<SEC-DOCUMENT>0001292814-22-002274.txt : 20220512
<SEC-HEADER>0001292814-22-002274.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512161317
ACCESSION NUMBER:		0001292814-22-002274
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512

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:		22917939

	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>pampr1q22_6k.htm
<DESCRIPTION>6-K
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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;May,
2022</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>

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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>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">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"> Earnings release March 2022 </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="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;May 12, 2022</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="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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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; text-align: center"><IMG SRC="pampr1q226k_004.jpg" ALT="">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="padding: 10pt; border: rgb(0,111,192) 1pt solid">
    <P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #0070C0">Pampa Energ&iacute;a, an independent company
    with active participation in Argentina&rsquo;s electricity and gas value chain, announces the results for the quarter ended on March 31,
    2022.</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0; font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F6062">&nbsp;</P>

<P STYLE="text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Buenos Aires, May 12, 2022</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">&nbsp;</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="14" STYLE="text-align: left; background-color: rgb(242,242,242); font-size: 8pt; vertical-align: top"><P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">&nbsp;</P>
                                                                                                                       <P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">Stock information</P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">&nbsp;<IMG SRC="pampr1q226k_005.jpg" ALT=""></P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">&nbsp;</P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Share capital net of repurchases and
reductions,<BR>
as of May 11, 2022:<FONT STYLE="font-weight: normal"><BR>
1,383.6 million common shares/<BR>
55.3 million ADSs</FONT></P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Market capitalization: <FONT STYLE="font-weight: normal"><BR>
AR$243 billion/US$1,158 million</FONT></P>

<P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">Information about the videoconference</P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Date and time<FONT STYLE="font-weight: normal">:
Friday, May 13 10 AM Eastern Standard Time<BR>
11 AM Buenos Aires Time</FONT></P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="color: #5F6062">Access link:<FONT STYLE="font-weight: normal"><BR>
</FONT></FONT><FONT STYLE="font-weight: normal; color: #00B0F0">bit.ly/Pampa1Q22VC</FONT></P>

<P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">For further information about Pampa&nbsp;</P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"></P>
<P STYLE="font: 7pt Trebuchet MS,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; font-size: 10pt; font-weight: normal; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; font-weight: normal; color: #5F6062">Email:</font></p>
<P STYLE="font: 7pt Trebuchet MS,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font: normal 8pt Verdana,sans-serif; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; font-weight: normal; color: #00B0F0">investor@pampaenergia.com</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Website for investors:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">ri.pampaenergia.com/en</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Argentina&rsquo;s Securities and Exchange Commission:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">www.argentina.gob.ar/cnv</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Securities and Exchange Commission:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">sec.gov</font></p>
</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 8pt"><P STYLE="color: #0081C5; font: 10pt Verdana, Helvetica, Sans-Serif; margin: 8pt 0; text-align: justify"><B><A NAME="a_002"></A>Basis of presentation</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 8pt 0; text-align: justify; color: #5F6062">Pampa&rsquo;s financial information
adopts US$ as functional currency, and it is expressed in AR$ at transactional FX. However, our affiliates Transener, TGS and Refinor
report in local currency. Hence, their figures are adjusted by inflation as of March 31, 2022, except for previous periods already reported.</P>

<P STYLE="color: #0081C6; font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><B><A NAME="a_003"></A>Main results from the
quarter<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"><SUP>[1]</SUP></FONT></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 10pt 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>28% year-on-year
increase in sales, recording US$412 million<SUP>[2]</SUP> in Q1 22</B></FONT><FONT STYLE="color: #5F6062">, explained by higher gas volumes
and prices, petrochemical products prices and legacy energy sales, partially offset by the PPA maturity at CTLL&rsquo;s ST.</FONT></P>
</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; text-align: left; background-color: #1A458C">Pampa's main operational KPIs</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: #1A458C">Q1 22</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: #1A458C">Q1 21</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: center; background-color: #1A458C">Variation</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Power</TD>
    <TD STYLE="color: #4F5150">Generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,892</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,443</TD>
    <TD STYLE="font-style: italic; text-align: center">+10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">28.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">30.0</TD>
    <TD STYLE="font-style: italic; text-align: center">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Hydrocarbon</TD>
    <TD STYLE="color: #4F5150">Production (k boe/day)</TD>
    <TD STYLE="color: #5F6062; text-align: right">57.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">43.8</TD>
    <TD STYLE="font-style: italic; text-align: center">+32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Gas over total production</TD>
    <TD STYLE="color: #5F6062; text-align: center">91%</TD>
    <TD STYLE="color: #5F6062; text-align: center">90%</TD>
    <TD STYLE="font-style: italic; text-align: center">+1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average gas price (US$/MBTU)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.8</TD>
    <TD STYLE="font-style: italic; text-align: center">+27%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average oil price (US$/bbl)</TD>
    <TD STYLE="color: #5F6062; text-align: right">69.0</TD>
    <TD STYLE="color: #5F6062; text-align: right">55.4</TD>
    <TD STYLE="font-style: italic; text-align: center">+25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Petrochemicals</TD>
    <TD STYLE="color: #4F5150">Volume sold (k ton)</TD>
    <TD STYLE="color: #5F6062; text-align: right">91</TD>
    <TD STYLE="color: #5F6062; text-align: right">98</TD>
    <TD STYLE="font-style: italic; text-align: center">-7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average price (US$/ton)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,382</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,052</TD>
    <TD STYLE="font-style: italic; text-align: center">+31%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 8pt; border-top: #5F6062 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Excellent operating
performance</B></FONT><FONT STYLE="color: #5F6062">, led by hydrocarbon exports and higher thermal generation, above national growth,
despite seasonality.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>11% year-on-year
increase in the adjusted EBITDA<SUP>[3]</SUP>, recording US$226 million in Q1 22</B></FONT><FONT STYLE="color: #5F6062">, explained by
increases of US$23 million in oil and gas, US$6 million in power generation and US$5 million in holding and others, offset by a decrease
of US$12 million in petrochemicals.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Pampa recorded
a consolidated profit attributable to the Company&rsquo;s shareholders of US$99 million</B></FONT><FONT STYLE="color: #5F6062">, US$66
million higher than Q1 21, mainly due to better operating margin in oil and gas, and lower losses from the holding of financial securities.</FONT></P>

<P STYLE="margin: 0; font: 9pt Verdana, Helvetica, Sans-Serif; color: #00B0F0"><B>Consolidated net debt decreased to US$845 million.</B></P>
</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B></B></P>




<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F6062"><SUP>[1]</SUP> The information
is based on FS prepared according to IFRS in force in Argentina. Only continuing operations are considered.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[2]</SUP> It does not include
sales from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS, which at our ownership account for US$139 million. Under
IFRS they are not consolidated in Pampa, thus shown as &lsquo;Results for participation in joint businesses and associates&rsquo;.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><SUP>[3]</SUP> Consolidated adjusted
EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income
and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates&rsquo; EBITDA at our ownership.
For further information, see section 3 of this Earnings Release.</P>

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

<P STYLE="color: #0081C6; font: bold 16pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0.25in; text-align: justify"><A NAME="a_001"></A>Table of contents</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_002">Basis of presentation</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_002">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_003">Main results from the quarter</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_003">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_004">1.&nbsp;&nbsp;&nbsp;Relevant events</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_004">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_005">1.1&nbsp;&nbsp;&nbsp;Power generation segment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_005">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_006">1.2&nbsp;&nbsp;&nbsp;Other events</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_006">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_007">2.&nbsp;&nbsp;&nbsp;Financial highlights</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_007">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_008">2.1&nbsp;&nbsp;&nbsp;Consolidated balance sheet</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_008">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_009">2.2&nbsp;&nbsp;&nbsp;Consolidated income statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_009">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_010">2.3&nbsp;&nbsp;&nbsp;Cash and financial borrowings</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_010">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_011">2.4&nbsp;&nbsp;&nbsp;Buyback of own financial securities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_011">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_012">3.&nbsp;&nbsp;&nbsp;Analysis of the Q1 22 results</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_012">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_013">3.1&nbsp;&nbsp;&nbsp;Reconciliation of consolidated adjusted EBITDA</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_013">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_014">3.2&nbsp;&nbsp;&nbsp;Analysis of the power generation segment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_014">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_015">3.3&nbsp;&nbsp;&nbsp;Analysis of the oil and gas segment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_015">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_016">3.4&nbsp;&nbsp;&nbsp;Analysis of the petrochemicals segment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_016">15</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_017">3.5&nbsp;&nbsp;&nbsp;Analysis of the holding and others segment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_017">16</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_018">3.6&nbsp;&nbsp;&nbsp;Analysis of the quarter, by subsidiary and segment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_018">17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_019">4.&nbsp;&nbsp;&nbsp;Appendix</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_019">18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_020">4.1&nbsp;&nbsp;&nbsp;Power generation main operational KPIs</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_020">18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -30.15pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 58.5pt"><A HREF="#a_021">4.2&nbsp;&nbsp;&nbsp;Oil and gas production in the main areas</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_021">19</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Verdana, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_022">5.&nbsp;&nbsp;&nbsp;Glossary of terms</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_022">19</A></TD></TR>
</TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><BR STYLE="clear: both">
&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_004"></A>1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Relevant events</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_005"></A><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation segment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Pricing update for legacy
energy (&lsquo;spot&rsquo; or without PPA)</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Through SE
Res. No. 238/22 of April 21, 2022, a 30% increase, retroactive as of February 2022, and a 10% increase as of June 2022, were established
for the legacy energy.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Moreover,
the load factor mechanism set by SE Res. No. 440/21 was permanently eliminated (thus, CAMMESA should pay 100% of the power capacity remuneration),
and the additional and transitionary remuneration set by SE Res. No. 1037/21 was rendered ineffective as from February 2022.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Maturity of PPA at
CTEB</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">After fulfilling
the 10-year PPA under SE Res. No. 220/07, CTEB&rsquo;s installed capacity of 567 MW started to bill under spot energy scheme as from April
27, 2022, 12 am.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_006"></A><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Other events</B></FONT></TD></TR></TABLE>

<P STYLE="color: #20396D; font: bold 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0"><I>Transfer of assets in Venezuela</I></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On May 6,
2022, Pampa transferred all the rights and obligations to Integra Petr&oacute;leo y Gas S.A. (the &lsquo;Assignee&rsquo;) for its direct
and indirect stake in certain mixed companies in Venezuela. Through these companies, Pampa holds stake in the following hydrocarbon blocks:
Oritupano Leona (22%), La Concepci&oacute;n (36%), Acema and Mata (34.49% each).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In return,
the Assignee will pay Pampa 50% of any compensation, either monetary or in kind, related to these mixed companies and blocks. This transaction
is subject to the approval of the change of control by the Minister of Popular Power for Petroleum of the Bolivarian Republic of Venezuela.</P>

<P STYLE="color: #20396D; font: bold 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt"><I>TGS: Vaca Muerta midstream service expansion</I></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
22, 2022, TGS and the Province of Neuqu&eacute;n executed a supplementary memorandum of understanding, extending the concession granted
to TGS under the investment plan for the development of Vaca Muerta. The construction and operation of the new gas pipeline under this
concession will have a 32.1 kilometers extension, from Los Toldos block to El Trapial, and will allow for the transportation of up to
17 million m<SUP>3</SUP>/day of natural gas. The commissioning is expected for June 2023 and the investment reaches approximately US$48
million.</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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Therefore,
TGS continues consolidating its commitment to the country&rsquo;s energy supply, providing efficient solutions to natural gas producers
through a large scale infrastructure.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Currently,
the gathering gas pipeline of TGS in the Vaca Muerta formation has a 147 kilometers extension, with a transportation capacity of 60 million
m<SUP>3</SUP>/day, and a plant in Tratay&eacute;n with a current conditioning capacity of 7.8 million m<SUP>3</SUP>/day. This plant has
an ongoing expansion project to add 7 million m<SUP>3</SUP>/day in 2022 and 6.6 million m<SUP>3</SUP>/day in mid-2023, with a total investment
that will exceed US$110 million.</P>

<P STYLE="color: #20396D; font: bold 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt"><I>Transener: tariff situation</I></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On May 9,
2022, ENRE Res. No. 147/22 and 148/22 were issued, partially upholding the motions for reconsideration filed by Transener and Transba.
Therefore, Transener and Transba&rsquo;s August 2019 tariff schemes were adjusted by 67% and 69%, respectively, retroactive to February
1, 2022 (replacing the 25% and 23% of ENRE Res. No. 68/22 and 69/22).</P>

<P STYLE="color: #20396D; font: bold 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt"><I>Appointment of Board members<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt"><B><SUP>[4]</SUP></B></FONT></I></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Pampa&rsquo;s
Shareholders&rsquo; Meeting held on April 27, 2022, approved the renewal of Carlos Correa Urquiza, Juan Santiago Fraschina and Dar&iacute;o
Epstein (independents); and the appointment of Carolina Zang (independent), replacing Gabriel Cohen (non-independent).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Consequently,
50% of the Board is comprised of independent Directors and three out of the ten positions are female directors.<BR STYLE="clear: both">
</P>



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #5F6062"><SUP>[4]</SUP> For further information, see
</FONT><FONT STYLE="color: #00B0F0">Board of Directors</FONT><FONT STYLE="color: #5F6062">.</FONT></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P><TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Q1 22 Earning release &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_007"></A>2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Financial highlights</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_008"></A>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated balance sheet</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: left">Figures in million</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 3.31.2022</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 111.01</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 102.72</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left; width: 54%">ASSETS</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">186,940</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,684</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">170,390</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,659</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Intangible assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,262</TD>
    <TD STYLE="color: #4F5150; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,956</TD>
    <TD STYLE="color: #4F5150; text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Right-of-use assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,107</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,231</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax asset</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">15,477</TD>
    <TD STYLE="color: #4F5150; text-align: right">139</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">8,675</TD>
    <TD STYLE="color: #4F5150; text-align: right">84</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Investments in joint ventures and associates</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">92,220</TD>
    <TD STYLE="color: #4F5150; text-align: right">831</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">79,500</TD>
    <TD STYLE="color: #4F5150; text-align: right">774</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11,700</TD>
    <TD STYLE="color: #4F5150; text-align: right">105</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10,821</TD>
    <TD STYLE="color: #4F5150; text-align: right">105</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,239</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,998</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Other assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">64</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,203</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,379</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">318,212</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,867</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">281,011</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,736</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Inventories</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19,973</TD>
    <TD STYLE="color: #4F5150; text-align: right">180</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">15,888</TD>
    <TD STYLE="color: #4F5150; text-align: right">155</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">580</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">537</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">52,192</TD>
    <TD STYLE="color: #4F5150; text-align: right">470</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">47,026</TD>
    <TD STYLE="color: #4F5150; text-align: right">458</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">126</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">45,082</TD>
    <TD STYLE="color: #4F5150; text-align: right">406</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">40,892</TD>
    <TD STYLE="color: #4F5150; text-align: right">398</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,624</TD>
    <TD STYLE="color: #4F5150; text-align: right">132</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11,283</TD>
    <TD STYLE="color: #4F5150; text-align: right">110</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">132,577</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,194</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">115,642</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,126</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">450,789</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,061</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">396,653</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,861</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">EQUITY</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">213,213</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,921</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">183,431</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,786</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Non-controlling interest</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">811</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">609</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">214,024</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,928</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">184,040</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,792</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">LIABILITIES</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Investments in joint ventures</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">385</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">386</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">15,622</TD>
    <TD STYLE="color: #4F5150; text-align: right">141</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,444</TD>
    <TD STYLE="color: #4F5150; text-align: right">141</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax and presumed minimum income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19,685</TD>
    <TD STYLE="color: #4F5150; text-align: right">177</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19,287</TD>
    <TD STYLE="color: #4F5150; text-align: right">188</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,822</TD>
    <TD STYLE="color: #4F5150; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,419</TD>
    <TD STYLE="color: #4F5150; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">153,448</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,382</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">139,630</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,359</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,177</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,340</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">194,139</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,749</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">177,506</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,728</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">599</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">560</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7,589</TD>
    <TD STYLE="color: #4F5150; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,098</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Taxes payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,831</TD>
    <TD STYLE="color: #4F5150; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,314</TD>
    <TD STYLE="color: #4F5150; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">472</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">515</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,983</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,876</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7,746</TD>
    <TD STYLE="color: #4F5150; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">8,165</TD>
    <TD STYLE="color: #4F5150; text-align: right">79</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">21,406</TD>
    <TD STYLE="color: #4F5150; text-align: right">193</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18,561</TD>
    <TD STYLE="color: #4F5150; text-align: right">181</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">42,626</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">384</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35,107</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">342</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">236,765</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,133</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">212,613</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,070</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">450,789</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,061</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">396,653</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,861</TD></TR>
  </TABLE>

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</FONT></FONT></P>


<!-- Field: Page; Sequence: 5 -->
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_009"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated income statement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-top: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-left: #1A458C 0.5pt solid; text-align: left">Figures in million</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; width: 58%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 10%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 10%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 10%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 10%">US$</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Sales revenue</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">44,011</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">412</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">28,635</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">321</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Cost of sales</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(26,387)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(248)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16,353)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(185)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">17,624</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">164</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">12,282</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">136</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Selling expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,920)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(19)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(542)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,529)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(32)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2,016)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(23)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Exploration expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,300</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">976</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,668)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,050)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(33)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(127)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(103)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment of PPE, intangible assets and inventories</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Results for part. in joint businesses and associates</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2,682</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2,226</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">26</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14,345</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">133</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">9,766</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">109</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">246</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial costs</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4,195)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,986)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(45)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other financial results</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(289)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2,061)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(24)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(4,238)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(5,882)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(67)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10,107</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">95</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,884</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">42</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Income tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">347</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(715)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Net income for continuing operations</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10,454</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,169</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">34</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Net income (loss) from discontinued operations</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">525</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">10,454</TD>
    <TD STYLE="font-weight: bold; text-align: right">100</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">3,694</TD>
    <TD STYLE="font-weight: bold; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the owners of the Company</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">10,304</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">99</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">3,152</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">33</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">Continuing operations</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">10,304</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">99</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">3,150</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">34</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">Discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the non-controlling interests</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">150</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">542</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income (loss) per share attributable to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">7.45</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.07</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">2.21</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.02</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From continuing operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">7.45</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.07</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">2.21</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.02</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From discontinued operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.001</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(0.001)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income (loss) per ADR attributable to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">186.18</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">1.79</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">55.29</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.58</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From continuing operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">186.18</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">1.79</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">55.25</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.60</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From discontinued operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.04</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(0.02)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Average outstanding common shares</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,383.6</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,425.3</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: left">Outstanding common shares by the end of period</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,383.6</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,410.5</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"></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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_010"></A><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Cash and financial borrowings</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; vertical-align: middle; text-align: left">As of March 31, 2022,<BR>
in US$ million</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Cash<FONT STYLE="font: normal 700 9pt Verdana, Helvetica, Sans-Serif; color: white"><SUP>1</SUP></FONT> </TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Financial debt </TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Net debt </TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">Ownership adjusted</TD></TR>

<TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left; width: 31%">Power generation</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">256</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">252</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">404</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">404</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right; width: 11%">148</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right; width: 11%">153</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Petrochemicals</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Holding and others</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">106</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">106</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">(106)</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">(106)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Oil and gas</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">245</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">245</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">1,048</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">1,048</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">802</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">802</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total under IFRS/Restricted Group</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">607</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">603</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,452</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,452</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">845</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">849</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Affiliates at O/S<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #404040"><SUP>2</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">128</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">128</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">331</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">331</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">203</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">203</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total with affiliates</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">735</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">731</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,783</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,783</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,048</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,052</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 1pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 50.85pt 12pt 0; text-align: justify; color: #5F6062"><B>Note:</B> Financial
debt includes accrued interests. <B>1</B> It includes cash and cash equivalents, financial assets at fair value with changing results
and investments at amortized cost. <B>2</B> Under IFRS, the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener, and TGS are not
consolidated in Pampa.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Debt transactions</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Pampa&rsquo;s
financial debt at the consolidated level under IFRS slightly increased to US$1,452 million as of March 31, 2022 (+US$13 million vs. closing
of 2021). However, in terms of net debt, decreased by US$21 million to US$845 million. The average interest rate for US$-bearing indebtedness
was 7.8%, currency in which 97.1% of the Company&rsquo;s gross debt is denominated, mainly at a fixed rate. AR$ indebtedness&rsquo;s average
interest rate was 40.8%. Pampa&rsquo;s consolidated financial debt averaged 4.1 years.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #5F6062">The
following chart shows principal maturity profile, net of repurchases, in US$ million by the end of Q1 22:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #5F6062">&nbsp;<IMG SRC="pampr1q226k_007.jpg" ALT=""></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062">&nbsp;</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062">&nbsp;</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><B>Note:</B> It only considers Pampa
consolidated under IFRS; it does not include affiliates TGS, OldelVal, Transener, Greenwind, CTBSA and Refinor.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">In Q1 22,
Pampa issued its first Green Bond (Series VIII CB) for a AR$3,107 million FV, at a variable interest rate of Badlar plus 2%, maturing
in July 2023, and took net borrowings for AR$148 million. After the closing of the quarter, Pampa paid at maturity bank loans for AR$1,304
million.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Regarding
our affiliates, in Q1 22, Transener paid at maturity bank loans for AR$83 million, and CTBSA paid at maturity US$33.2 million of the syndicated
loan. Moreover, CTBSA amended the syndicated loan contract, modifying the amortization schedule for the loan with variable interest rate,
being October 1, 2022 the new maturity date, besides replacing the reference interest rate from LIBOR to SOFR. After the closing of the
quarter, CTBSA paid at maturity US$4 million of the syndicated loan and Transener paid at maturity borrowings for AR$28 million.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">As of this
Earnings Release issuance, the Company complies with the covenants established in its debt agreements.</P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062"></P>


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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Summary of debt securities</I></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; width: 18%">Company<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 32%">Security</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 10%">Maturity</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 9%">Amount issued</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 11%">Amount outstanding</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 20%">Coupon</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">TGS<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB at discount at fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2025</TD>
    <TD STYLE="color: #5F6062; text-align: right">500</TD>
    <TD STYLE="color: #5F6062; text-align: right">470</TD>
    <TD STYLE="color: #5F6062; text-align: center">6.75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series T at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">500</TD>
    <TD STYLE="color: #5F6062; text-align: right">390</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.375%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series I at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2027</TD>
    <TD STYLE="color: #5F6062; text-align: right">750</TD>
    <TD STYLE="color: #5F6062; text-align: right">636</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series III at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2029</TD>
    <TD STYLE="color: #5F6062; text-align: right">300</TD>
    <TD STYLE="color: #5F6062; text-align: right">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.125%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-link</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series I</TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: center">4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series IV</TD>
    <TD STYLE="color: #5F6062; text-align: right">2024</TD>
    <TD STYLE="color: #5F6062; text-align: right">96</TD>
    <TD STYLE="color: #5F6062; text-align: right">96</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In AR$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series VIII (Green Bond)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">3,107</TD>
    <TD STYLE="color: #5F6062; text-align: right">3,107</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In UVA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">CB Series II</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">2024</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">4%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 5.4pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
According to IFRS, affiliates are not consolidated in Pampa&rsquo;s FS.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Credit rating</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #5F6062">The following table shows the
Group&rsquo;s ratings:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Company</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Agency</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Rating</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">Global</TD>
    <TD STYLE="color: white; text-align: center">Local</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: left; width: 25%">Pampa</TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">S&amp;P</TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">B-<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">Moody's</TD>
    <TD STYLE="color: #5F6062; text-align: center">Caa3</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">B-</TD>
    <TD STYLE="color: #5F6062; text-align: center">AA (long-term)<BR>
A1+ (short-term)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; text-align: center">S&amp;P</TD>
    <TD STYLE="color: #5F6062; text-align: center">CCC+</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">Moody's</TD>
    <TD STYLE="color: #5F6062; text-align: center">Caa3</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; text-align: center">A+ (long-term)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">CTEB</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">A+</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 208.1pt 12pt 0; color: #5F6062"><B>Note</B>: <B>1</B> Stand-alone rating.
<B>2 </B>Local ratings issued by FIX SCR.</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P><TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Q1 22 Earning release &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_011"></A><B>2.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Buyback of own financial
securities<SUP>[5]</SUP></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 10pt; text-align: justify; color: #20396D"><B><I>Pampa</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The XI share
buyback program terminated on April 2, 2022. Moreover, on May 11, 2022, Pampa&rsquo;s Board of Directors approved the XII share buyback
program.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 39%; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">XI repurchase program</FONT></TD>
    <TD STYLE="width: 37%; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">XII repurchase program</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">Maximum amount to buyback</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">US$30 million</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">US$30 million</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">Maximum price</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">AR$167/common share or US$19/ADR</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">AR$194/common share or US$22/ADR</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">Period in force</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">120 days as from December 3, 2021</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">120 days as from May 13, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">Status</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">Terminated</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In process</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In Q1 22,
the Company indirectly acquired 95 thousand ADR at an average price of US$18.4/ADR.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On the other
hand, Pampa&rsquo;s Shareholder&rsquo;s Meeting held on April 27, 2022, approved the capital stock reduction by cancelling 2.8 million
shares (or 0.1 million ADR), held in treasury by Pampa and its subsidiaries, in process of cancellation.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Moreover,
in May 2022 shares were granted to employees benefited by the Company&rsquo;s stock compensation plan for key staff. The Company&rsquo;s
Board approved said program on February 10, 2017. The Company currently holds 3.2 million treasury common shares allocated to fund this
plan.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Therefore,
as of May 11, 2022, Pampa&rsquo;s outstanding capital stock amounts to 1,383.6 million common shares (equivalent to 55.3 million ADR)<SUP>[6]</SUP>.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>TGS</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">As of May
11, 2022, TGS&rsquo;s outstanding capital stock amounts to 752.8 million common shares (equivalent to 150.6 million ADR).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On the other
hand, in Q1 22, Pampa indirectly acquired 137 thousand ADR of TGS at an average cost of US$4.3/ADR. As of May 11, 2022, the Company&rsquo;s
direct and indirect ownership of TGS amounts to 29.3% of its issued capital stock.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Regarding
debt securities, in Q1 22 TGS repurchased US$7.3 million FV of its 2025 CB. As of May 11, 2022, the outstanding 2025 CB amounted to US$470.3
million FV.<BR STYLE="clear: both">
</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F6062"><SUP>[5]</SUP> Deemed to be
effected transactions.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F6062"><SUP>[6]</SUP>
For further information, see </FONT><FONT STYLE="color: #00B0F0">Ownership Breakdown</FONT><FONT STYLE="color: #5F6062">.</FONT></P>
<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P><TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Q1 22 Earning release &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_012"></A>3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Analysis of the Q1 22 results</FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; text-align: left">Breakdown by segment<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 22</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 21</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Sales</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Net Income</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; width: 28%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-right: white 1pt solid">Power generation</TD>
    <TD STYLE="color: #5F6062; text-align: right">166</TD>
    <TD STYLE="color: #5F6062; text-align: right">121</TD>
    <TD STYLE="color: #5F6062; text-align: right">97</TD>
    <TD STYLE="color: #5F6062; text-align: right">161</TD>
    <TD STYLE="color: #5F6062; text-align: right">115</TD>
    <TD STYLE="color: #5F6062; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+106%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; text-align: right">137</TD>
    <TD STYLE="color: #5F6062; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">79</TD>
    <TD STYLE="color: #5F6062; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; text-align: right">(35)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+73%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+70%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-89%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Petrochemicals</TD>
    <TD STYLE="color: #5F6062; text-align: right">126</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">103</TD>
    <TD STYLE="color: #5F6062; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+22%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-67%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-55%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Holding and Others</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">42</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">37</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-91%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Eliminations</TD>
    <TD STYLE="color: #5F6062; text-align: right">(24)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(28)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total continuing operations</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">412</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">226</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">99</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">321</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">204</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">34</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+28%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+11%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+191%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; color: #5F6062"><B></B></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 0 12pt; color: #5F6062"><B>Note:</B> Net income attributable to the Company&rsquo;s
shareholders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_013"></A><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Reconciliation of consolidated
adjusted EBITDA</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of consolidated adjusted EBITDA,<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2021</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 71%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 14%">133</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 14%">109</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">50</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">43</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">183</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">152</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from generation segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(11)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of PPE activation in operating expenses</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Greenwind's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">CTBSA's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from oil and gas segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">13</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of provision for environmental remediation</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">OldelVal's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">0</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from petrochemicals segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from holding and others segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">36</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">0</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of contigencies provision&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">13</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">TGS's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">32</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Transener's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Refinor's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Consolidated adjusted EBITDA, continuing op.</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">226</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">204</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">At our ownership</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">225</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">203</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_014"></A>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the power generation
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Power generation segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">166</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">161</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(84)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(79)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">82</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">82</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">91</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(28)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-89%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">94</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+49%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">98</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">47</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+109%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">97</TD>
    <TD STYLE="font-style: italic; text-align: right">47</TD>
    <TD STYLE="font-style: italic; text-align: right">+106%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">121</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">115</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+5%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-style: italic">Adjusted EBITDA at our share ownership</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">120</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">114</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE, intangible and right-of-use assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 22, the US$5 million year-on-year increase in </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">is
mainly explained by the increases in the legacy energy remuneration<SUP>[7]</SUP>, partially offset by the AR$ nominal depreciation. Therefore,
the power capacity remuneration was US$4.5 thousand/MW-month for our thermal legacy units (+53% vs. Q1 21) and US$2.2 thousand/MW-month
for our hydros (+28% vs. Q1 21). Even though spot energy comprises 63% of the 4,970 MW operated by Pampa<SUP>[8]</SUP>, it represented
33% of the segment&rsquo;s sales in Q1 22. Besides, higher volumes and prices sold under Energ&iacute;a Plus were recorded due to the
rise in industrial demand.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">These effects
were partially offset by the maturity of the PPA at CTLL&rsquo;s ST and at CTP, remunerated as spot energy since November 1 and July 15,
2021, respectively. Moreover, revenues from fuel decreased due to the lower dispatch at PPA under SEE Res. No. 287/17. It is worth mentioning
that this revenue only applies for PPA under Energ&iacute;a Plus and SEE Res. No. 287/17, and also affects the cost of sales due to gas
purchases to our E&amp;P. The fuel for our remaining thermal units is provided by CAMMESA, not accruing revenues nor costs.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating</B></FONT> <FONT STYLE="color: #5F6062">terms, the power generation operated by Pampa
increased by 10% vs. Q1 21, above the growth of nationwide generation (+1%) and national demand (+4%). There was higher dispatch at CPB,
CTLL&rsquo;s open-cycle GT, CTG and CTPP (+464 GWh), higher generation requirement in the area of CTEB and CTP, in addition to maintenance
and outage at CTEB in Q1 21 (+152 GWh), higher natural resource both at HPPL (+46 GWh) and the wind farms (+24 GWh). These effects were
partially offset by a lower dispatch at CTGEBA&rsquo;s CCGT due to maintenances in Q1 22 (-170 GWh), as well as lower water input at HINISA
and HIDISA (-57 GWh).</FONT></P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F6062"><SUP>[7]</SUP> <B>(i)</B> 29%
accrued in May-21, retroactive to Feb-21; <B>(ii)</B> additional remuneration between Sep-21 and Jan-22; and <B>(iii)</B> 30% and permanent
elimination of usage factor in Apr-22, retroactive to Feb-22 (accrued as provision since Feb-22). For further information, see section
1.1 of this Earnings Release.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F6062"><SUP>[8]</SUP> Under IFRS, CTEB
(567 MW) and PEMC (100 MW) are affiliates; their results are not consolidated in the FS, but they are operated by Pampa and their EBITDA
at our equity stake are included in Pampa&rsquo;s adjusted EBITDA.</P>
<!-- Field: Page; Sequence: 11 -->
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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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 22, all power units operated by Pampa reached an average </FONT><FONT STYLE="color: #00B0F0"><B>availability</B></FONT> <FONT STYLE="color: #5F6062">rate
of 97.9%, 293 basis points higher than the 94.9% in Q1 21, mainly due to the forced outage at CTEB in Q1 21. Especially, thermal units
recorded an availability of 97.2% in Q1 22, 374 basis points higher than the 93.5% recorded in Q1 21.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Power generation's key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2021</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left; width: 37%">Installed capacity as of March (MW)</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 5%">938</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 5%">206</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 5%">3,826</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 5%">4,970</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 5%">938</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 5%">206</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 5%">3,811</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 5%">4,955</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 5%">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 5%">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 5%">+0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 5%">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">New capacity (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">43%</TD>
    <TD STYLE="font-weight: bold; text-align: center">37%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">48%</TD>
    <TD STYLE="font-weight: bold; text-align: center">41%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-6%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Market share (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">372</TD>
    <TD STYLE="color: #5F6062; text-align: right">227</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,293</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,892</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">384</TD>
    <TD STYLE="color: #5F6062; text-align: right">203</TD>
    <TD STYLE="color: #5F6062; text-align: right">3,856</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,443</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+12%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+11%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">372</TD>
    <TD STYLE="color: #5F6062; text-align: right">235</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,603</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,210</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">381</TD>
    <TD STYLE="color: #5F6062; text-align: right">214</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,070</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,665</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+10%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+13%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+12%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; text-align: right">69</TD>
    <TD STYLE="color: #5F6062; text-align: right">42</TD>
    <TD STYLE="font-weight: bold; text-align: right">42</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; text-align: right">71</TD>
    <TD STYLE="color: #5F6062; text-align: right">45</TD>
    <TD STYLE="font-weight: bold; text-align: right">44</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+39%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-6%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">57</TD>
    <TD STYLE="color: #5F6062; text-align: right">29</TD>
    <TD STYLE="font-weight: bold; text-align: right">29</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="font-weight: bold; text-align: right">30</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+49%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-1%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-6%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-4%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify; color: #5F6062"><B>Note:</B> Gross margin before
amortization and depreciation. It includes CTEB and PEMC, operated by Pampa (50% of equity stake).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Q1
22 net </FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT><FONT STYLE="color: #5F6062">, excluding depreciation and amortizations,
increased by 17% vs. Q1 21, mainly explained by higher AR$-nominated expenses above the devaluation, in addition to higher energy purchases
to cover the rise in Plus demand, and lower commercial interests due to better collection days from CAMMESA. Moreover, in Q1 22 PPE activations
were charged in operating expenses for certain legacy energy units. These effects were partially offset by lower consumption of own gas
(2.2 million m<SUP>3</SUP>/day vs. 2.6 million m<SUP>3</SUP>/day in Q1 21) due to lower dispatch at CTGEBA&rsquo;s PPA under SEE Res.
287/17.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
Q1 22 </FONT><FONT STYLE="color: #00B0F0"><B>financial results </B></FONT><FONT STYLE="color: #5F6062">amounted to a net loss of US$3
million, a US$25 million improvement vs. Q1 21, mainly due to the profits from the holding of financial securities recorded in Q1 22 (whereas
in Q1 21 losses were recorded), in addition to lower losses from FX net difference.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 22, our power generation&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">amounted
to US$121 million, 5% higher vs. Q1 21, mainly explained by the increase in legacy remuneration and higher sales of Energ&iacute;a Plus,
partially offset by the PPA maturity at CTLL&rsquo;s ST and at CTP, in addition to higher AR$-nominated expenses in US$. The adjusted
EBITDA considers our proportional 50% stake in CTEB (CTBSA), contributing US$21 million in Q1 22 (vs. US$17 million in Q1 21, affected
by outages), and a 50% stake in PEMC (Greenwind), contributing US$3 million in Q1 22 (the same as Q1 21). Moreover, the adjusted EBITDA
excludes the recognition of commercial interests from delayed receivables, mostly from CAMMESA (US$4 million in Q1 22 and US$6 million
in Q1 21), in addition to the PPE activation in operating expenses in Q1 22 (US$4 million).</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
</FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures </B></FONT><FONT STYLE="color: #5F6062">in Q1 22, excluding CTEB and PEMC,
increased by US$9 million vs. Q1 21, mainly explained by PEPE III&rsquo;s expansion project.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Project</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">MW</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Marketing</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Currency</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Awarded price</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Estimated capex in <BR>
US$ million<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Date of <BR>
commissioning</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Capacity per<BR>
MW-month</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Variable<BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Total <BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Budget</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">% Executed <BR>
@3/31/22</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left; width: 13%">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; width: 4%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 12%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 6%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 6%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 23%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: left">Loma de la Lata</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">15</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">SE Res. No. 238/22</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">AR$</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">452,790 - 716,918<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #00B0F0"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">543</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">1,344</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">22</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">91%</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">August 3, 2021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Closing to CCGT Ensenada</TD>
    <TD STYLE="color: #5F6062; text-align: right">280</TD>
    <TD STYLE="color: #5F6062; text-align: center">PPA for 10 years</TD>
    <TD STYLE="color: #5F6062; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; text-align: right">23,962</TD>
    <TD STYLE="color: #5F6062; text-align: right">10.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">233</TD>
    <TD STYLE="color: #5F6062; text-align: center">76%</TD>
    <TD STYLE="color: #5F6062; text-align: center">Q4 2022 (est.)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left">Renewable</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">Pampa Energ&iacute;a III</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">81</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">MAT ER</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">58<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">128</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">2%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">Q2 2023 (est.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6.5pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 0 12pt; text-align: justify; color: #5F6062"><B>Note: 1</B> Amount without
value-added tax. <B>2</B> It considers the range of load factor coefficient and the HMRT additional remuneration.<BR>
<B>3</B> Estimated average.</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><A NAME="a_015"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the oil and
gas segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Oil &amp; gas segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; border-top-color: #1A458C; border-top-width: 0.5pt; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">137</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">79</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+73%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(72)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(52)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+38%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">65</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+141%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+250%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+40%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income (loss)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(32)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(35)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(52)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(52)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-88%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-88%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(4)</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(35)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-89%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">56</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">33</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+70%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and intangible assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">63</TD>
    <TD STYLE="color: #5F6062; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+117%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+35%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 22, our oil and gas </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">increased by 73% vs. Q1 21,
mainly explained by the substantial growth in gas exports (both in volume and price), higher gas demand from industrial segment and oil
exports with prices driven by the current context, partially offset by lower gas sales to CAMMESA.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating</B></FONT> <FONT STYLE="color: #5F6062">terms, in Q1 22, our oil and gas segment total
production registered 57,5 kboe/day (+32% vs. Q1 21 and similar to Q4 21). </FONT><FONT STYLE="color: #00B0F0"><B>Gas production</B></FONT>
<FONT STYLE="color: #5F6062">reached 8.9 million m<SUP>3</SUP>/day (+33% vs. Q1 21 and similar to Q4 21), mainly explained by export permits
on a firm basis to Chile. In particular, a significant growth was recorded at El Mangrullo, which reached a 6.1 million m<SUP>3</SUP>/day
production in Q1 22 (+32% vs. Q1 21 and similar to Q4 21), comprising 69% of our total gas production. A significant production increase
was also recorded at R&iacute;o Neuqu&eacute;n (1.5 million m<SUP>3</SUP>/day in Q1 22, +82% vs. Q1 21 and similar to Q4 21), and in Sierra
Chata (0.7 million m<SUP>3</SUP>/day in Q1 22, +58% vs. Q1 21 and +28% vs. Q4 21). These effects were partially offset by reduced output
at Rinc&oacute;n del Mangrullo, due to lower activity and natural decline (0.4 million m<SUP>3</SUP>/day in Q1 22, -35% year-on-year and
similar to Q4 21).</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>gas average price</B></FONT> <FONT STYLE="color: #5F6062">was US$3.5/MBTU in Q1 22 (+27% vs. Q1
21), mainly explained by higher export prices to Chile and the gradual convergence of the industrial/spot prices to Plan Gas.Ar.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT> <FONT STYLE="color: #5F6062">were destined 30% to the industrial/spot
market, 30% exported, 28% was consumed as raw material by our thermal power plants<SUP>[9]</SUP> and our petrochemical plants, and 12%
was destined to the residential segment. The marginal balance was sold to CAMMESA. On the other hand, in Q1 21, 44% of the deliveries
went to our thermal power plants and petrochemicals, 25% to CAMMESA, 16% to the residential segment and 12% to the industrial/spot market.
The marginal balance was exported.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Oil
production </B></FONT><FONT STYLE="color: #5F6062">reached 5.1 kbbl/day in Q1 22 (+21% vs. Q1 21 and similar to Q4 21), mainly driven
by exports and the rise in domestic demand. Production increased at El Tordillo, Los Blancos, R&iacute;o Neuqu&eacute;n and Gobernador
Ayala (4.8 kbbl/day in Q1 22, +26% vs. Q1 21). Moreover, 76% of volume sold during Q1 22 was destined to the domestic market
(vs. 100% in Q1 21). Our <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #00B0F0"><B>oil average price</B></FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">in Q1 22 increased by 25% vs. Q1 21, to US$69.0/bbl,
explained by the rise of Brent but moderated by local prices.</FONT></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">&nbsp;</FONT></FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><SUP>[9]</SUP> Energ&iacute;a Plus and SEE Res. No. 287/17.</P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P><TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Q1 22 Earning release &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">By
the end of Q1 22, we accounted for 888 </FONT><FONT STYLE="color: #00B0F0"><B>productive wells</B></FONT> <FONT STYLE="color: #5F6062">vs.
884 as of December 31, 2021.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Oil and gas'<BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2021</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 34%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,913</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">6,721</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+21%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+33%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">315</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">237</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.1</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.5</TD>
    <TD STYLE="font-weight: bold; text-align: right">57.5</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">39.6</TD>
    <TD STYLE="font-weight: bold; text-align: right">43.8</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,979</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">6,825</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+62%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+32%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+34%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">317</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">241</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">58.1</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">40.2</TD>
    <TD STYLE="font-weight: bold; text-align: right">43.4</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">69.0</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">55.4</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+25%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+27%</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.5</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.8</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><B>Note:</B> Net production in Argentina.
Gas volume standardized at 9,300 kilocalories (kCal).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Net
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">in
Q1 22, excluding depreciation and amortizations as well as Plan Gas.Ar compensation, increased by 40% vs. Q1 21, mainly explained by increased
gas transportation expenses due to higher exports, more royalties and levies from higher volume and prices sold, increased costs related
to higher activity (maintenance and contractors), besides higher labor expenses since wage increases outpaced devaluation. Moreover, in
Q1 21 a provision of wells&rsquo; plugging was recorded. Compared to Q4 21, net operating costs rose 8%, mainly due to higher transportation
costs from gas exports, and to a lesser extent, higher royalties and levies, partially offset by lower maintenance expenses. In particular,
the lifting cost</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><SUP>[10]</SUP></FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">reached
US$5.8/boe produced in Q1 22 (similar to Q1 21 and -25% vs. Q4 21).</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 22, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net loss of US$35 million,
a US$17 million improvement vs. Q1 21, mainly due to lower financial interests due to lower stock of debt, as well as lower losses from
the holding of financial securities.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
oil and gas&rsquo; </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$56 million
in Q1 22 vs. US$33 million in Q1 21, mainly due to better prices and volumes as a result of substantial increase in hydrocarbon exports,
besides higher gas demand from industrial segment at prices converged to Plan Gas.Ar. These effects were partially offset by higher expenses
related to the growing gas activity and transportation. The adjusted EBITDA excludes recognition of commercial interests due to collection
delays, mostly charged to CAMMESA (US$0.1 million in Q1 22 and US$1 million in Q1 21) and the wells&rsquo; plugging provision in Q1 21
(US$14 million).</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
the segment&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$63
million in Q1 22, whereas US$29 million was recorded in Q1 21, mainly explained by higher commitments under Plan Gas.Ar.</FONT></P>



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F6062"><SUP>[10]</SUP> Metric equivalent
to cost of sales excluding purchase and inventory, royalties, direct taxes and depreciations and amortizations.</P>
<!-- Field: Page; Sequence: 14 -->
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_016"></A><B>3.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the petrochemicals
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Petrochemicals segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">126</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">103</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(116)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(82)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+41%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-52%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income (loss)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-71%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-67%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">5</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">11</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-55%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">6</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">18</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-67%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and intangible assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">of the petrochemicals segment amounted
to US$6 million in Q1 22, US$12 million lower than Q1 21, mainly due to higher costs of virgin naphtha and other raw materials (driven
by international reference prices), and to a lesser extent, to an increase in US$ of AR$-nominated expenses, which outpaced the AR$ devaluation.
These effects were partially offset by the substantial improvement of domestic and international prices. Quarter-on-quarter, adjusted
EBITDA decreased by US$3 million, mainly explained by lower volume sold.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Total
</FONT><FONT STYLE="color: #00B0F0"><B>volume</B></FONT> <FONT STYLE="color: #5F6062">sold decreased by 7% vs. Q1 21, mainly explained
by lower sales of reforming products, as during Q1 22 14 thousand ton of bases and gasoline were dispatched as toll processing, which
are not recorded as volume sold. Moreover, there was lower foreign demand of SBR, in addition to lower styrene sales due to production
reduction in January 2022.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Petrochemicals'<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Styrene &amp; polystyrene<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">SBR</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Reforming</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 37%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold Q1 22 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">27</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">91</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold Q1 21 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; text-align: center">12</TD>
    <TD STYLE="color: #4F5150; text-align: center">57</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">98</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 22 vs. Q1 21</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-12%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Average price Q1 22 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,910</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,047</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">974</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,382</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price Q1 21 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,596</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,580</TD>
    <TD STYLE="color: #4F5150; text-align: center">666</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,052</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 22 vs. Q1 21</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+20%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+30%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+46%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+31%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 5.4pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
It includes Propylene.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #5F6062">In
Q1 22, no </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">has been recorded, whereas
in Q1 21 a US$2 million net loss was recorded, mainly due to losses from the holding of financial securities.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 22, no </FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">has been recorded, whereas
in Q1 21 it was US$1 million.</FONT></P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P><TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Q1 22 Earning release &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_017"></A><B>3.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the holding
and others segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Holding and others segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; border-top-color: #1A458C; border-top-width: 0.5pt; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">7</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+60%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+200%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-88%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-80%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income (loss)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-88%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-80%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">11</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-91%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">42</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">37</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
the holding and others segment, without considering the equity income from affiliates (Transener, TGS and Refinor), we recorded a US$1
million </FONT><FONT STYLE="color: #00B0F0"><B>operating loss</B></FONT><FONT STYLE="color: #5F6062">, a US$13 million improvement vs.
Q1 21, mainly explained by lower provision for contingencies.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">No
</FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">has been recorded in Q1 22, whereas in
Q1 21 a net gain of US$15 million was recorded, mainly due to lower profits from FX net difference over the AR$-nominated fiscal liabilities.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">of our holding and others segment increased
by 13%, recording US$42 million in Q1 22. The adjusted EBITDA excludes the equity income from our participation in TGS, Transener and
Refinor. In turn, it adds the EBITDA adjusted by equity ownership in these businesses. Moreover, excludes provision for contingencies
in Q1 21. </FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
EBITDA from our direct and indirect ownership of 29.3% and 28.7% in </FONT><FONT STYLE="color: #00B0F0"><B>TGS</B></FONT> <FONT STYLE="color: #5F6062">were
US$40 million in Q1 22 (US$137 million at 100%) vs. US$32 million in Q1 21 (US$113 million at 100%). The increase of total adjusted EBITDA
was mainly due to higher international prices, higher propane export volume as well as ethane dispatched to the domestic market, and more
midstream revenues from transportation and conditioning service in Vaca Muerta. These effects were partially offset by the higher US$
unit cost of natural gas, which is used to replace thermal reduction at Cerri Complex Plant (in Q1 21 gas supply contracts were managed
before Plan Gas.Ar), and lower regulated revenues because the 60% tariff adjustment as from March 2022 was outpaced by the inflation rate
and the AR$ devaluation. It is worth mentioning that the previous update was in April 2019. Besides, there was higher export duties charge.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>Transener</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our indirect stake ownership
of 26.3% decreased to US$2 million (US$9 million at 100%) in Q1 22 vs. US$4 million (US$17 million at 100%) in Q1 21, mainly because the
tariff adjustment as from February 2022<SUP>[11]</SUP> (25% Transener and 23% Transba) was outpaced by the inflation rate and the AR$ devaluation.
It is worth mentioning that the previous update was in August 2019.</FONT></P>




<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F6062"><SUP>[11]</SUP> On May 9, 2022,
ENRE partially upheld the motions for reconsideration filed by Transener and Transba, replacing the 25% and 23% adjustment by 67% and
69%, respectively. For further information, see section 1.2 of this Earnings Release.</P>
<!-- Field: Page; Sequence: 16 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>Refinor</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake ownership of
28.5% in Q1 22 decreased to US$1 million (US$3 million at 100%) vs. US$2 million (US$6 million at 100%) in Q1 21, mainly due to increased
crude oil costs, which is the refinery&rsquo;s main raw material, partially offset by the gradual recovery of demand and higher sales
prices.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><A NAME="a_018"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the quarter,
by subsidiary and segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8.5pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Q1 22</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Q1 21</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; width: 43%">Power generation segment</TD>
    <TD STYLE="color: white; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Diamante</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">(9)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Greenwind</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">69</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(35)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(43)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">188</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">203</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(94)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(22)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(17)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(101)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(11)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; text-align: right">94</TD>
    <TD STYLE="color: #5F6062; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; text-align: right">101</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">95</TD>
    <TD STYLE="color: #5F6062; text-align: right">158</TD>
    <TD STYLE="color: #5F6062; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">94</TD>
    <TD STYLE="color: #5F6062; text-align: right">271</TD>
    <TD STYLE="color: #5F6062; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">121</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">277</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">97</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">115</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">406</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">47</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&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="color: #5F6062">&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; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">OldelVal</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(29)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(15)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(18)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(14)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(8)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal OldelVal adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.1%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.1%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; text-align: right">802</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; text-align: right">913</TD>
    <TD STYLE="color: #5F6062; text-align: right">(35)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">802</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">913</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(35)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(14)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(13)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">137</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">235</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">74</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">113</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">199</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">42</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(97)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(166)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(52)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(80)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(142)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(30)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">40</TD>
    <TD STYLE="color: #5F6062; text-align: right">69</TD>
    <TD STYLE="color: #5F6062; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">28.7%</TD>
    <TD STYLE="color: #5F6062; text-align: right">32</TD>
    <TD STYLE="color: #5F6062; text-align: right">57</TD>
    <TD STYLE="color: #5F6062; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Refinor</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(25)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(17)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Refinor adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">28.5%</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">28.5%</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(106)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(20)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">42</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(31)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">37</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">44</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Deletions</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(203)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(208)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated, continuing operations</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">226</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">845</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">99</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">204</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">1,154</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">225</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,052</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">99</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">203</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,367</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">34</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Trebuchet MS, Times, Serif; color: #2172AE; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
<B>1</B> The deletions correspond to other companies or inter-companies or debt repurchases. <B>2</B> Net debt includes holding companies.<BR>
<B>3</B> Attributable to the Company&rsquo;s shareholders.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 0; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_019"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Appendix</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_020"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation main operational
KPIs</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Power generation's<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Hydroelectric</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Subtotal<BR>
hydro<BR>
+wind</TD>
    <TD COLSPAN="10" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">HINISA</TD>
    <TD STYLE="color: white; text-align: center">HIDISA</TD>
    <TD STYLE="color: white; text-align: center">HPPL</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">PEMC<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">PEPE2</TD>
    <TD STYLE="color: white; text-align: center">PEPE3</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">CTLL</TD>
    <TD STYLE="color: white; text-align: center">CTG</TD>
    <TD STYLE="color: white; text-align: center">CTP</TD>
    <TD STYLE="color: white; text-align: center">CPB</TD>
    <TD STYLE="color: white; text-align: center">CTPP</TD>
    <TD STYLE="color: white; text-align: center">CTIW</TD>
    <TD STYLE="color: white; text-align: center">CTGEBA<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10.35pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">Eco-<BR>
Energ&iacute;a</TD>
    <TD STYLE="color: white; text-align: center">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10.35pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">Subtotal</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 22%">Installed capacity (MW)</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">265</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">388</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">285</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">53</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">53</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right; width: 5%">1,144</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">780</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">361</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">30</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">620</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">1,253</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">14</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">567</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right; width: 5%">3,826</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 4%">4,970</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">New capacity (MW)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">206</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">184</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">565</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">567</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">1,631</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">1,837</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Market share</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.6%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.7%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2.7%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.4%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">2.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.03%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">8.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Net generation Q1 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">117</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">174</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">64</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">599</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,266</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">166</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">295</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,118</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">260</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4,293</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,892</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Market share</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">3.6%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">6.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">12.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">13.8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Sales Q1 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">117</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">174</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">64</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">607</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,266</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">225</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">295</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,347</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">260</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4,603</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,210</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Net generation Q1 21 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">156</TD>
    <TD STYLE="color: #4F5150; text-align: right">99</TD>
    <TD STYLE="color: #4F5150; text-align: right">128</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">89</TD>
    <TD STYLE="color: #4F5150; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">587</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,144</TD>
    <TD STYLE="color: #4F5150; text-align: right">124</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">65</TD>
    <TD STYLE="color: #4F5150; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,288</TD>
    <TD STYLE="color: #4F5150; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; text-align: right">111</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">3,856</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,443</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 22 vs. Q1 21</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-25%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-18%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+35%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+19%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+11%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+34%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+19%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+26%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">####</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+11%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Sales Q1 21 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">155</TD>
    <TD STYLE="color: #4F5150; text-align: right">98</TD>
    <TD STYLE="color: #4F5150; text-align: right">128</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">89</TD>
    <TD STYLE="color: #4F5150; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">595</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,140</TD>
    <TD STYLE="color: #4F5150; text-align: right">190</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; text-align: right">65</TD>
    <TD STYLE="color: #4F5150; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,412</TD>
    <TD STYLE="color: #4F5150; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; text-align: right">111</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4,070</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,665</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Avg. price Q1 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">69</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">72</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">42</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">42</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">116</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">108</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">42</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">42</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Avg. price Q1 21 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; text-align: right">74</TD>
    <TD STYLE="color: #4F5150; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">37</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: right">141</TD>
    <TD STYLE="color: #4F5150; text-align: right">105</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">45</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">44</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Avg. gross margin Q1 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">93</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">80</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Avg. gross margin Q1 21 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">60</TD>
    <TD STYLE="color: #4F5150; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">117</TD>
    <TD STYLE="color: #4F5150; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">30</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 4.5pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: Gross
margin before amortization and depreciation. <B>1</B> Operated by Pampa (50% of equity stake).</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_021"></A>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Oil and gas production in
the main areas</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Main areas' production</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2022</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2021</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 54%">Gas (k boe/day)</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Mangrullo</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">36.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">27.4</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+82%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Sierra Chata</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+58%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Rinc&oacute;n del Mangrullo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.3</TD>
    <TD STYLE="color: #5F6062; text-align: center">3.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-35%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Total gas at O/S</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">52.5</TD>
    <TD STYLE="font-weight: bold; text-align: center">39.6</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Oil (k boe/day)</TD>
    <TD STYLE="color: white; font-weight: bold">&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; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Tordillo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.7</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Gobernador Ayala</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+12%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Associated oil<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.4</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+149%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Total oil at O/S</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.1</TD>
    <TD STYLE="font-weight: bold; text-align: center">4.2</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+21%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; text-align: left">Total at O/S (kboe/day)</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">57.5</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">43.8</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: center">+32%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 14pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 203.85pt 3pt 0; color: #5F6062"><B>Note</B>: Production in Argentina. <B>1</B>
It doesn&rsquo;t include shale formation. <B>2</B> It includes La Tapera - Puesto Quiroga field. <B>3</B> From gas fields.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_022"></A>5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Glossary of terms</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Term</FONT></TD>
    <TD STYLE="width: 76%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Definition</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Q1 22/Q1 21</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">First quarter of 2022/First quarter of 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Q4 21</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Fourth quarter of 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>A</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">DRs/ADSs</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">American Depositary Receipts</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">AR$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Argentine Pesos</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>B</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">bl</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Barrel</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Boe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>C</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">AMMESA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Compa&ntilde;&iacute;a Administradora del Mercado Mayorista El&eacute;ctrico S.A.</I> (Argentine Wholesale Electricity Market Clearing Company)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Corporate Bonds</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CCGT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Combined cycle gas turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CPB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Piedra Buena Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTBSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CT Barrag&aacute;n S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTEB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ensenada Barrag&aacute;n Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTG</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">G&uuml;emes Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTGEBA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Genelba Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTIW</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ingeniero White Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTLL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Loma De La Lata Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Piquirenda Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTPP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Parque Pilar Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>D</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">NU</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Decreto de Necesidad y Urgencia</I> (Necessity and Urgency Executive Order)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>E</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">&amp;P</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Exploration and Production</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Earnings before interest, tax, depreciation and amortization</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">EcoEnerg&iacute;a</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">EcoEnerg&iacute;a Co-Generation Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Energ&iacute;a Plus</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Energ&iacute;a Plus Program, SE Res. No. 1,281/06</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ENRE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Ente Nacional Regulador de la Electricidad</I> (National Electricity Regulatory Entity)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>F</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">S</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Financial Statements </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FV</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Face Value</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P><TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Q1 22 Earning release &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></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%"><IMG SRC="pampr1q226k_006.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 24%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FX</FONT></TD>
    <TD STYLE="width: 76%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Nominal exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>G</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">reenwind</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Greenwind S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Gigawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>H</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">IDISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Diamante Hydroelectric Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HINISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Los Nihuiles Hydroelectric Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HMRT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Horas de Alto Requerimiento T&eacute;rmico del Mes</I> (Hours of the month with a high thermal demand)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HPPL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pichi Pic&uacute;n Leuf&uacute; Hydroelectric Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>I</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FRS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">International Financial Reporting Standards</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>K</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">bbl/kboe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Thousands of barrels/thousands of barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>L</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ibor</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">London InterBank Offered Rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>M</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Cubic meter</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MAT ER</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Term Market from Renewable Energy Sources</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MBTU</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Million British Thermal Unit</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MW/MWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Megawatt/Megawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>N</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">.a.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>O</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">/S</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">At equity ownership</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">OldelVal</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Oleoductos del Valle S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>P</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ampa / the Company</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a S.A. </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Group</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a S.A. and its subsidiaries</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEMC</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ingeniero Mario Cebreiro Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Plan Gas.Ar</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Argentine Natural Gas Production Promotion Program &ndash; 2020 &ndash; 2024 Supply and Demand Scheme (DNU No. 892/20 and supplementary regulations)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PPA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Power Purchase Agreement</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Property, Plant and Equipment</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>R</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">efinor</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Refiner&iacute;a del Norte S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Res.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Resolution/Resolutions</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>S</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">BR</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Styrene-Butadiene Rubber</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">SE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Secretariat of Energy</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">SEE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Under Secretariat of Electric Energy (former Secretariat of Electric Energy)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: 1pt #F2F2F2 solid; border-bottom: 1pt #F2F2F2 solid">SOFR</TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Secured Overnight Financing Rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ST</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Steam turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>T</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ton</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Metric Ton</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transba</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica
    por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires</P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Transba S.A.</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transener</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>U</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">S$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">U.S. Dollars</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 2.25pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">UVA</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Unidad de Valor Adquisitivo</I> (Acquisitive Value Units)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Q1 22 Earning release &#9679; 20&nbsp;&nbsp;</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>







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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
