to provide information
and gather feedback on the RTT for Transener and Transba, respectively, within the RTI Process and prior to the definition of tariffs.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 14, 2021 the Public Hearing Closing Report was published in the BO. As of the date of issuance of these Consolidated Condensed
Interim Financial Statements, the negotiations with the ENRE to reach a Renegotiation Transitional Agreement for the RTI continue under
way.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Besides,
on July 3, 2018 the ENRE informed of the launching of the proceeding for the determination of the remuneration to Independent Transmission
Companies in the exploitation stage: TIBA (Transba), the Fourth Line (Transener), YACYLEC and LITSA.&nbsp;In this respect, on October
8, 2018, information on costs, investments and tariff claims corresponding to the Fourth Line and TIBA were submitted to the ENRE. As
of the date of issuance of these Consolidated Condensed Interim Financial Statements., the ENRE has not issued a resolution with the
results of the analysis of the requested information.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.5</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulations
                                            on access to the MLC</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main regulations on MLC inflows and outflows issued by the BCRA in the nine-month period ended September 30, 2021 are summarized below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
early 2021, the BCRA issued a series of measures aiming to make regulations more flexible to encourage the exchange or financing of foreign
private-sector liabilities entered and settled through the MLC and concerted as from January 7, 2021, including, among others, the following
modifications: (i) it extended the term to access the MLC for the early cancellation of principal and interest of foreign financial debts
or debt securities publicly registered in the country and denominated in foreign currency; and (ii) it allowed for the accumulation of
funds originating from the collection of goods and services exports in foreign and/or domestic accounts set up to guarantee the payment
of debts taken on as from January 2021. However, on July 10, 2021, the BCRA adopted new restrictions to access the MLC, including the
following additional requirements: (i) the filing of a new affidavit stating that no exchange of securities for other foreign assets
has been made within 90 calendar days before accessing the MLC, and the commitment not to make them within 90 calendar days after such
access; and (ii) if the customer is a legal entity, the filing of an additional affidavit stating: (a) details of the individuals or
legal entities exercising a direct control relationship over the customer, according to BCRA&#8217;s regulations; and (b) that on the
day access to the MLC is requested and in the previous 90 calendar days, no local-currency funds or other liquid domestic assets have
been delivered in Argentina to any individual or legal entity exercising a direct control relationship over it, except for those directly
associated with regular transactions for the acquisition of goods and/or services. The requirement stated in item (ii) (b) will be deemed
duly met if the customer submits an affidavit regarding transactions with securities of each of these individuals or legal entities pursuant
to the current exchange regulations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the BCRA extended the following provisions until December 31, 2021, inclusive: (a) the need for BCRA&#8217;s prior authorization to access
the MLC in the following cases: (i) the cancellation of principal of foreign financial debts with foreign affiliates, and (ii) payments
for the import of goods or the cancellation of the principal of goods import debts; (b) the obligation to submit a refinancing plan for
certain debts and principal maturities for amounts over US$&nbsp;2 million and scheduled until December 31, 2021, maintaining the following
criteria: (i)&nbsp;access to the MLC for up to 40% of the principal amount, within the original term; and (ii) the refinancing of the
principal balance, through new foreign indebtedness with an average life of 2 years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the BCRA created a Registry of Foreign Exchange Information of Exporters and Importers of Goods as a requirement to access the MLC as
from May 1, 2021 for forex outflow transactions, including swaps and arbitrations. This requirement will not apply in the case of access
to the MLC for the cancellation of foreign-currency financing granted by local financial entities. Obliged subjects should enroll in
this registry by March 31 each year and report any change in the recorded information within 15 business days of its occurrence. The
Company has been declared an obliged subject by the BCRA and has completed its enrollment in this registry.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
on October 5, 2021, the BCRA provided, among other issues, the following modifications regarding payments for the import of goods through
the MLC, effective October 6 through 31, 2021: (i) the reduction from US$&nbsp;1 million to US$&nbsp;250 thousand of the maximum amount
for all payments associated with the MLC goods import quota; (ii) the suspension of the exception in case of advance payments for imports
of capital goods; (iii)&nbsp;the abrogation of the exception of sight payments for the import of goods for transactions shipped from
July 1, 2020 or which, having been previously shipped, had not arrived in the country before that date; and (iv) the exclusion from the
import quota calculation formula of advance payments for the import of capital goods for transactions shipped from July 1, 2020 or which,
having been previously shipped, had not arrived in the country before that date.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
information on Argentina&#8217;s foreign exchange regulations can be found at the Central Bank&#8217;s website: www.bcra.gov.ar.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.6</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tax
                                            regulations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.1
<U>Income tax rate</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 16, 2021, Act No. 27,630 was published in the BO, which modified the income tax rate effective for fiscal years starting as from
January 1, 2021 inclusive. This modification provides for the application of a tiered rate scheme and, if applicable, a fixed tax according
to the accumulated net taxable income tier: (i) for accumulated net income of up to $ 5&nbsp;million, it establishes a 25% rate; (ii)
for accumulated net income between $ 5 and $ 50 million, it establishes a fixed tax of $1.25&nbsp;million plus a 30% rate over the surplus
of $ 5&nbsp;million; and (iii) for accumulated net income above $ 50 million, it establishes a fixed tax of $ 14.75&nbsp;million plus
a 35% rate over the surplus of $50&nbsp;million. The accumulated net income amount will be adjusted yearly, as from January 1, 2022,
taking into consideration the annual CPI variation published by the INDEC.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impacts of this change on the current and deferred tax have been recorded in these Consolidated Condensed Interim Financial Statements
considering the effective rate expected to be applicable on the probable date of reversal of such deferred assets and liabilities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.2
<U>Dividend tax</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the provisions of Act No. 27,430, dividends from earnings accrued during fiscal years beginning as from January 1, 2020 would be subject
to a 13% withholding. However, after the modifications introduced by Acts No. 27,541 and 27,630, the 7% withholding rate remains in effect
as from December 31, 2019, with no modifications for future fiscal years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
3</U>: BASIS OF PREPARATION</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Argentine Securities and Exchange Commission (CNV), under Title IV: &#8220;Periodic Reporting System&#8221;- Chapter III: &#8220;Provisions
applicable to the form of presentation and valuation of financial statements&#8221; -&nbsp;Section 1 of its Rules, has provided for the
application of Technical Resolution No. 26 (TR 26) of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE),
as amended, which adopts International Financing Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB)
for certain entities covered by the public offering regime set forth by Act No. 17811, whether on account of their capital stock or corporate
bonds, or because they have requested an authorization to be covered by such regime.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
Condensed Interim Financial Statements for the nine-month period ended September 30, 2021 have been prepared pursuant to the provisions
of IAS 34, &#8220;Interim Financial Information&#8221;, are expressed in million pesos and were approved for their issuance by the Company&#8217;s
Board of Directors on November 10, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information included in the consolidated condensed interim financial statements is recorded in US dollars, which is the Company&#8217;s
functional currency and, in accordance with CNV requirements, is presented in pesos, the legal currency in Argentina.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
condensed interim financial information had been prepared under the historical cost convention, modified by the measurement of financial
assets at fair value through profit or loss. These financial statements do not include all the information that would be required for
complete annual financial statements and, therefore, they should be read together with the annual financial statements as of December
31, 2020, which have been prepared under IFRS.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated condensed interim financial statements for the nine-month period ended September 30, 2021 have not been audited. The Company&#8217;s
management estimates they include all the necessary adjustments to state fairly the results of operations for each period. The results
for the nine-month period ended September 30, 2021, does not necessarily reflect in proportion the Company&#8217;s results for the complete
year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting policies have been consistently applied to all entities within the Group.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Comparative
information</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information as of December 31, 2020 and for the nine-month period ended September 30, 2020, disclosed for comparative purposes arises
from the consolidated financial statements as of that date and the figures, with the exception of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            results corresponding to the electricity distribution segment have been disclosed under &#8220;Discontinued
                                            operations&#8221; in the Consolidated Statement of Comprehensive Income on account on occasion
                                            of the sale of the 51% interest in Edenor (see Note 5.1).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            presentation in the consolidated statement of comprehensive income of the losses from the
                                            impairment of financial assets (including the reversal of losses or profits from the value
                                            impairment, if applicable), made pursuant to IAS 1, has been calculated in accordance with
                                            the policy described in Note&nbsp;4 to the Consolidated Financial Statements as of December
                                            31, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
certain non-significant reclassifications have been made to those financial statements&acute; figures to keep the consistency in the
presentation with the figures of the current period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
4</U>: ACCOUNTING POLICIES</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting policies applied in these consolidated condensed interim financial statements are consistent with those used in the consolidated
financial statements for the last fiscal year, which ended on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
accounting standards, amendments and interpretations issued by the IASB adopted by the Company </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has applied the following standards and / or amendments for the first time as of January 1, 2021:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Amendments to IFRS 9 &#8211; &#8220;Financial Instruments&#8221;, IAS 39 &#8211; &#8220;Financial instruments: Presentation&#8221;, IFRS
7 &#8211; &#8220;Financial Instruments: Disclosures&#8221;, IFRS 4 &#8211; &#8220;Insurance Contracts&#8221; and IFRS 16 &#8211; &#8220;Leases&#8221;
(amended in August 2020).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position
of the Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
5</U>: GROUP STRUCTURE</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/106% Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.1</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sale
                                            of controlling stake in Edenor</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 24, 2021, ENRE Resolution No. 207/21 was published in the BO, which authorized the Company to transfer all Class A common shares,
representing 51% of the capital stock and votes of Edenor, to Cono Sur&nbsp;S.A.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2021, the transaction was closed after the meeting of the precedent conditions it was subject to. The Company transferred all
of its Edenor&#8217;s Class A shares, as approved by the Company&#8217;s General Ordinary and Extraordinary Shareholders&#8217; Meeting
held on February 17, 2021, and there was a change in the controlling shareholder. Moreover, the Company collected the amount of US$&nbsp;50
million, whereas, pursuant to the share purchase agreement entered into on December 28, 2020, the third milestone of the cash purchase
price, in the amount of US$&nbsp;40&nbsp;million and with one-year financing as from the closing date at a nominal annual fixed interest
rate of 10%, is pending collection.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction did not include the transfer of Class B shares and, therefore, the Company keeps a 4.1% stake in Edenor&#8217;s capital stock
and voting rights, which has been classified under financial assets at fair value through profit and loss in the Consolidated Condensed
Interim Statement of Financial Position.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results for the nine-month periods ended September 30, 2021 and 2020 corresponding to the divestment of the stake in Edenor have been
disclosed under &quot;Discontinued operations&quot; of the Consolidated Condensed Interim Statement of Comprehensive Income. As of December
31, 2020, all Edenor&#8217;s assets and liabilities have been classified as held for sale.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
statement of comprehensive income associated with the discontinued operations is disclosed below:</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Distribution of energy</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white; width: 58%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">47,148</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">65,921</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(38,054)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(55,306)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,094</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">10,615</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3,482)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,359)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2,532)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,102)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2,053</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,560</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,672)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,248)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of property, plant and equipment&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,572</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,057)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,020)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Operating income&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,976</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">445</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>RECPAM</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">11,474</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,002</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Finance income</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Finance costs</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(10,194)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,421)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">784</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(1,594)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Financial results, net</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,086</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(997)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Income before income tax</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">6,062</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(552)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(13,191)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,213)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Loss of the period from discontinued operations</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(7,129)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,765)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other comprehensive income (loss)</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,484</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,008</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; background-color: white">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,891</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,605)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other comprehensive income of the period from discontinued operations</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">11,375</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">14,403</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total comprehensive income of the period from discontinued operations</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,246</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,638</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total loss of the period from discontinued operations attributable to:</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Owners of the company</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,726)</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(945)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Non - controlling interest</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,403)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(820)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(7,129)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,765)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total comprehensive income (loss) of the period from discontinued operations attributable to:</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Owners of the company</TD>
    <TD STYLE="color: white; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">530</TD>
    <TD STYLE="color: white; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,458</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Non - controlling interest</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,716</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(820)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,246</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,638</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated statement of cash flows related to discontinued operations as of September 30, 2021 and 2020 is presented below:</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 59%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Net cash generated by operating activities</TD>
    <TD STYLE="text-align: right">11,051</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17,330</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Net cash used in investing activities from discontinued operations</TD>
    <TD STYLE="text-align: right">(15,857)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3,455)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Net cash used in financing activities</TD>
    <TD STYLE="text-align: right">(701)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(5,158)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">(Decrease) Increase in cash and cash equivalents from discontinued operations</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(5,507)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,717</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cash and cash equivalents at the begining of the year</TD>
    <TD STYLE="text-align: right">4,362</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">503</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Effect of devaluation and inflation on cash and cash equivalents</TD>
    <TD STYLE="text-align: right">1,145</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(143)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="text-align: right">(5,507)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,717</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,077</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/107% Sans-Serif; margin: 0 0 8pt 0.25in; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222">As
of December 31, 2020, the assets and liabilities that comprise the assets held for sale and associated liabilities are</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 74%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 24%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">ASSETS</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">99,721</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">280</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Investments in joint ventures and associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">239</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total non-current assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">100,293</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Inventories</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,873</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">78</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,222</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,775</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,362</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total current assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">23,310</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Assets classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">123,603</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">LIABILITIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">NON-CURRENT LIABILITIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,431</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Deferred revenue</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,471</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Deferred tax liabilities</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23,709</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">749</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">303</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Borrowings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,261</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,806</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">43,730</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">CURRENT LIABILITIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">358</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Deferred revenue</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Taxes payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,793</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,734</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Borrowings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">143</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,018</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total current liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">42,168</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">85,898</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
5: </U></B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
                                            in subsidiaries, associates and joint ventures</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Subsidiaries
                                            information</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, the capital stock of the subsidiaries consists of common shares, each granting the right to one vote. The country
of the registered office is also the principal place where the subsidiary develops its activities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 41%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 22%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Company</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Country</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Main activity</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Direct and indirect participation %</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Generaci&oacute;n Argentina S.A.U</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Edenor <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Distribution of energy</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57.12%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Enecor S.A.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Transportation of electricity</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HIDISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HINISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52.04%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52.04%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PACOSA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Trader</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">PEB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Bolivia</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">EcuadorTLC</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Energ&iacute;a Operaciones ENOPSA S.A.&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Trenerec S.A.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Ecuador</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Pampa Ecuador LTD <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Ecuador</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">PE Energ&iacute;a Ecuador LTD</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">EISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">PISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">TGU</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Gas transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Corod</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Venezuela</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Petrolera San Carlos S.A.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Venezuela</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corresponds
                                            to effective interest considering treasury shares in Edenor&#8217;s effect. As of December
                                            31, 2020, this stake in Edenor is disclosed under assets classified as held for sale (See
                                            Note 5.1).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">See
                                            Note 5.2.4.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
5: </U></B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Associates
                                            and joint ventures information</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the main activity and the financial information used for valuation and percentages of participation in associates
and joint ventures:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Information about the issuer</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 27%">Main activity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Date</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Profit (loss) of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Equity</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Refinor</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">Refinery</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">06.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right; background-color: white">92</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(537)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right; background-color: white">5,836</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">28.50%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right; background-color: white">9,919</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">822</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right; background-color: white">13,580</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">30.06%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">TGS <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">Transport of gas</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">753</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">12,863</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">103,292</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">3.185%</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">Joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>CIESA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">639</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6,544</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">52,751</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Citelec <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">556</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(514)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">19,194</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">CTB</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">Generation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2021</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">8,558</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6,291</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">41,795</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Greenwind</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">Generation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(330)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(997)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">50.00%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)
</SUP>The Company holds a 3.185% direct and indirect interest in TGS and a 50% interest in CIESA, a company that holds a 51% interest
in the share capital of TGS. therefore, the Company has an indirect participation of 25.50% in TGS</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">As
of September 30, 2021 the quotation of TGS&acute;s ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE
was $ 192 and U$S 4.93 per share, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of
$ 44.1 million.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)
</SUP>Through a 50% interest, the company jointly controls Citelec, company that controls Transener with 52.65% of the shares and votes.
As a result, the Company has an indirect participation of 26.33% in Transener.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
5: </U></B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
details of the balances of investments in associates and joint ventures is as follows:</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 18%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Disclosed in non-current assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"></TD>
    <TD STYLE="vertical-align: middle; text-align: center"></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Refinor</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,079</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,626</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,715</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">195</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">TGS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,076</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">9,295</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">3,897</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CIESA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">30,711</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,138</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Citelec</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9,597</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,195</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,897</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14,999</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">61,205</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">42,332</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">70,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">46,229</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Disclosed in non-current liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Greenwind <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(378)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(161)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(378)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(161)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">It
                                            receives financial assistance from the partners.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the breakdown of the result from investments in associates and joint ventures:</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Associates</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Refinor</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(173)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(164)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,018</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(306)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">TGS</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">421</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">122</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total associates</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,266</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(348)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CIESA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,146</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">1,695</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,145</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">2,467</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Citelec&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(257)</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">846</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Greenwind</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(169)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">150</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total joint ventures</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">5,865</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">5,158</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,131</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4,810</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOTE
5: </U></B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evolution of investments in associates and joint ventures is as follows:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">46,068</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">30,373</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Dividend reversal</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,645</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Dividends</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,949)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,274)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Increases <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,439</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">190</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Share of profit&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">8,131</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4,810</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Exchange differences on translation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14,788</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7,518</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">70,122</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">41,617</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corresponding
                                            to the acquisition of 100,000&nbsp;shares and 2,149,608 ADRs of TGS at an acquisition cost
                                            of US$&nbsp;10.8&nbsp;million and 635,380&nbsp;ADRs at an acquisition cost of US$ 3 million
                                            during the nine-month periods ended September 30, 2021 and 2020, respectively. Additionally,
                                            as of September 30, 2021, it includes the additional purchase of a 14.15% interest in OCP
                                            through the acquisition of Pampa Ecuador LTD for an amount of $ 485.2 million, equivalent
                                            to US$ 5 million (see Note 5.2.4).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
                                            in CTB </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financial
Trust Agreement</I></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2021, the ninth amendment to the Enarsa-Barrag&aacute;n Trust Agreement was entered into among CTB, in its capacity as trustor,
BICE Fideicomisos S.A., in its capacity as trustee, and CAMMESA, in its capacity as assigned debtor, in order to include the new payment
schedule effective as from the partial early redemption of the VRDs issued under the Enarsa-Barrag&aacute;n Financial Trust for a total
amount of US$&nbsp;130 million executed on October 16, 2020.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of issuance of these Consolidated Condensed Interim Financial Statements, the total outstanding VRDs (amortization installments
plus deferred interest, pursuant to the definition of these terms in the Trust Agreement) amount to US$&nbsp;93.7 million.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Syndicated
loan</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2021, CTB has repaid at maturity the amount of US$ 62.4 million of the syndicated loan. As of the date hereof, CTB has
paid an additional amount of US$&nbsp;4 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Issuance
of Corporate Bonds</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 4, 2021, CTB issued: (i) Class 1 Corporate Bonds for a total amount of US$ 27.3 million, accruing interest at an annual fixed rate
of 4% and maturing on June 4, 2023; and (ii) Class 2 Corporate Bonds for a total amount of 37,504,954 units of purchasing power (&#8220;UVAs&#8221;),
adjustable by the Reference Stabilization Coefficient (CER), equivalent to $2,928 million, accruing interest at a fixed 4% rate and maturing
on June 4, 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later,
on August 18, 2021, CTB reopened (i) Class 1 Corporate Bonds for a total amount of US$&nbsp;15.6 million at an issue price of 101.7050%;
and (ii) Class 2 Corporate Bonds for a total amount of 27.9 million UVAs at an initial value of $84.76 per UVA at an issue price of 100.82%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOTA
5</U>: </B>(Continuaci&oacute;n)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
1 and Class 2 Corporate Bonds are secured by a personal guarantee subject to a condition precedent and subsequent granted by YPF and
Pampa.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of issuance of these Consolidated Condensed Interim Financial Statements, CTB is in compliance with all the covenants under
the CBs, which are the customary ones for this kind of issuances.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Closing
to combined cycle project</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTB
is moving forward with the execution of the works associated with the closing to combined cycle commitment to increase the installed
capacity from 567&nbsp;MW to 847&nbsp;MW, with a total investment estimated at US$&nbsp;212,7 million.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is worth highlighting that the Argentine Government&#8217;s measures to contain the spread of COVID-19 have affected the works execution
progress, delaying the originally planned term for commissioning and generating several instances of review in the schedule and the scope
of the tasks necessary to complete the works, with the resulting increase in associated costs. The term and cost of the works may be
affected again in the future as a result of the measures that may be imposed regarding the evolution of the country&#8217;s health situation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Impairment
in the value of non-financial assets</I></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the second quarter of 2021, the remuneration scheme for the energy sold in the spot market was modified by SE Resolution No. 440/21 published
on May 19, 2021 (see Note 2.1), which impacted on the future income to be collected by CTB after the termination, in the year 2022, of
the supply agreement with CAMMESA remunerating the units that are part of the open cycle. Additionally, the progress of works for CTB&#8217;s
closing to combined cycle was affected, in 2020 and 2021, by the measures implemented to contain the spread of COVID-19, delaying the
scheduled term for commissioning and increasing the costs associated with the completion of the project.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of these indications, CTB updated, as of June 30, 2021, the estimation of the recoverable amount determined as of December 31, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
projections used by CTB in the calculation of the recoverable amount as of June 30, 2021 take into consideration 2 scenarios that weigh:
i) the entry into effect of the new supply agreement with CAMMESA for the closed cycle; ii) the price restructuring for the spot energy,
which is adjusted for inflation on an annual basis; iii) the regularization of the financing term granted to CAMMESA in 2022/2023, after
reaching an average term of 100&nbsp;days; and iv) a 10.3% WACC rate after taxes.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOTA
5</U>: </B>(Continuaci&oacute;n)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTB
has not recorded any impairment losses as a result of the performed recoverability assessment. As of September 30, 2021, CTB has identified
no additional indications which may impact the assumptions taken into consideration in the above-mentioned assessment.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
                                            in OCP</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Acquisition
of shares</I></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 12, 2021, the Company, through its subsidiary PEB, executed an agreement with Occidental International Exploration and Production
Company for the acquisition of all the shares of Occidental del Ecuador Inc. (currently Pampa Ecuador Ltd.) for US$&nbsp;5 million. Pampa
Ecuador Ltd. holds a 14.15 % equity interest in OCP&nbsp;Ltd.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
closing of the transaction involved the recognition of profits for US$&nbsp;17&nbsp;million under IAS 28. The following table details
the consideration, the fair value of the acquired assets, and the profit recorded by the Company as of August 12, 2021:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 83%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">En milion of US$</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Acquisition cost</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(5.0)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total consideration</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(5.0)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Interest in the fair value of OCP&rsquo;s identifiable assets and liabilities</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">12.7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">OCP dividends receivable</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">9.5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total fair value</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">22.2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Profit<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">17.2</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>(1)
</SUP>Disclosed under &#8220;Share of profit from associates and joint ventures.&#8221;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the other hand, PEB recorded a US$ 1.6 million reversal in the impairment loss disclosed for the 15.91% equity interest in OCP (before
the acquisition of the additional 14.15% indirect interest) in connection with the present value of future cash flows expected to be
obtained through the collection of dividends considering the concession term, which extends until 2023, and a 15.09% discount rate.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Contingent
liabilities </I></FONT></P>

<P STYLE="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
constitutional protection proceeding brought against OCP by several organizations and natural persons alleging the infringement of several
constitutional rights upon the occurrence of the Force Majeure event in 2020 was denied in the second instance by Orellana&#8217;s Provincial
Court of Justice. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, the plaintiffs have filed
a constitutional protection proceeding, which has been admitted to be heard by the Constitutional Court.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOTA
5</U>: </B>(Continuaci&oacute;n)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
                                            in Citelec</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Service
outage in the Argentine Electricity Grid (&#8220;SADI&#8221;)</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total outage in the SADI service, which took place on June 16, 2019, had an impact in 2020 on the amount of both penalties, which were
increased, and awards, which were reduced, pursuant to the Additional Service Quality and Penalties Regime established by Resolutions
No. 552/16 and No. 580/16.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of this event, Transener set up a provision in the amount of $ 6.6 million plus interest. On May 14, 2021, the ENRE, pursuant
to Resolution No. 121/21, imposed a penalty on Transener for the previously described event, which does not significantly differ from
the provision held by Transener under liabilities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the ENRE filed new charges against Transener on account of its liability for alleged breaches in this event. Transener rejected the charges
alleging the illegality and irrationality of the filing of a new summary proceeding after the termination of the proceeding that imposed
the applicable penalties. If this proceeding is resolved unfavorably for Transener, any penalty or other monetary fine may have an adverse
impact on its results. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, there is uncertainty
on the possible imposition of a penalty and its amount.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financial
loans</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the month of July, 2021, Transener signed a loan agreement with Banco de la Naci&oacute;n Argentina in the amount of $ 1,000&nbsp;million,
for a term of three years and at a BADLAR rate +8%, with the principal being amortized in monthly consecutive installments using the
German system payable from August 2021, and which will be destined to working capital. In this respect, it is worth highlighting that,
according to what has been timely requested by the bank, while the loan remains outstanding, Transener&#8217;s Board of Directors has
committed not to make any proposal to the Shareholders&#8217; Meeting regarding the release of Transener&#8217;s reserves for their distribution
as dividends to shareholders or, in case there are negative results affecting reserves and while the loan remains outstanding, not to
propose the distribution of earnings until reserves have been replenished up to current levels.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.3</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
                                            reorganizations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regarding
the mergers approved by the Company in 2020 between Pampa, as absorbing company, and (i) CPB; (ii) PACOGEN and PHA; and (iii) PP, Transelec,
Pampa FPK, Pampa Holding, Pampa Ventures and Pampa QRP, as absorbed companies, in the third quarter of 2021 the CNV issued several resolutions
granting its administrative consent.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
mergers are pending registration with the Public Registry, which operations were affected by the impediments inherent in the COVID-19
pandemic.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTA
6</U>: RISKS</B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;
Critical accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of these unaudited consolidated condensed interim financial statements requires the Company&#8217;s Management to make future
estimates and assessments, to apply critical judgment and to establish assumptions affecting the application of accounting policies and
the amounts of disclosed assets and liabilities, and income and expenses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mentioned
estimates and judgments are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the
existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation of these
unaudited condensed interim financial statements.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the preparation of these unaudited condensed interim financial statements, management judgements on applying the Company&#8217;s accounting
policies and sources of information used for the respective estimates are the same as those applied in the Financial Statements for the
year ended December 31, 2020 , except for the following information:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.1
<U>Impairment in the value of non-financial assets</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company regularly monitors the existence of events or changes in circumstances which may indicate that its non-financial assets&#8217;
book value may not be recoverable, or the possible reversal of losses from the impairment of non-financial assets.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the Power Generation segment, revenues from the energy sold in the spot market were modified by SE Resolution No. 440/21, which provided
for a 29% increase in the remuneration applicable as from February 1, 2021 for generators, as the Company and its subsidiaries, meeting
the established requirements, and repealed the application of the automatic adjustment mechanism established by SE Resolution No. 31/20
(see Note 2.1.3).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is worth highlighting that the most significant share of revenues in the Power Generation segment comes from energy remunerated under
a differential scheme (that is, supply agreements with large users in the MATER, Energ&iacute;a Plus or supply agreements entered into
with CAMMESA), which have not been affected by the previously mentioned regulations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of the above-mentioned indications, the Company has updated, as of June 30, 2021, its estimates on the recoverable amount of the
CGUs making up the Power Generation segment assessed as of December 31, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
methodology used in the estimation of the recoverable amount consisted of calculating the value in use of each CGU based on the present
value of future net cash flows expected to be derived from the CGU, discounted with a rate reflecting the weighted average cost of the
capital employed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows were prepared based on estimates on the future behavior of certain variables that are sensitive in the determination of the value
in use, including the following: (i) reference prices for energy sold in the spot market; (ii) projections of availability and dispatch
by the power plants; (iii) costs evolution; and (iv) macroeconomic variables, such as inflation and exchange rates, etc.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
6</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
projections used in the calculation of the recoverable amount of the CGUs of the Power Generation segment as of September 30, 2021 take
into consideration 2 scenarios that weigh: i) the annual price update, ranging between 80% and 100% compared to the annual inflation;
ii) the regularization of the financing term granted to CAMMESA in 2022/2023, after reaching an average term of 100&nbsp;days; and iii)
a 10.3% WACC rate after taxes.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual
values may substantially differ from projections, mainly on account of: i) the timeliness and magnitude of the increases in the prices
of energy, and/or ii) the date of regularization of the financing term granted to CAMMESA. Even though this variation has been taken
into consideration when weighing the scenarios, the Company estimates that any sensitivity analysis that considers changes in any of
the estimates taken individually may lead to distorting conclusions, generating an adverse effect on the Company&#8217;s results.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2021, the value of the assets in the Power Generation segment does not exceed its recoverable amount, with the exception
of the Diamante hydroelectric power plant, which assessment of recoverability resulted in the recognition of impairment losses in the
amount of $ 172 million (US$ 1.8 million). As of September 30, 2021, the Company has identified no additional indications which may impact
the assumptions taken into consideration in the above-mentioned assessment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;
Financial risk management</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk
and price risk), credit risk and liquidity risk.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant changes have arisen in risk management policies since last year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
should be noted that the Company operates in an economic context which main variables have recently suffered significant volatility as
a result of political and economic events both domestically and internationally, as described in Note 1.2.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
7</U>: SEGMENT INFORMATION</B></FONT></P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an integrated energy company in Argentina, which mainly participates in the electricity and oil and gas value chains.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
its own activities, subsidiaries and share holdings in joint ventures and associates, and based on the business nature, customer portfolio
and risks involved, the following business segments were identified:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Electricity
Generation</B>, mainly consisting of the Company&#8217;s direct and indirect interests in HINISA, HIDISA, Greenwind, CTB, TMB, TJSM and
through its own electricity generation activities through Central T&eacute;rmica G&uuml;emes, Piedra Buena, Piquirenda, Loma de la Lata,
Genelba, EcoEnerg&iacute;a, Pilar, I. White, the Pichi Pic&uacute;n Leuf&uacute; hydroelectric complex and the wind power park Pampa
Energ&iacute;a II and III.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Electricity
Distribution</B>, consisting of the Company&#8217;s direct interest in Edenor. As of September 30, 2021 and 2020, the Company has classified
the <FONT STYLE="color: #222222">results corresponding to the divestment mentioned in Note 5.1 as discontinued operations</FONT></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Oil
and Gas</B>, mainly consisting of the Company&#8217;s own interests in oil and gas areas and through its direct interest in PACOSA and
indirectly in OCP.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Petrochemicals</B>,
comprising the Company&#8217;s own styrenics operations and the catalytic reformer plant operations conducted in Argentine plants.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Holding
and Other Business</B>, principally consisting of interests in joint businesses CITELEC and CIESA and their respective subsidiaries,
which hold the concession over the high voltage electricity transmission nationwide and over gas transportation in the South of the country,
respectively, interests in the associate Refinor, holding activities and financial investment transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages its operating segment based on its individual net results in U.S. dollars.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
7</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">in million of US$</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">in million of $</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 36%"><FONT STYLE="font-size: 8pt">Consolidated
    profit and loss information for the nine-month period ended September 30, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Generation</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Distribution<BR>
    of energy</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Oil
    and gas</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Petrochemicals</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Holding
    and others</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Eliminations</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Revenue</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">501</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">240</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">346</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1,102</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">103,740</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Intersegment revenue</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">94</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(94)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(266)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(200)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(294)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">94</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(666)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(62,652)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">Gross profit</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">235</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">134</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">52</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">436</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">41,088</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1,752)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(21)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(6,301)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Exploration expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(50)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Other operating income</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">36</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">52</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">92</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">8,864</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Other operating expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(4,623)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Impairment of intangible
    assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(172)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Impairment of financial assets</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(229)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Share of profit from associates and joint ventures</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">31</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">85</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">8,131</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">275</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">141</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">18</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">473</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">44,956</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Finance income</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">619</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Finance costs</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(86)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(151)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(14,128)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Other financial results</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">29</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">2,813</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(90)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(115)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(10,696)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">Profit before income tax</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">259</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">51</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">35</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">358</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">34,260</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Income tax</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(7,786)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-size: 8pt">Profit for the period
    from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">189</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">275</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">26,474</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-size: 8pt">Loss for the period from discontinued operations</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(75)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(75)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">(7,129)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-size: 8pt">Profit (loss) for the period</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">189</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">(75)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">200</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 8pt">19,345</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">66</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">79</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">147</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">13,879</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
7</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 8pt">in
    million of US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 8pt">in million
    of $</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 36%"><FONT STYLE="font-size: 8pt">Consolidated
    profit and loss information for the nine-month period ended September 30, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Generation</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Distribution<BR>
    of energy</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Oil
    and gas</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Petrochemicals</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Holding
    and others</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Eliminations</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-size: 8pt">Total profit (loss) attributable
    to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">Owners of the company</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">187</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">234</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">22,577</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Non - controlling interest</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(3,232)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white"><FONT STYLE="font-size: 8pt">Consolidated
    statement of financial position as of September 30, 2021</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1,703</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1,152</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">169</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">892</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(151)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">3,765</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">371,610</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">507</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1,277</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">164</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">240</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(150)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">2,038</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">201,146</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white"><FONT STYLE="font-size: 8pt">Additional
    consolidated information as of September 30, 2021</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Increases in property,
    plant and equipment, intangibles assets and right-of-use assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">144</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">162</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">15,247</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
7</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">in million of US$</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">in million of $</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 37%"><FONT STYLE="font-size: 8pt">Consolidated
    profit and loss information for the nine-month period ended September 30, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">Generation</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%"><FONT STYLE="font-size: 8pt">Distribution<BR>
    of energy</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">Oil
    and gas</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%"><FONT STYLE="font-size: 8pt">Petrochemicals</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"><FONT STYLE="font-size: 8pt">Holding
    and others</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 8pt">Eliminations</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Revenue</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">409</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">181</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">180</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">787</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">53,669</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Intersegment revenue</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">45</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(181)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(185)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(161)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">45</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(482)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(32,369)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">Gross profit</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">228</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">305</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">21,300</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,356)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(71)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,848)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Exploration expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(21)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Other operating income</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">37</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,506</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Other operating expenses</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,781)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Impairment of property,
    plant and equipment, intangible assets and inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 8pt">(4,316)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Impairment of financial assets</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(851)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Share of profit (loss) from joint ventures and
    associates&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">37</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">66</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,810</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Operating income (loss)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">206</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">34</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">211</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">15,443</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Finance income</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">529</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Finance costs</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(42)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(82)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(127)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(8,598)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Other financial results</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">48</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,353</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(71)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(4,716)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">Profit (loss) before income tax</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">166</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">(82)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white"><FONT STYLE="font-size: 8pt">140</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 8pt">10,727</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Income tax&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,731)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-size: 8pt">Profit (loss) for the
    period from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(59)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">106</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 8pt">7,996</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-size: 8pt">Loss for the period from discontinued operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(1,765)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-size: 8pt">Profit (loss) for the
    period</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">(59)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">83</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">6,231</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">69</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">62</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">83</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">215</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,844</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
7</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 8pt">in
    million of US$</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 8pt">in million
    of $</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 37%"><FONT STYLE="font-size: 8pt">Consolidated
    profit and loss information for the nine-month period ended September 30, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">Generation</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%"><FONT STYLE="font-size: 8pt">Distribution<BR>
    of energy</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">Oil
    and gas</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%"><FONT STYLE="font-size: 8pt">Petrochemicals</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"><FONT STYLE="font-size: 8pt">Holding
    and others</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 8pt">Eliminations</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-size: 8pt">Total profit (loss) attributable to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Owners of the company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">127</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(59)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">96</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,156</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Non - controlling interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(925)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">Consolidated
    statement of financial position as of December 31,2020</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Assets</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,587</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,550</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,073</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">103</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,334</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(102)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,545</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">411,528</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Liabilities</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">618</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,133</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,256</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">174</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(102)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,197</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">262,650</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 8pt">Additional consolidated information as of
    September 30, 2020</FONT></TD>
    <TD STYLE="color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Increases in property, plant and equipment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">183</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,001</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
8</U>: REVENUE</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Energy sales to the Spot Market</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,300</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,777</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Energy sales by supply contracts</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27,446</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,666</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Fuel self-supply</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,904</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,520</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">338</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">128</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Generation sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">46,988</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">28,091</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Oil, gas and liquid sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,184</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,665</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">608</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">577</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Oil and gas sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">22,792</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12,242</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Petrochemicals products</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32,535</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,186</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Petrochemicals sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">32,535</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12,186</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Technical assistance services&nbsp;&nbsp;and administartion sales</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,404</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,131</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Other&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Holding and others subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,425</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,150</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Total revenue</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">103,740</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">53,669</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOTE
9</U>: COST OF SALES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9,766</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9,175</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Plus: Charges for the period</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28,722</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,275</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Salaries and social security charges</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,943</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,523</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Benefits to employees</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">837</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">530</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">320</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">178</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Works contracts, fees and compensation for services</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,963</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,807</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Depreciation of property, plant and equipment</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">13,157</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9,747</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Intangible assets amortization</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">58</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">249</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Right-of-use assets amortization</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">302</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">61</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Transport of energy</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">456</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">239</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Transportation and freights</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,604</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">986</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,515</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">749</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Penalties</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">97</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,348</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,135</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Canons and royalties</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,559</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,166</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Environmental control</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">272</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">228</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Rental and insurance</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,710</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,107</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">190</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">319</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">266</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">142</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">196</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(104)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Subtotal</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">65,515</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31,363</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Exchange differences on translation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,546</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,075</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Less: Inventories at the end of the period</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(14,175)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(10,244)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">62,652</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">32,369</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOTE
10</U>: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.1</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SELLING
                                            EXPENSES </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">216</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Benefits to employees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">227</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">120</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Depreciation of property, plant and equipment</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">770</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">420</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Communications</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Transport&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">464</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">553</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">53</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total selling expenses</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,752</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,356</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADMINISTRATIVE
                                            EXPENSES </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,248</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,625</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Benefits to employees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">318</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">224</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Accrual of defined benefit plans</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">519</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">382</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,003</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,414</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Compensation agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(33)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Directors' and Syndicates' fees</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">372</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">416</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Depreciation of property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">360</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">263</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">23</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">108</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">75</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Transport and per diem</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Rental and insurance</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">50</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">102</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Communications</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">80</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">70</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">88</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">92</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total administrative expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,301</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,848</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
10:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.3</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLORATION
                                            EXPENSES </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Geological and geophysical expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Decrease in unproductive wells&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total exploration expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">50</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">21</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.4</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OTHER
                                            OPERATING INCOME AND EXPENSES </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Other operating income</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Insurrance recovery</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">270</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Services to third parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">113</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">268</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Profit for property, plant and equipment sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">88</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from the sale of intangible assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">146</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Dividends received</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">69</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Reversal of contingencies&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,198</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">76</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Contractual penalty</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">481</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Commercial interests</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,160</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,488</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,545</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">331</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">87</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total other operating income</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,864</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,506</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provision for contingencies</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,326)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(219)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provision asset retirement obligation</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,489)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease in property, plant and equipment&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(57)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for other credits</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Tax on bank transactions&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(838)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(567)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Donations and contributions</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(129)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(138)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Institutional promotion</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(183)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(119)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Royalties of Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(384)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(236)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(677)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total other operating expenses</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4,623)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,781)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
10:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.5</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINANCIAL
                                            RESULTS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white; width: 56%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; text-decoration: underline; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Finance income</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">33</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">80</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other interest</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">586</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">449</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total finance income</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">619</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">529</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Finance cost</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial interest <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,160)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,954)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Commercial interest</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(22)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(27)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fiscal interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3,291)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(151)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other interest</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(222)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(135)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Banking charges and other financial expenses</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(433)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(331)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial expenses</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(14,128)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(8,598)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Other financial results</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Foreign currency exchange difference, net</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,087</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">837</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,741</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">162</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Gains (losses) from present value measurement</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(83)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Results for the repurchase of corporate bonds</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">2,420</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other financial results</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(28)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total other financial results</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,813</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,353</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total financial results, net</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">(10,696)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">(4,716)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 8pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)
</SUP>Net of $ 633 million capitalized in property, plant and equipment for the nine-month period ended September 30, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
10:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.6</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCOME
                                            TAX AND MINIMUM NOTIONAL INCOME TAX</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
breakdown of income tax charge is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Current tax&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,235</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2,126</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Deferred tax&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">6,533</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">660</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference in the estimate of previous fiscal year income tax and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">18</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(55)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total loss income tax</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,786</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,731</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">34,260</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">10,727</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current tax rate</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">30%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Result at the tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">11,991</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">3,218</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Share of profit of associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">(2,846)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">(1,446)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Non-taxable results</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(17)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(306)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Effects of exchange differences and other results associated with the valuation of the currency, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5,741</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">4,110</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Effects of valuation of property, plant and equipment and intangible assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(18,541)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6,935)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Effect of tax rate change in deferred tax</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(550)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">775</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Adjustment effect for tax inflation&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">11,651</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">3,620</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Difference in the estimate of previous fiscal year income tax and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">77</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(404)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-deductible cost</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">271</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">93</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">6</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total&nbsp;&nbsp;loss income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,786</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,731</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11</U>: NON-FINANCIAL ASSETS AND LIABILITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.1</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROPERTY,
                                            PLANT AND EQUIPMENT </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 31%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Increases <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Transfers</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Decreases</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Land</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,108</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">192</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,300</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">11,546</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">200</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,005</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">13,751</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">114,597</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">418</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,407</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">20,190</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">139,612</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">64,301</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">6,250</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(32)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">11,415</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">82,474</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">21,267</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,688</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">24,955</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">450</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(11)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">74</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">548</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,400</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">38</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">158</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(27)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">762</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,331</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">104</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">121</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,572</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,209</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,654)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">706</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,833</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,433</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">153</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">254</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,843</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">11,095</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,279</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(8,735)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,719</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14,358</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,343</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,665</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(782)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">310</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,536</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other goods</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">210</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">36</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">246</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2021</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">234,426</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,184</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(71)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">41,369</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">289,908</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2020</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">313,337</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">13,001</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(5,550)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(408)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">78,808</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">399,188</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 8pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)
</SUP>Net of $ 633 million capitalized in property, plant and equipment for the nine-month period ended September 30, 2020. There are
no capitalized financial costs in the nine-month period ended September 30, 2021.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 7.1pt; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 28%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Decreases&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">For the period <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;</FONT></SUP></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">At the end</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 7%">At 12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Land</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,300</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,108</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,103)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(509)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(913)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,525)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,226</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,443</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(36,672)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,820)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,742)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(50,234)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">89,378</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">77,925</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(38,705)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,736)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,952)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(50,393)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">32,081</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">25,596</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,522)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(942)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,397)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(16,861)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,094</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,745</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(346)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">10</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(49)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(58)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(443)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">105</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">104</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,718)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(253)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(649)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,593)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">738</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">682</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(61)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(11)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(80)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(87)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(16)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(118)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,715</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,485</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(690)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(178)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(131)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(999)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">844</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">743</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14,358</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11,095</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,536</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,343</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">Other goods</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(77)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(8)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(14)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(99)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">147</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">133</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2021</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(98,981)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">38</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(13,519)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(17,883)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(130,345)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">159,563</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2020</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(103,281)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">255</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,326</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(14,463)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(27,197)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(142,360)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">256,828</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2020</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">135,445</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 7.1pt; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Includes
                                            $ 4.451 <FONT STYLE="color: #222222">million corresponding to discontinued operations for
                                            </FONT>the nine-month period for September 30, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTANGIBLE
                                            ASSETS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 36%">Type of good</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 11%">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 12%">Increase</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Decrease</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.6pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Traslate effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,608</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,589)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">228</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">247</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,912</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">506</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,418</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangibles identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">587</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">102</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">689</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">359</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(370)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">5,107</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">359</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(370)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,589)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">847</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,354</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2020</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">18,619</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,784)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4,289</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">20,124</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.6pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">For the period <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Traslate effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Concession agreements</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,407)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,417</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(31)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(202)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(223)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangibles identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(245)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(27)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(45)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(317)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,652)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,417</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(58)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(247)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(540)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2020</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(9,551)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">2,398</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(320)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(2,157)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(9,630)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2020</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,418</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangibles identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">372</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">342</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2020</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">10,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">3,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Considering
                                            the assumptions detailed in Note 6.1.1, the assessment of recoverability for the Diamante
                                            hydroelectric power plant in the Power Generation segment, with income generated in the spot
                                            market, resulted in the recognition of impairment losses for $ 172 million during 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Includes
                                            $ 71 <FONT STYLE="color: #222222">million corresponding to discontinued operations for </FONT>the
                                            nine-month period for September 30, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.3</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFERRED
                                            TAX ASSETS AND LIABILITIES AND INCOME TAX </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
composition of the deferred tax assets and liabilities is as follows:</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax loss carryforwards</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">995</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,609</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,088</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">528</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">519</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,588</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,373</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">270</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">838</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">442</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Taxes payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">681</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">217</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Adjustment for tax inflation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">288</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">109</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,728</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">15,089</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,291)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,298)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(917)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Investments in companies</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,037)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2,155)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Inventory</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(916)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(478)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(916)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(340)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,472)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(559)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(76)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Taxes payables</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(229)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Adjustment for tax inflation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(121)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(131)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">Deferred tax liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(7,854)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(6,100)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Deferred tax asset, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">6,874</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,989</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are offset in the following cases: a) when there is a legally enforceable right to offset tax assets and liabilities;
and b) when deferred income tax charges are associated with the same fiscal authority. The following amounts, determined after their
adequate offset, are disclosed in the statement of financial position:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax asset</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,874</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9,082</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax liabilities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(93)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax liabilities, net</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,874</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,989</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.4</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVENTORIES
                                            </B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; background-color: white; width: 56%"><U></U></TD>
    <TD STYLE="vertical-align: top; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Materials and spare parts</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,418</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,656</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">296</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">261</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">In process and finished products</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,461</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,849</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">14,175</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,766</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.5</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROVISIONS
                                            </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Provisions for contingencies</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,264</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,608</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and dismantling of wind turbines</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,063</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,621</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,511</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">67</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">83</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total Non-Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">13,921</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,326</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provisions for contingencies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,052</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and dismantling of wind turbines</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">208</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">177</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Environmental remediation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">336</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">149</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">546</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,379</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evolution of provisions is shown below:</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">09.30.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Asset retirement obligation and dismantling of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,660</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,798</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">216</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,380</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">152</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,508</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(34)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,456</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">321</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">127</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Reversal of unused amounts</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,198)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,264</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,271</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,847</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Provision
for contingencies</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of issuance of these Consolidated Condensed Interim Financial Statements, the Company has recorded provisions at the best
estimate of the disbursements necessary to meet the claims associated with the progress of the procedural stages of the following proceedings:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            April 30, 2021, Petrobras Operaciones S.A. (&#8220;POSA&#8221;) filed its claim memorial
                                            in the international arbitration proceeding brought by POSA against the Company for alleged
                                            breaches to the Agreement for the transfer of the 33.6% interest in the &#8220;R&iacute;o
                                            Neuqu&eacute;n&#8221; Concession. On September 15, 2021, the Company submitted its answer
                                            to the complaint and counterclaim.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            April 29, 2021, the Company submitted its claim memorial and Petrobras International Braspetro
                                            B.V. (&#8220;PIB BV&#8221;) filed its counter-memorial in the international arbitration proceeding
                                            brought by the Company against PIB BV, and the counterclaim filed by the latter. On July
                                            7, 2021, the Company submitted its answer to the counterclaim, whereas PIB BV filed its answer
                                            to the complaint.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Provision
for environmental remediation expenses</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Province of La Pampa has submitted a claim to the Company regarding the abandonment of certain wells and the execution of certain tasks
associated with the relinquishment of the Jag&uuml;el de los Machos and Medanito blocks, which took place in 2015 and 2016, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has challenged the different administrative acts passed by the provincial authorities (including a governor&#8217;s executive
order) and is addressing claims for the Jag&uuml;el de los Machos block in the judicial jurisdiction. Even though the province answered
the complaint in the month of March, the Company has started formal negotiations to resolve the dispute, agreeing on the suspension of
procedural time limits.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of issuance of these Consolidated Condensed Interim Financial Statements, regarding these claims <FONT STYLE="color: #222222; background-color: white">and
based on the progress of the ongoing negotiations,</FONT> the Company has recorded provisions for the estimate of the remediation work
costs to be incurred in these blocks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Asset retirement obligation and dismantling of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">For environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,379</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,327</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">139</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">692</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">107</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Decreases</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(65)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(5)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Exchange differences on translation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,532</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">373</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(200)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>RECPAM</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,331</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,807</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">206</TD></TR>
  </TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.6</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCOME
                                            TAX AND MINIMUM PRESUMED INCOME TAX PROVISION </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Non-current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,956</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,004</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Minimum presumid income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,899</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18,855</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,004</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">498</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">897</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">498</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">897</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Minimum
Presumed Income Tax liabilities</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries have filed a petition for declaratory relief under Sect. 322 of the Federal Code of Civil and Commercial
Procedure to gain assurance as to the application of the minimum presumed income tax for the fiscal years 2011-2018 based on Supreme
Court&#8217;s decision in re &#8220;Hermitage&#8221; passed on June 15, 2010. In this established precedent, the Court declared the unconstitutionality
of this tax on the grounds that it is unreasonable and it breaches the taxpaying capacity principle when the absence of taxable income
in the period evidences that the income presumed by the legislator has not existed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
on August 26, 2021, the Supreme Court dismissed the tax refund claim lodged by the Company for the 2008 and 2009 periods alleging that,
despite the evidenced tax losses, the existence of accounting profits is a manifestation of the taxpaying capacity and, therefore, the
precepts of the Hermitage precedent are not met.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the Supreme Court&#8217;s current position, the Company and its subsidiaries have recorded, for periods disclosing tax losses and accounting
profits, $2,899 million liabilities for the Minimum Presumed Income Tax plus the applicable interest, also considering that this tax
is computable as an income tax advance payment.</FONT></P>

<P STYLE="font: 10pt/120% Book Antiqua, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Book Antiqua, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12</U>: FINANCIAL ASSETS AND LIABILITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.1</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINANCIAL
                                            ASSETS AT AMORTIZED COST </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top">Non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,906</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,428</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,906</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,428</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Public securities <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,062</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,062</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Public
                                            securities were received pursuant to the mechanism set forth by Resolution SGE No. 54/19
                                            for the settlement of receivables under the Natural Gas Surplus Injection Promotion Programs.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINANCIAL
                                            ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top">Non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">Shares</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,780</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">942</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,780</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">942</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top">Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,135</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,223</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Shares</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,179</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,442</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Investment funds</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,626</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,717</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">32,940</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">27,382</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.3</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRADE
                                            AND OTHER RECEIVABLES </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left; background-color: white; width: 56%"><U></U></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 6%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,438</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,413</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">58</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">453</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">77</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Financial credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">709</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Allowance for tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,594</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,627</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">2,599</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">3,631</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 6%">Note</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Receivables from MAT</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,180</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,242</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,101</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,941</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Receivables from oil and gas sales&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,481</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,974</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Receivables from petrochemistry sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,030</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,303</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">684</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">298</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">336</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">329</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Allowance for doubtful accounts</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,101)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,352)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">32,711</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20,735</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,645</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,474</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">346</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">405</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">154</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">449</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">837</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">304</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Financial credit</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">957</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">926</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Guarantee deposits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">322</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">221</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Contractual penalty to collect</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">284</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Insurance to recover</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">189</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">520</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,789</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">720</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Credits for the sale of subsidiary</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,051</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,429</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">430</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">649</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Allowance for doubtful accounts and other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">15,129</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7,943</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">47,840</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">28,678</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movements in the allowance for the impairment of trade receivables are as follows:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left; background-color: white; width: 56%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">At the beginning&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">4.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,352</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,000</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Allowance for impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.6pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">91</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,919</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Utilizations</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(488)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(402)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(129)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">85</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">RECPAM</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(173)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,101</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,214</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Includes
                                            $ 1,925 <FONT STYLE="color: #222222">million corresponding to discontinued operations for
                                            </FONT>the nine-month period for September 30, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movements in the allowance for the impairment of financial assets and other receivables are as follows:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left; background-color: white; width: 56%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">At the beginning&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">4.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">310</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Allowance for impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.6pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(130)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">69</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">RECPAM</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">20</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">392</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Including
                                            $ 45&nbsp;million corresponding to discontinued operations for the nine-month period ended
                                            September 30, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.4</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CASH
                                            AND CASH EQUIVALENTS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0 0 12pt; color: Red">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cash</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Banks</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,631</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,869</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Investment funds</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,470</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,018</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">17,117</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,900</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.5</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BORROWINGS
                                            </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6,130</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6,285</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">128,434</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">109,143</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">134,564</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">115,428</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Bank overdrafts</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">510</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,059</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,987</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">7,436</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,544</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">9,882</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6,041</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20,377</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">140,605</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">135,805</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2021 and December 31, 2020 the fair value of the Company&#8217;s CBs amount approximately to $ 127,220 million and $
110,193 million, respectively. Such values were calculated on the basis of the determined market price of the Company&#8217;s CBs at
the end of each period (fair value level 1).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of short-term borrowings approximate their fair value due to their short-term maturity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remaining long-term borrowings were measured at amortized cost, which does not differ significantly from its fair value.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the issuance of these financial statements, the Company is in compliance with the covenants provided for in their loans contracts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evolution of the consolidated loans over the nine-month periods ended September 30, 2021 and 2020 are disclosed below.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2021</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">135,805</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">116,603</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,766</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">18,379</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Payment of borrowings</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(18,800)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(15,711)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Accrued interest</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,159</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">8,682</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of interests</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(11,581)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(10,297)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Foreign currency exchange difference</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,742)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(345)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Results for the repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(2,794)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.1</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">633</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Cancellation through dividend compensation</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(840)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Gain on monetary position, net</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,078</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Repurchase and redemption of corporate bonds</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(313)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(9,875)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Conversion deifferences</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22,311</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">25,681</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">140,605</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">131,194</TD></TR>
  </TABLE>



<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Corporate
Bonds</U></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2021, the Company&#8217;s General Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to approve the creation
of a new global corporate bonds program for an amount of up to US$&nbsp;2,000 million or its equivalent in other currencies or units
of value, in the form of simple corporate bonds non-convertible into shares and/or corporate bonds convertible into shares, to renew
the current program expiring next December 29, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
on August 27, 2021, the Company repaid at maturity Class 6 CBs for $ 6,355 million.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Loans
and other financial transactions</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the nine-month period ended September 30, 2021, the Company canceled short-term financing with local financial entities, net of borrowings,
for $ 8,793&nbsp;million. Additionally, the Company repaid at maturity the principal installment for the credit facility sponsored by
FINNVERA in the amount of US$&nbsp;3.9 million.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the nine-month period ended September 30, 2021, the Company has received disbursements in the amount of US$ 26.8 million under the credit
facilities taken out with BNP.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to period end, the Company repaid at maturity $500 million for banking debt held with domestic financial entities.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.6</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRADE
                                            AND OTHER PAYABLES </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">12.31.2020</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">313</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">561</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Finance lease liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">970</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">852</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,289</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,418</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">1,289</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">1,418</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14,339</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,775</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Customer advances</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">386</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">184</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">752</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">420</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">15,477</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8,404</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">146</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">86</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Finance lease liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">497</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Advances received for sales of subsidiary</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,044</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">258</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">94</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">901</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,374</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">16,378</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">9,778</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #222222"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the short-term nature of the payables and other payables, their carrying amount is considered to be the same as their fair value.
<FONT STYLE="color: #222222">For most other non-current liabilities, fair values are not significantly different from their book values
either.&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.7</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FAIR
                                            VALUE OF FINANCIAL INSTRUMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the Company&#8217;s financial assets and liabilities measured at fair value as of September 30, 2021 and December
31, 2020:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 44%">As of September 30, 2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through <BR>
profit and losss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,135</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,135</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,626</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,626</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,567</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,392</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,959</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,470</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,470</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">314</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">314</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">46,798</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">315</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,392</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">49,505</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white">As of December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Financial assets at fair value through<BR>
&nbsp;profit and losss</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,223</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,223</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,717</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,717</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,442</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">942</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,384</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,018</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,018</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">214</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">214</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Assets classified as held for sale <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: 400"><I><SUP>(1)</SUP></I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,148</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,148</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">38,548</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">215</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">942</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">39,705</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">40</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">40</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corresponding
                                            to the net assets and liabilities held for sale on account of the divestment of Edenor&#8217;s
                                            stake</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
techniques used for the measurement of assets at fair value with changes in income, classified as Level 2 and 3, are detailed below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Derivative Financial Instruments: calculated from variations between market prices at the closing date of the period, and the amount
at the time of the contract.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Shares: it was determined using the income-based approach through the &#8220;Indirect Cash Flow&#8221; method, that is, the net present
value of expected future cash flows, mainly through the collection of dividends taking into consideration the 4.04% and 4.55% equity
interest, both direct and indirect, in TSM and TMB, respectively, resulting from the Federal Government&#8217;s restructuring of assets
in the energy sector detailed in Note 2.1.4 and a 13.3% discount rate. The used projections were prepared based on estimates on the future
behavior of certain sensitive variables, including: (i) the dividend distribution policy; (ii) reference prices for energy sold in the
spot market; (iii) projections of the availability and dispatch of power plants; (iv) the evolution of structural costs and expenses;
(v) macroeconomic variables such as inflation and exchange rates, etc. As of September 30, 2021, the Company recognized profits as a
result of changes in the fair value of financial instruments classified as level 3 in the amount of $ 1,247&nbsp;million (US$ 13&nbsp;million),
under the item &#8220;Other financial results&#8221; of the Consolidated Condensed Interim Statement of Comprehensive Income and other
comprehensive income in the amount of $ 203 million. Actual values may substantially differ from projections, mainly on account of: i)
the timeliness and magnitude of the distribution of dividends, ii) the timeliness and magnitude of energy price updates, and/or iii)
the evolution of costs. The Company estimates that any sensitivity analysis that considers changes in any of the estimates taken individually
may lead to distorting conclusions, generating an adverse effect on the Company&#8217;s results.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
13</U>: EQUITY COMPONENTS</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.1</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share
                                            Capital </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2021, the capital stock amounts to $ 1,386 million, including $ 4 million of treasury shares.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1.1
<U>Acquisition of the Company&#8217;s own shares</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 1, 2021, the Company&#8217;s Board of Directors approved Program 9 for a maximum amount of US$&nbsp;30&nbsp;million, under which
shares could be acquired up to a maximum price of US$ 16 per ADR and $&nbsp;92.16&nbsp;per common share. The above-mentioned Program
9 terminated on July 1, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2021, the Board of Directors approved Program 10 for a maximum amount of US$ 30 million and an initial term of 120 calendar days,
under which shares could be acquired up to a maximum price of US$ 15.5 per ADR and $ 110 per common share.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
13:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 31, the Board of Directors suspended this Program as the Company&#8217;s share and ADR prices exceeded the set repurchase limit
values. The program will be automatically reinstated on the first business day following the date on which the ADR price is equal to
or lower than US$&nbsp;15.50 and/or the share price is equal to or lower than $110.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the nine-month period ended September 30, 2021, the Company directly and indirectly acquired 2.8 million own ADRs for a value of US$&nbsp;38.4
million.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1.2
<U>Capital stock reductions</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
capital stock reduction approved by the Company&#8217;s General Ordinary and Extraordinary Shareholders&#8217; Meeting held on April
29, 2021, which provided for the cancellation of 56.6 million shares, was registered on September 9, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later,
on September 30, 2021, the General Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to reduce the Company&#8217;s capital
stock by canceling 12.5 million shares. Registration with the Public Registry is still pending.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Earning
                                            per share</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings per share are calculated by dividing the result attributable to the Company&#8217;s equity interest holders by the weighted
average of outstanding common shares during the year. Diluted earnings per share are calculated by adjusting the weighted average of
outstanding common shares to reflect the conversion of all dilutive potential common shares.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
common shares will be deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses
per share of the continuing business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may
result in an increase in the earnings per share or a decrease in the losses per share of the continuing operations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
13:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
calculation of diluted earnings per share does not entail a conversion, the exercise or another issuance of shares which may have an
anti-dilutive effect on the losses per share, or where the option exercise price is higher than the average price of ordinary shares
during the period, no dilutive effect is recorded, being the diluted earning per share equal to the basic. As of September 30, 2021 and
2020, the Company does not hold any significant potential dilutive shares, therefore there are no differences with the basic earnings
per share.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Earning for continuing operations attributable to the equity holders of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,303</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,101</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Weighted average amount of outstanding shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,413</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,586</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted earnings per share from continued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18.62</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5.11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 24px; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Loss for discontinued operations attributable to the equity holders of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,726)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(945)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Weighted average amount of outstanding shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,413</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,586</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted loss per share from<BR>
&nbsp;discontinued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2.64)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.60)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Earning attributable to the equity holders of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,577</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,156</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Weighted average amount of outstanding shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,413</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,586</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted earnings&nbsp;&nbsp;per share</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15.98</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4.51</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
14</U>: STATEMENT OF CASH FLOWS&#8217; COMPLEMENTARY INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADJUSTMENTS
                                            TO RECONCILE NET PROFIT TO CASH FLOWS GENERATED BY OPERATING ACTIVITIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 14%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">09.30.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.6</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,786</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,731</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Accrued interest</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,928</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,312</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Depreciations and amortizations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">9, 10.1 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13,879</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,322</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Share of profit from joint ventures and associates</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">5.2.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(8,131)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,810)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Results from property, plant and equipment sale and decreases</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.3 and 10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(56)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">51</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Result from the sale of intangible assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(146)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.1.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">172</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,316</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Result from measurement at present value</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">83</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center"></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,049)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">507</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Net exchange differences</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,087)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(837)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Results for the repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,420)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Constitution of allowances, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">267</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">855</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Provision of contingencies, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">128</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">143</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Provision asset retirement obligation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,489</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Accrual of defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">9, 10.1 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">839</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">560</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Dividends received</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(69)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.1 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">103</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">38</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">60</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Adjustments to reconcile net profit to cash flows generated by operating activities:</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">24,998</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">17,907</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
14: </U></B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CHANGES
                                            IN OPERATING ASSETS AND LIABILITIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; width: 54%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 15%">09.30.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 15%">09.30.2020</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in trade receivables and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,003)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,494)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,863)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(261)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase (Decrease) in trade payables and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">102</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,638)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase (Decrease) in salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">174</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(19)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Decrease in defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(134)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(80)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase (Decrease) in tax payables&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">537</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(371)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">(Decrease) Increase in provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(208)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">27</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Income tax paid</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,018)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(265)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">(Payments) Proceeds from derivative financial instruments, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(312)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">320</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(5,725)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(4,781)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNIFICANT
                                            NON-CASH TRANSACTIONS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 14%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">09.30.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">09.30.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Acquisition of property, plant and equipment through an increase in trade payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,632)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(228)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(633)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Receivables from sales of companies pending collection</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,829</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Increase in interests in associates through a decrease in other loans</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,645)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Increase in right-of-use through an increase in other debts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(704)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(183)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Dividends pending collection</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">708</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Compensation of loans through the assignment of dividends</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">840</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
15</U>: CONTINGENT LIABILITIES AND ASSETS</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main events taking place in the nine-month period ended September 30, 2021 regarding contingent liabilities reported in the consolidated
financial statements as of December 31, 2020 are detailed below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Environmental
claims</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the case file brought by Fundaci&oacute;n SurfRider for alleged signs of environmental affectation
                                            in the City of Mar del Plata, the Court sustained the motion for dismissal of the request
                                            for submittal of evidence before trial filed by the plaintiff, and ordered the cancellation
                                            of the preliminary mediation instance and the service of notice of the complaint to the Company
                                            and other defendant companies. After this was met, the Court partially upheld the third-party
                                            summoning by the Federal Government, the Province of Buenos Aires and the Municipality of
                                            Mar del Plata, and ordered a measure to provide useful evidence associated with the merits
                                            of the case.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the proceeding initiated by a neighbor of the Province of Salta seeking environmental protection
                                            and restoration for alleged damages caused by the development of hydrocarbon activities in
                                            a lot owned by him, the Court of Justice of Salta declared that the First-Instance Administrative
                                            Litigation Court has jurisdiction over the claim.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Civil
and commercial claims</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the proceeding brought by the &#8220;Consumidores Financieros Asociaci&oacute;n Civil Para
                                            Su Defensa&#8221; Association seeking redress for the depreciation of Petrobras Brasil&#8217;s
                                            share price as a result of the &#8220;<I>lava jato</I> operation&#8221; and the so-called
                                            &#8220;<I>Petrolao</I>&#8221;, the Company (a co-defendant) was served notice of the upholding
                                            of the motion made by the Chamber of Appeals in Commercial Matters and filed a presentation
                                            in this respect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main changes for the nine-month period ended September 30, 2021 regarding contingent assets reported in the Consolidated Financial Statements
as of December 31, 2020 are detailed below:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Administrative
claims </B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the administrative litigation complaint brought by Central T&eacute;rmica Loma la Lata S.A.
                                            (currently Pampa) against the Federal Government regarding the renewal and recognition of
                                            costs associated with natural gas supply agreements and, subsidiarily, requesting the redress
                                            of the damages sustained on account of the contractual breach during the January-March 2016
                                            period, the evidentiary stage has been closed. In the complaint for the April 2016 through
                                            October 2018 period, the evidentiary period started.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 3.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
15:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the proceeding whereby the Company filed a declaratory judgment action against the Province
                                            of Neuqu&eacute;n upon the determination of the expiration of the Veta Escondida block&#8217;s
                                            concession term, the rendering of judgment was requested and the Supreme Court of Justice
                                            of the Republic of Argentina (&#8220;CSJN&#8221;) has set a preliminary hearing, which was
                                            carried out. Currently, after the opinion rendered by the National Attorney General, the
                                            proceeding is pending judgment by the CSJN.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            March 31, 2021, the Company submitted a Preliminary Administrative Claim against the National
                                            Ministry of Economy to claim the owed amount, plus the applicable interest, assumed by the
                                            Federal Government during the term of validity of PEN Executive Order No. 1,053/18 on account
                                            of the exchange difference between the price of the gas purchased by gas distributors and
                                            that recognized in their final tariffs during the April 2018 - March 2019 period. On September
                                            1, 2021. a request for an expedited procedure was filed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Civil
and commercial claims</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of the date of issuance of these Consolidated Condensed Interim Financial Statements, the
                                            first stages of the international arbitration proceeding brought by Ecuador TLC, in its capacity
                                            as assignee of the Ecuadorian company Petromanab&iacute; S.A., against the Republic of Ecuador,
                                            have already begun.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ecuador
                                            TLC has brought an arbitration claim against Petroecuador before the arbitration and mediation
                                            center of the Chamber of Commerce of Quito as a result of certain breaches to the transportation
                                            agreement entered into on December 31, 2008.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company has instituted an international arbitration proceeding against High Luck Group Limited
                                            - Argentina branch as a result of certain breaches to the Participation Assignment Agreement
                                            and the Joint Operation Agreement for the Chirete Block entered into on April 1, 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTA
16</U>: RELATED PARTIES&acute; TRANSACTIONS </B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Balances
                                            with related parties: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of September 30, 2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; width: 36%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 15%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">32</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Greenwind</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">38</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3,049</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">117</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">493</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">2,438</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">535</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">586</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">SACDE</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">144</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">56</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">684</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,438</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,645</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">752</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2020</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 36%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 15%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Greenwind</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">20</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">2,993</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">147</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">15</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">SACME</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">21</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">115</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">2,413</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">430</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">383</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">SACDE</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">47</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">298</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,413</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,474</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">420</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
16: </U></B>(Continuation)</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operations
                                            with related parties:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I></I></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle"><BR>
Operations for the nine-month period</TD>
    <TD ROWSPAN="2" STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center"><BR>
Sales of goods and services <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">Purchases of goods and services <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">Fees for services <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">Other operating (expenses) income, net <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 27%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">113</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">82</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Greenwind&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">48</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">37</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Refinor&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">601</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">454</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(173)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(255)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,797</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,124</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,379)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,280)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Fundaci&oacute;n</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(120)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><SUP></SUP></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(77)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">SACDE&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Salaverri, Dellatorre, Burgio &amp; Wetzler&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(95)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(46)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,559</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,697</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2,570)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,540)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(95)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(46)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(124)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(80)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="17" STYLE="font: 8pt Times New Roman, serif; vertical-align: middle; text-align: left"><FONT STYLE="font: normal 400 8pt Times New Roman, serif"><SUP>(1) </SUP>Corresponds mainly to advisory services provided in the field of technical assistance and sales of gas and refined products.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="17" STYLE="font: 8pt Times New Roman, serif; vertical-align: middle; text-align: left"><FONT STYLE="font: normal 400 8pt Times New Roman, serif"><SUP>(2) </SUP>Imputed cost of sales. Correspond mainly to natural gas transportation services, purchases of refined products and other services.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font: 8pt Times New Roman, serif"><FONT STYLE="font: normal 400 8pt Times New Roman, serif"><SUP>(3) </SUP>Disclosed within administrative expenses.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="17" STYLE="font: 8pt Times New Roman, serif; vertical-align: middle; text-align: left"><FONT STYLE="font: normal 400 8pt Times New Roman, serif"><SUP>(4) </SUP>&nbsp;Corresponds mainly to donations,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I></I></B></FONT></P>

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<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
16: </U></B>(Continuation)</FONT></P>

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<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I></I></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center"><BR>
Operations for the nine-month period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Finance income <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Finance expenses <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Dividends received&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Payment of dividends</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; text-align: left; width: 27%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Citelec</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">856</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Greenwind&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,949</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">120</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">179</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">149</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">EMESA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(519)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Oldelval</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">SACDE&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">TSM</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">TMB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">265</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">224</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,962</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,045</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(519)</TD></TR>
  <TR>
    <TD COLSPAN="17" STYLE="font: 8pt Times New Roman, serif; vertical-align: middle"><FONT STYLE="font: normal 400 8pt Times New Roman, serif"><SUP>(1) </SUP>Corresponds mainly to financial leases and accrued interest on loans granted.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="17" STYLE="font: 8pt Times New Roman, serif; vertical-align: middle; text-align: left"><FONT STYLE="font: normal 400 8pt Times New Roman, serif"><SUP>(2) </SUP>Corresponds to accrued interest on loans received.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I></I></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
17</U>: ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN PESOS</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 39%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">Type</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 13%">Amount in currencies other than pesos</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 11%">Exchange rate <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 13%">Total <BR>
09.30.2021</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 13%">Total <BR>
12.31.2020</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; text-align: left; background-color: white"><U></U></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Financial assets at amortized cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,906</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,428</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.8</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,448</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,131</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total non-current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,354</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,559</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; text-align: left; background-color: white"><U></U></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">CURRENT ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254.0</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,079</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,928</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,062</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Trade and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262.3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,898</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,966</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115.0</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,356</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,714</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">U$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">2.30</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,341</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,135</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Assets classified as held for sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,968</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">CHF</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">JPY</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,695</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,715</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,197</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,694</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,362.8</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,564</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,428</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,289</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,418</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,050</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,540</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">CURRENT LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,342</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Taxes payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,307</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,483</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,028</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">98.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,587</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,775</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">114.36</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,786</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,134</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,056</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,084</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164,836</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147,758</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Net Position Liability</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90,141)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94,043)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)
</SUP><FONT STYLE="line-height: 120%">Exchange rate in force at September 30, 2021 according to the National Bank of Argentine for U.S.
dollars (US$), euros (EUR) and Uruguayos pesos (U$).</FONT></FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="line-height: 120%">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="line-height: 120%"></FONT></FONT></P>


<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NOTA
18</U>: INCIDENT AT CENTRAL T&Eacute;RMICA GENELBA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 31, 2021 an incident occurred in the GEBATG03 (TG21) unit, which makes up Central T&eacute;rmica Genelba&#8217;s Genelba Plus combined
cycle, and damage was caused to the unit&#8217;s turbine. As a result of the incident, the combined-cycle generation capacity was reduced
by approximately 50% (280 MW).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jointly
with the turbine&#8217;s manufacturer (SIEMENS), the Company performed the necessary works to dismantle and repair the failure, which
were completed in July 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the Company is making all necessary filings before the insurance companies to collect the compensatory damages for the failure and minimize
losses associated with the breach of availability commitments.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NOTE
19</U>: INVESTMENT COMMITMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment
commitments in the unconventional hydrocarbon concession at the Sierra Chata block</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
deterioration of the local economic context, added to certain distortions occurring in the gas market since 2018 (the arbitrary allocation
of benefits under the program for the encouragement of investments in the development of natural gas production from unconventional reservoirs
established by MEyM Resolution No&nbsp;46/17 and the resulting oversupply, the drop in sales prices, the freezing of prices to distributors,
restrictions to exports, etc.); all of these deepened by the outbreak of the pandemic, which resulted in the temporary suspension of
activities and increased uncertainty, adversely affected the progress of the investment project committed in the Hydrocarbons Unconventional
Exploitation Concession (CENCH) for the Sierra Chata block and prevented the consortium made up by the Company and Mobil Argentina S.A.
from meeting all the undertaken commitments.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the issuance of these Consolidated Condensed Interim Financial Statements, the Consortium and the Province of Neuqu&eacute;n are renegotiating
the terms of these commitments.</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NOTE
20</U>: COMPENSATION AGREEMENTS FOR THE COMPANY&#8217;S MAIN OFFICERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the compensation agreements&#8217; provisions, and considering that no compensation had been assigned in their favor over the last three
fiscal years, on September 30, 2021 the Company&#8217;s main officers exercised the right to set the Company&#8217;s ADR weighted average
listed price over the 30 business exchange days before the closing of year 2020 as the new initial market value to calculate compensations
as from fiscal year 2021. Following the exercise of this option, the officers have lost all their rights to accrued and uncollected compensations
for the previous fiscal years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2021, the Company has recognized profits for US$ 3.1 million corresponding to the reversal of accrued and uncollected
compensations for previous fiscal years, net of compensation for fiscal year 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NOTE
21</U>: DOCUMENTATION SAFEKEEPING</FONT></P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0 0 0 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 14, 2014, the National Securities Commission issued General Resolution No.&nbsp;629, which introduced modifications to the provisions
applicable to the keeping and conservation of corporate and accounting books and commercial documentation. To such effect, the Company
have sent non-sensitive work papers and information corresponding to the periods not covered by the statute of limitations for their
keeping in the Administraci&oacute;n de Archivos S.A (AdeA)&#8217;s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Provincia
de Buenos Aires and in the Iron Mountain Argentina S.A.&#8217;s data warehouses located at the following addresses:</FONT></P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Azara
                                            1245 &#8211;C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Don
                                            Pedro de Mendoza 2163 &#8211;C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amancio
                                            Alcorta 2482 C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
                                            Miguel de Tucum&aacute;n 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos
                                            Aires.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
list of the documentation delivered for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title
II of the PROVISIONS (2013 regulatory provisions and amending rules), is available at the Company headquarters.</FONT></P>


<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q216k_003.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the unaudited consolidated condensed interim financial statements <FONT STYLE="font-weight: normal">(continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2021, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
22</U>: SUBSEQUENT EVENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GasAr
Plan</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Resolution No. 984/21 dated October 19, 2021, the SE called for Round III under the GasAr Plan from 2022 to and including 2024, with
injection starting in May 2022. The resolution provides that the cap price for tenders is the maximum price tendered under Round I of
the GasAr Plan and sets November 2, 2021 as the deadline for submitting tenders. The Company took part in this call, tendering 2 million
M3/day for the Neuquina basin at a price of US$&nbsp;3.347/MMBTU, and received a favorable opinion from the National Department of Economics
and Regulation, its award by the SE still being pending.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remuneration
scheme in the spot market</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 2, 2021, SE Resolution No. 1,037/21 provided as follows: (i) the creation of an exports account in the WEM&#8217;s Stabilization
Fund for the accumulation of income from electricity export transactions conducted by CAMMESA as from the economic transactions for September
2021 for the financing of energy infrastructure works; and (ii) an additional and transitory recognition of the remuneration established
by SE Resolution No.&nbsp;440/21 for the economic transactions comprised between September 1, 2021 and February 28, 2022. On November
9, 2021, the SE, through Note NO-2021-108163338-APN-SE#ME, instructed CAMMESA to assume that the covered generators have a 70% utilization
factor. Therefore, 100% of the power capacity remuneration would be paid, adding an amount of $&nbsp;1,000/MWh for exported energy, which
will be distributed proportionately to the energy generated monthly by each generator.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Priority
dispatch allocation in wind power projects</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term for presenting dispatch priority requests in the MATER for the third quarter of 2021, under MEyM Resolution No. 281/17, expired
on September 30, 2021. Given the large number of projects submitted, a tie-breaking mechanism was implemented on October 29, 2021 based
on the available transportation capacity. The Company presented a 50&nbsp;MW extension project for the De la Bah&iacute;a wind farm and
was awarded a 36&nbsp;MW dispatch priority.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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